The long-awaited Ethereum 2.0 update, which has been delayed many times, may arrive in November, according to a developer.
In a post summarizing the recent updates on the long road to Ethereum 2.0, Raul Jordan, a developer working with Ethereum infrastructure founder Prysmatic Lab, said November seems to be a good date for the update if various security checks and user experience improvements happen.
However, Ethereum 2.0, the main update of the Ethereum blockchain, does not seem to come across in the short term. The Ethereum blockchain currently allows 14 transactions per second, and the network utilization level is around 97 percent. Considering that the transaction fees are also at a record level, the blockchain is on the brink of explosion!
Ethereum, which is said to be expensive and criticized for even small transactions, has pushed its boundaries with DeFi, which was a huge boom this summer, with $ 8 billion invested in decentralized finance.
100 thousand transaction speed per second
Ethereum 2.0 promises to solve all these problems. Ethereum co-founder Vitalik Buterin states that with the update, the transaction speed will increase to 100,000 per second. 2.0 will also move from energy-intensive proof of work to proof of stake. Ethereum Foundation researcher Justin Drake had targeted November for Ethereum 2.0, which has been postponed for years, but Buterin and other developers objected to this. Drake later stated that January 2021 was more likely.
Currently, Ethereum 2.0 is on the Medalla testnet, a network created by the foundation that acts as a sandbox before the main network. Fixed testnet after crashing in August seems to be working fine. The developer team also announced that it has initiated the second security audit for the Eth 2.0 client Prysm using the Trail of Bits. Quantstamp was used for the first inspection. “For the sake of optimization, we sometimes deviate from specifications in certain places, and this audit helps determine the safety of our approach,” says Jordan. “Entering the mainnet, having 2 full code checks for our eth2 clients is critical for us to determine the ways to improve.”
Other improvements in the roadmap include choosing Ethereum nodes to “behaving peers” over “useless peers”, fixing bugs that prevent them from working with other blockchains, and integrating ETH 2.0 APIs into the Prysm client.
To ensure public transparency, the team has published a list of tasks that must be completed to launch the ETH 2.0 mainnet.
Here is that list:
Second security audit
Implementation of eth2.0-apis standard in Prysm for client interoperability
Completing voluntary exits at Prysm
A comprehensive web user interface for Prysm
Fuzz testing and solving major bugs before going to the mainnet
Common slasher protection format for moving keys between eth2 clients
Poor subjectivity synchronization