Ethereum News

Ethereum-to-Ethereum transfer accelerates to 2.0

As differences between Ethereum miners escalated, Ethereum developer Mikhail Kalinin released details of the merger of the current Ethereum and Ethereum 2 chains. The release of these details indicates that Ethereum developers want to launch a new version of the network as soon as possible.

to the the report With the release of details of the merger of the Ethereum 2 blockchain and the current version of the network yesterday, Coin Telegraph reinforced the possibility that Ethereum developers wanted to change the consensus protocol from proof-of-work to proof-of-stock sooner than expected. In the published details, it is stated that this update and change of protocol has reached the consensus of the Ethereum community.

Meanwhile, tensions between Ethereum miners and the developers of this digital currency over the current wage situation have risen. Miners have claimed that by transferring the protocol from proof of work to proof of stock, a large part of their profits will be lost. However, the developers want to solve the problem of Ethereum fees by implementing the Ethereum 2 update.

It was announced last week that the major developers of Ethereum have planned to implement Ethereum 1559 improvement plan for July (July 1400). With this plan, Ethereum fees will be calculated based on current currencies and some of the fees will be eliminated.

The goal of the 1559 improvement plan is to regulate Ethereum’s rising commissions. The plan could also reduce the income of Ethereum miners by up to 50 percent. To oppose this plan, some miners are seeking another plan called “Demonstration of Power.” Demonstration of Power is a plan in which miners opposed to the 1559 improvement plan plan to transfer their hash rate to opposing pools on April 1 (April 12, 1400).

Meanwhile, the major developers of Ethereum have prepared themselves to oppose the miners. Last month, Vitalik Butrin said on a Chinese social network that if miners threatened a 51% attack, developers would do their best to move the stock to proof as soon as possible.

The developers are also set to delay the launch of the hard bomb in the London update (July). This is done to reduce the risk of developing a hard fork. A Reddit user with the username Always_Question wrote, emphasizing the priority of merging the current chain with Ethereum 2:

Merging the two chains as soon as they are ready will cause the cartel miners to take action to offset the positive effects of the 1559 improvement plan.

Last week, Butrin announced that Ethereum 2 developers would prioritize merging the two chains over launching Sharding. It is said that this program is a way to reduce the effects of minor resistance in the implementation of the 1559 improvement plan.

In another part of his speech, Butrin announced that in the coming months, a second-tier solution to reduce operating fees will be introduced. This solution, implemented by Optimism, is supposed to increase the scalability of the current network 100 times. Butrin described the move as a “temporary” move to launch Sharding.


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