Ethereum 2.0 About To Reach The Line of Command

Parth Vig
Parth Vig is a Management student, and a keen observer of Cryptocurrency and blockchain technology, his interest in writing brings him to thecoinrepublic.com, He believes that he has many ideas that he pens down and he feels it would be a great asset for any kind of creative writing.
  • Ethereum 2.0’s preliminary audit of the protocol specifications wrapped up by Least Authority recently. They reported that they found the specifications to be well structured.
  • In recent statements, Joseph Lubin, the founder of ConsenSys, talked about the upcoming Ethereum 2.0 and its challenges, and also explained the Ethereum ecosystem and DeFi. 
  • The co-founder of Euthereum, Vitalik Buterin discussed plans for Ethereum 2.0 during an interview. Buterin claimed that the major development for Ethereum 2.0 in this year is the launch of Phase 0.

The information security firm, Least Authority recently wrapped up a preliminary audit of the protocol specifications of Ethereum 2.0. They reported that they found the specifications to be well structured.

According to Least Authority’s Website, their audit consisted of reviewing a specification as opposed to a coded implementation. They stated that the attack vectors they identified were necessarily based on certain assumptions and theory. The audit team identified seven issues and made three best practice suggestions. 

DEFI: THE GROWING ECOSYSTEM

For the Ethereum ecosystem, Decentralized Finance (DeFi) has become one of its most promising and hopeful operating projects. In a world where finance and technology often seem to overlap, combining the great advantages of finance and decentralized blockchain can completely change the status quo of the ecosystem.

In recent statements, Joseph Lubin, the founder of ConsenSys, talked about the upcoming Ethereum 2.0 and its challenges, and also explained the Ethereum ecosystem and DeFi.He highlighted how Ethereum’s DeFi narrative and world computer narrative work together.

WHAT IS DeFi?

One of the principles of the inception of cryptocurrency was to make monetary value and digital payments accessible to everyone with a smartphone and an internet connection. The Decentralized Finance (DeFi) Movement takes that promise a step further. DeFi would help the people by giving everyone services such as savings, loans, trading and so on, served upon a decentralised platform.

THE STAGES OF ETHEREUM 2.0

The co-founder of Euthereum, Vitalik Buterin discussed plans for Ethereum 2.0 during an interview.Buterin claimed that the major development for Ethereum 2.0 in this year is the launch of Phase 0. According to him, Phase 0 will release the proof-of-stake network, which shall come online later this year. After the launch of the first phase, Buterin stated that Ethereum 2.0 will start it’s journey as an independent PoS network.The co-founder revealed that the purpose behind this is to allow the PoS system to start off slowly so that it can prove its capabilities over time.

Buterin stated that the next step would be the launch of  Phase 1 of ETH 2.0. He added that Phase 1 will enable Sharding. Sharding is a process that involves breaking up a very large database into smaller, manageable segments. This helps in improving performance and also reduces the query response time.

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