Started by checkitoutt, Sep 07, 2022, 10:58 AM

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checkitouttTopic starter

In August 2022, it is planned to switch the Ethereum blockchain to the Proof-of-Stake (PoS) mining algorithm. This will mean the termination of ETH mining through mining using the Proof-of-Work (PoW) algorithm. According to the new rules, the number of tokens owned by the user will be of key importance. What is your opinion about this?


The Proof-of-Stake algorithm assumes that the "weight" of the validator's vote depends on the number of coins contributed to the betting. The amount of blocked funds determines the reward of the node.
To become an Ethereum validator, you need to deposit at least 32 ETH into a deposit contract. Any holder can delegate a smaller amount of coins to the validator.
To optimize calculations, the participants of the staking are divided into separate groups — committees, the composition of which is determined randomly. The latter include from 128 to 2048 validators. Committees can also be combined to create blocks.

In the updated Ethereum, the consensus-building procedure will be divided into so-called epochs, each lasting approximately 6.4 minutes. These intervals are divided into 32 timeslots of 12 seconds each. One block is formed during the specified time interval.
Committee groups are distributed among timeslots and create chain elements.
The selected validator suggests a block, and the rest vote for it. If the latter wins the majority of votes, it is included in the blockchain. After each epoch, the committee members are shuffled. The maximum number of groups and the number of their participants is determined by the maximum issue of Ethereum, equal to 134.2 million ETH.

The Ethereum roadmap includes the implementation of a technology called sharding, which is necessary to increase the scaling of the blockchain. Sharding is the division of a common database into fragments and distributed storage of information by nodes.
This update will allow the Ethereum network to grow in accordance with the load, despite a significant increase in the size of the registry.
Beacon Chain allows you to coordinate the work of validators and distribute them across shards. The algorithm implements synchronization of segments, so that the latter are aware of the current state of the network. The nodes of the updated mainnet will store part of the blockchain, and special algorithms will be used to verify the reliability of the data.

Sharding will reduce hardware requirements and allow you to run the node on laptops and smartphones. The update is planned to be integrated in 2023, but the final date depends on the effectiveness of the transition to PoS.
The next step after sharding is the deployment of a new Ethereum WebAssembly (eWASM) virtual machine.
It will allow you to use various programming languages to write smart contracts. eWASM is designed to make Ethereum more efficient and should eventually replace Ethereum Virtual Machine (EVM).