💡 Ethereum What Is To Come and What Is Here
Mostly I write about regulations, bitcoin and other stuff related to adoption of bitcoin. However today I am going to change the gears as there are a number of really cool features and interesting news happening with Ethereum as of late that I want to be sure you are all up to date on.
"Sharding is coming soon"
*Image pulled from https://cryptona.co/brief-guide-ethereum-nodes-sharding/
Sharding is one of the prime topics for Ethereum scaling and it works like this.
These blocks will be housed on top of the Ethereum main block chain and run every 10 or so seconds compared to the longer block times we have now. The beacon that runs on top will most likely be a version of Casper and unless you have been living under a rock you know that the Casper update changed Ethereums block chain from POW(Proof of work) mining for coins with CPU and GPU power to POS (Proof of stake) Leaving your wallet running and processing blocks at random which would require less resources.
So think of it like this, for now Ethereums main core is still intact however off-shooting from this are a bunch of beacons/nodes/points that will process jobs for things such as exchanges, cryptokitties etc allow for the main block to become less congested and the ability to scale these apps that run on top of Ethereums block chain.
This is just one of a few methods coming out this year to improve the ethereum block chain
Peace Recorded Forever On the Blockchain
*Image pulled from http://www.businessinsider.com/north-korea-economic-growth-after-peace-agreement-south-korea-ubs2018-5
We all know that Korean leaders from south and north came together a few days ago to talk and end the long standing war between them. Well one South Korean developer decided to record and place it on Ethereums block chain! While it does not sound like much or that exciting it actually is as this could never be altered and look back on for as long as the chain remains live. Not only that but to me this kind of starts to show Koreas move away from bitcoin and perhaps moving more into Ethereums blockchain instead as its next big used cryptocurrency.
More Ahead
This is just the first steps to building upon the Ethereum block chain and allowing for large term scaling. These have been in the works for months if not almost a year now and are now coming into focus. This year we should see a full move over from POW to POS which will mean the more coins you hold the more you earn (interest) have you on your coins so it becomes a fair playing ground and also much less power and resources to be used.
I think the move to PoS is very dumb. Rich will get richer and if only 25% of the coins are used to stake, you will need to own only 12.5% of the total supply to successfully attack the network. Furthermore it will be a huge mess if miners stay on the old chain after the hardfork, what will happen to all the ERC-20 tokens? You think Jihan will let it happen that his hardware becomes obsolete? The price of ETH could go up, but there are so many things that could go wrong, I am decreasing my holdings.....
But we see issues with mining as well it sucks up a ton of power and hardware and only a few select large mining forces end up actually mining a large portion of it.
Now everyone has a chance to mine it by just buying eth and holding on to it. This should also drive up the price as less will be in circulation as demand for it to buy and hold will grow.
POS system have proven to work and work better then POW systems
You make some really good points. I don't think I have more trust in any individual in crypto like I do Vitalik Buterin. I think long term Ethereum is a safe bet. If you lose half the ERC-20 tokens, well that fine, half are crap anyways. All the decent tokens will follow Ethereum and make sure they are prepared. But again, you make some strong points.
That's always going to be the case, regardless of the algorithm (actually, that will always be the case outside of crypto too). Of course PoS is far from perfect, but I think that it is the way to go.
Sharding is like lightning network kinda....
I wonder how the market will take a transition like this to increase scale and efficiency of the network. Positively, I hope, but its hard enough for folks to understand crypto, let alone the nuances of PoW and PoS.
The shift has some people scared, but I believe the change is very much needed. We can't seem to ignore the energy costs behind all the mining that we are doing and if crypto is to take over, we need to find a more efficient way to scale.
The upgrades to the Ethereum blockchain are long overdue, I think that was the silver lining of the cryptokitties. It showed us, the overly enthused that it was not the time to go mainstream, so this is extra great news to me... steps in the right direction.
Change is scary but it has to happen we already know what happens when nothing changes it curls up and dies lol
Very interesting! Upvoted!!
Such an implementation can provide a strong impetus to improve the efficiency of transaction processing, preventing network congestion, but it is not known how long the integration of Ethereum with the sharding protocol can take.
I had no idea that someone saved the NK and SK talks on the chain! I agree that it doesn't seem too big of a deal, but it actually is quite impressive. I think it'll go great places too!
these are some great news!!! super exciting! thanks for sharing with us!!!
agree too!
This post was a good news up from the title, sharding is an excellent innovation,
Although i have never doubted the rascality of ETHs capacity to overthrow boundaries and i can tell you this will be one very interesting one to watch, however bitcoin still keeps the lead till then.
Koreans and regulations and peace treaties, those guys are big guys!main guys
Instead of each node going through the whole transaction history of the network. It will optimize the process of verifying transactions and contracts by splitting into partitions.
Transaction can now surely be faster