Buterin in 'Beast-Mode' as work continues on Ethereum 2.0
In terms of price, Ethereum had a pretty good week as the network moved on to its next major upgrade. Of course there will be critics, but co-founder Vitalik Buterin was very busy this week and has documented some of the progress made.
Ethereum 2.0 is getting closer
The first of his contributions to Ethereum concerned the transition from ETH 1.0 to ETH 2.0. It was primarily a documentation for developers and users, what they have to do when the transition takes place. Buterin opened with the assurance that dApps, balances and Smart Contracts will be seamlessly migrated.
“Existing applications will continue to run without any changes. All account balances, contract codes, and contract storage (including ERC etc.) are taken over. “
He added that the new code needs to be downloaded, which will be larger than previous upgrades, but is essentially the same process. There will also be increased gas costs for some code calls. When the new platform finally launches, the Ethereum Blockchain will be idle for about an hour, according to which ETH 1 will act as a subsystem within ETH 2 rather than as a stand-alone system. The documentation went into more detail on what can happen when the transition takes place.
The second piece focused on the Cross Shard DeFi 'composability'. This is practically the ability of different applications to communicate with each other easily. He added that the ERC 20 standard needs to be changed:
This can be done with receipts, just as the ETH is moved from one shard to another, we can move tokens from one shard to another. There are no fundamental difficulties here. “
There were several examples of scenarios that would affect tokens and contracts. Anthony Sassano, Product Marketing Manager at SetProtocol, praised the hard work that the mother and all Ethereum developers have done.
1 / @VitalikButerin has been in beast mode for the last couple of days
Here's a list of what's published in case you missed it:
The Eth1 -> Eth2 transition: https://t.co/4A5xI7WBpf
Cross-shard DeFi composability: https://t.co/4U8t8j8feS
– Anthony Sassano (@ sassal0x) 20. October 14629
Ethereum started the week with a low of around 11 $ and climbed since Monday Impressive 11%. The Ethereum rate rose slightly above a few hours ago Level is at
The chart pattern reflects Bitcoin's move so Ethereum has not yet made an independent move and is still firmly anchored to his big brother. Long-term profits when Serenity starts launching early next year are virtually guaranteed.
Text Proof: newsbtc