Robert Kiyosaki warns of an impending severe market crash and advises investing in assets like bitcoin, gold, and silver. Edward Snowden has issued a stern warning to Bitcoin developers, urging them to enhance privacy features at the protocol level. In Kenya, President William Ruto has enlisted Marathon Digital, a U.S.-based Bitcoin mining firm, to consult […]
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Ethereum Core Devs Greenlight EIP-7514: Implications For ETH Price
Ethereum Core Developers have officially approved EIP-7514 for inclusion in the upcoming Dencun upgrade which is slated for late 2023. This Ethereum Improvement Proposal (EIP) primarily aims to decelerate the growth rate of ETH staking, thereby providing the Ethereum community additional time to craft an improved validator reward scheme.
The main modification brought by this EIP is setting the Max Epoch Churn Limit, the validator activation queue upper limit, to a constant value of 8. Previously, the churn limit was calculated by taking “The total number of validators/65536,” which at present equates to about 12/epoch.
The decision followed an Ethereum Core Dev Meeting, as described in a tweet by Tim Beiko: “Wrapped up another Ethereum #AllCoreDevs: we covered devnet updates, additions to Dencun, and had a full overview of Reth. […] EIP-7514 will be part of the Dencun upgrade! Expect the EIP and associated CL specs PR to be updated to reflect all of this in the coming days.”
Beiko’s statement underscored the importance of this change and provided insights into the consensus among Core Developer teams. Dankrad Feist, a Researcher at the Ethereum Foundation, outlined the importance of the approval. Feist stated:
My reasoning on why I’m for EIP-7514. It is currently unclear if (especially liquid) staking will keep growing indefinitely. In the case that the withdrawal queue does not empty over the next few months, the lower churn limit will give the Ethereum community the time needed to research, debate and implement solutions.
Implications For Ethereum Price
The staking ratio’s continual rise could result in a diminishing amount of liquid ETH available for trading. Should the staking ratio near 100%, it might produce a supply scarcity, thereby influencing the ETH price positively. However, from the information presented, Ethereum developers are not advocating for this scenario due to potential technical and security implications.
EIP-7514, therefore, indirectly impacts the ETH price by manipulating its supply side, though immediate, direct effects on the price aren’t anticipated. Instead, any potential influence on price would likely manifest over an extended period.
The motivation behind EIP-7514, as detailed on GitHub, is to “mitigate the negative externalities of very high level of total ETH supply staked before a proper solution is implemented.” If the deposit queue stays 100% full, the share of ETH supply staked will reach 50% by May 2024, 75% by September 2024, and 100% by December 2024.
Remarkably, the modest returns don’t necessarily deter further capital staking, especially with the frequently substantial and erratic returns from MEV. Therefore, EIP-7514 serves as an interim measure, buying time for the community to deliberate and develop comprehensive solutions to the emerging challenges.
In summary, while the immediate effects of EIP-7514 on the ETH price remain to be seen, its long-term implications, especially in terms of staking growth and supply side management, could be substantial. The community and investors alike will closely monitor the aftermath of this EIP’s implementation in the Dencun upgrade.
ETH Price Builds Momentum
At press time, ETH was trading at ,628. On Monday, ETH price bounced off the 78.6% Fibonacci retracement level at ,536. A breakout above the 20-day EMA at ,639 and consequently above the 61.8% Fibonacci level at ,665 is critical to maintain upside momentum.
Ethereum Core Devs Weigh Pros and Cons of Raising Validator Threshold From 32 ETH to 2,048 ETH
Ethereum’s core developers are engaged in discussions about raising the validator threshold from 32 ETH to 2,048 ETH. This proposal, put forward by Michael Neuder, a researcher from the Ethereum Foundation, aims to address concerns related to decentralization, inflation, and the size of the validator set. Neuder acknowledges that the existing threshold promotes decentralization, but he also highlights the drawbacks of inflation and the substantial number of validators that it entails.
Ethereum Developers Want to Raise the Validator Threshold
During the latest Ethereum core developer consensus meeting, a gathering of ETH software engineers and researchers, an intriguing notion emerged for elevating the validator threshold from 32 ether to 2,048 ether. As it stands, aspiring validators must possess roughly 32 ETH to commence the validation process, but this proposed adjustment would amplify the threshold by 64-fold.
The individual behind this idea is Michael Neuder, a researcher from the Ethereum Foundation, who presented his proposal titled “Increase the Max_Effective_Balance.” In addition to this proposition, Neuder delved into the realm of auto-compounding validator rewards, stimulating further contemplation and dialogue among the attendees.
“Without a validator set contraction, single-slot finality is not feasible using the current designs,” Neuder’s proposal details. “Without single-slot finality, we believe that enshrined PBS is also not viable. Additionally, the current p2p layer is heavily burdened by the artificially large and rapidly growing validator set (see this thread from Potuz outlining what happened during the May 12 non-finality event). We see a validator set contraction as a must-have for a sustainable and upgradable Ethereum consensus layer.”
According to the researcher, implementing this increase would not only enhance Ethereum’s overall efficiency but also alleviate the rapid expansion of the validator set. He insists the proposal holds the potential to address the finality issues that plagued the Beacon chain in May 2023. Subsequently, numerous individuals took to the ethresear.ch web portal to voice their thoughts on the proposed escalation of the validator threshold.
The Move Could Potentially Marginalize Home Stakers
The divergent opinions expressed on this matter underscore the existing divide among Ethereum advocates and researchers, revealing a compelling discourse within the community.
“This would significantly decrease ‘real’ decentralization by effectively raising the 32 ETH solo staking floor to whatever the new EB value would be,” the Cookie Lab stated in response to Neuder’s proposal. “Sure while one can still spin up a validator with 32 ETH, its influence would be one of a second-class citizen when compared to one with ‘maxed out’ EB.” Others favored the concept of auto-compounding rewards.
“The benefit of compounding rewards for solo stakers is pretty large, and their chance of proposing doesn’t fall due to a change in Max EB, only an increase of ETH being staked by others,” another person wrote.
Neuder’s proposal is anticipated to spark prolonged debates among the core developers, as they have chosen to delve deeper into this concept on Discord. A notable faction contends that embracing the idea may inadvertently foster centralization within the Ethereum network, exacerbating the preexisting challenges faced by the validator set.
Amidst the varied opinions, one individual expressed affinity for the proposal but raised a pertinent concern, emphasizing, “[My] main concern with the proposal as currently written is that it seems to degrade the UX for home stakers.” This consequential move could potentially marginalize home stakers, resulting in a landscape where corporate entities and affluent individuals dominate the network, leaving behind an altered power dynamic.
What are your thoughts on the proposed increase in Ethereum’s validator threshold? Share your views and opinions about this subject in the comments section below.
Web3 Devs Now Focused on Making Games That ‘Traditional Gaming Can’t Match’ — Digital Arms CEO
According to Chris Watkins, the co-founder and CEO of the non-fungible token (NFT) marketplace Digital Arms, many of the Web3 games developed in the last bull cycle were not only seemingly rushed but “lacked the essential element of fun,” hence they ultimately failed. Watkins also argued that the few games which did gain traction “relied on the allure of making money” which is not a sustainable model.
Web3 Gaming Not a Passing Fad
However, in his written answers sent to Bitcoin.com News, the Digital Arms CEO insisted that the industry’s focus has shifted back to making games with experiences and benefits which cannot be matched by traditional gaming. This shift in turn means Web3 gaming “is really just getting started” and may not be a passing fad as claimed by some critics, Watkins added.
Concerning his platform’s reported collaboration with the firearms industry, the CEO disclosed that this was made possible by the fact that some of Digital Arms’ founding members, including himself, are veterans of the gun industry. Watkins also shared his thoughts on Apple’s augmented reality headset and how this is likely to be a game changer for the Web3 gaming industry.
Below are Watkins’ answers to the questions sent to him via Telegram.
Bitcoin.com News (BCN): What benefits do gamers have when they buy in-game non-fungible tokens (NFTs) versus traditional in-game assets?
Chris Watkins (CW): The main advantage here is the true ownership and traceability of the assets. As Esports and the fanbase of popular leagues grow, the potential to buy and trade firearms used by your favorite Pro gamer is just one of the many exciting use cases.
BCN: According to a recent report by Polaris Market Research, the worldwide blockchain gaming market size is expected to reach over trillion by 2032, up from an estimated .4 billion in 2022. What key emerging trends do you see that will shape the future of Web3 gaming?
CW: A prominent trend is the blending of real-world brands with the gaming scene, through either advertising rights or branded playable assets. Blockchain technology serves as the crucial link, unlocking new revenue streams for game developers via NFT licensing rights. As this trend progresses, I predict a surge in games integrating NFTs so seamlessly that players may not even realize they’re purchasing and trading these unique digital assets.
BCN: Over the last few years, the Web3 gaming industry has experimented with play-to-earn, play-and-earn and a bunch of other models to attract players. Even though some Web3 games have gained traction, we have not yet landed upon a sustainable model that appeals to both players and game developers. What makes you believe that Web3 gaming is more than just a fad?
CW: Games developed during the last bull run cycle often appeared rushed and lacked the essential element of fun. Those that did gain traction primarily relied on the allure of making money. This model is not sustainable in the long run as it depends on a continuous flow of players willing to spend. However, I’m seeing many emerging game developers creating high-quality, entertaining games with incorporated play-to-earn aspects. The focus is shifting back to making games that are fun to play and offer unique experiences and benefits that traditional gaming can’t match. In my opinion, Web3 gaming is really just getting started – exciting times ahead!
BCN: Your company Digital Arms is reportedly the only NFT marketplace where gamers can buy, sell, and customize licensed digital firearms from the world’s leading brands. Can you explain why the firearms industry chose Digital Arms and why they can or can’t sell their IP on other NFT marketplaces?
CW: The founding members of Digital Arms and I have over 25 years of experience in the firearms industry. We’ve built trust with leading brands and they’ve chosen us to guide them into the blockchain and digital collectable arena. We uphold their brand with high respect and ensure it’s delivered in a manner that aligns with their company image. No other marketplace or platform has our unique understanding of the firearms industry. Hence, the need for a unique marketplace like Digital Arms. You wouldn’t go to eBay or Amazon to buy a firearm, right?
BCN: Self-expression through customization has been a part of video games for as long as we can remember. It would seem like there is an attractive opportunity for the firearm and hunting industries in the Web3 gaming realm. What challenges, in your opinion, do such brands face in bringing digital firearms to Web3 games, especially considering the firearms industry is heavily regulated in most parts of the world?
CW: Maintaining a positive public image is very important to the firearms industry. The challenge is to ensure their products and branding are portrayed respectfully by game developers. As for firearm regulations, this is the exciting part. We are dealing with digital assets, not the actual firearm. Gamers in restricted regions now can own a piece of the brand. Digital Arms is producing limited edition, authentic IP-licensed NFT digital collectibles crafted from the original 3D CAD files used in the actual manufacturing of the firearm.
BCN: Do you think Web3 gaming could become an attractive revenue stream for firearms manufacturers — or physical goods brands, in general — in the near future?
CW: Yes, 100%! It’s already happening and is not limited to just firearms but many other in-game items and equipment.
BCN: Apple has just launched an innovative augmented reality headset called Apple Vision Pro. What role could such devices, assuming they become popular among gamers, play in the evolution of the Web3 gaming industry?
CW: Apple is leading the way, that’s for sure! This development is going to change the way we interact and play games in the future. Augmented reality can create immersive gaming experiences, combining digital items, such as our firearm NFTs, opens up a new world of possibilities.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Shiba Inu Devs Set To Unveil Shibarium L2 Network Beta
The beta testnet of Shibarium will soon release, benefiting the entire Shiba Inu community. Shibarium is a layer-2 network operable on the Ethereum mainnet. After the release of Shibarium, the Shina Inu community can build and grow projects. The release of Shibarium will address the scalability, speed, and expense challenges facing the existing projects on Ethereum.
Shiba Inu Shibarium Beta Testnet Release
Shiba Inu developers will only release a beta testnet version in the coming months. A testnet mimics the use cases and applications of real-world functions. Its release aims to test the network for any gaps or performance issues and assess its capabilities. Moreover, the layer two testnet aims to address the issues faced with scalability and data.
With this release, Shiba Inu developers wish to educate the community about a blockchain’s development process from scratch. Before its release, some experts claimed Shibarium was a marketing move and a price “increase gimmick.” But the development team refutes such claims.
After its release, Shibarium is also expected to improve the platform’s transaction speed and lower its costs. The users will be able to interact with a metaverse solution, DEX, and several blockchain games.
The ultimate goal of Shibrium is to facilitate a solution that leads to innovation and improves the DeFi security aspects of the project. Today, Shiba Inu has over a billion market cap, collectively obtained by SHIB, LEASH, and BONE.
The project lead and developer announced recently that the World Economic Forum wishes to work with the ecosystem. The purpose of this collaboration is to work on a global metaverse policy. Other IT giants like Facebook, Sand, and Decentraland will also be present in this global policymaking.
I just want to say that I appreciate the updates. That's all I asked for. Now, this is transparent. Second, anyone asking in the comment section when shibarium is coming out, read the first 2 paragraphs. You guys nailed it.
— Burrito (@Burrito02353106) January 15, 2023
Shiba Inu Tokenomics Depends On Shibarium’s Working Mechanism
In Shibarium, the validators play an essential role. Moreover, some SHIB tokens will be burned with every transaction. The validators on Shiba Inu will lock BONE and give fuel to the Heimdall Validator.
According to the Shiba Inu developers:
The onboarding of these Validators will be done taking into account the experience, trust, knowledge and ensuring that these validators are committed to the health and integrity of Shibarium.
To become a validator, a user needs to lock 10,000 BONE. They will get rewards in the form of this token. New network layer and collaboration with WEF, it seems that Shiba Inu is working rigorously on its development.
Key On-Chain Indicator Signals Bottom Is In; Ethereum Core Devs Endorse EIP-4844
The downfall of FTX has also left its mark on the Ethereum (ETH) price. Over the last 30 days, Ether has recorded a drop of around 20%. At press time, the price was at ,171, just above the crucial support level of ,100.
In the short term, the ETH price has found support at ,171. However, if the key resistance at ,230 is not breached in the next few days, a retest of the level at ,100 could be on the cards.
An important on-chain indicator for Bitcoin indicates that this does not have to be the case. Since the crypto market is heavily dependent on Bitcoin as the largest cryptocurrency by market cap, a bottoming of BTC, could also mean accelerated gains for altcoins, led by Ethereum.
As cryptocurrency exchange ByBit notes in its analysis of the market today, the MVRV (Market Value to Realized Value Ratio) of short-term Bitcoin holders has exceeded that of long-term holders (HODLers) for the first time this cycle.
The MVRV shows periods of market euphoria when the market value was significantly higher than the realized value, meaning the cost basis for Bitcoin purchases. “This could suggest a possible bottom formation, especially when direction traders are doing better than HODLers with strong convictions,” the analysis states.
Ethereum: EIP-4844 Implementation in March?
Meanwhile, Ethereum investors can look forward to highly positive news. As Tim Beiko summarized, Ethereum developers are working towards including EIP-4844 (also known as proto-danksharding). This is a highly anticipated scaling proposal, in a future mainnet upgrade.
Whether EIP-4844 will be rolled out with Shanghai in March is currently pending. However, a decision could be made on December 08. This is when the next ACD, the last one in 2022 will be held. Beiko stated that” it’d be great to wrap up the year with the final specs for Shanghai”.
So far, EIP-3651 (Warm COINBASE), EIP-3855 (PUSH0 statement), EIP-3860 (Limit and counter init code) and EIP-4895 (Beacon chain push withdrawals as operations) are guaranteed for the Shanghai hard fork of Ethereum.
EIP-4844 is intended to introduce a new transaction format called shard-blob transaction. This allows data to be stored off-chain and accessed temporarily by Ethereum nodes.
Liam Horne, CEO of OP Labs, the developer of Optimism that uses roll-ups, expressed that L2 fees could become much cheaper. “This is a GAME CHANGER for the rollup-centric roadmap, as fees could be lowered ~100x,” Horne said.
Ethereum co-founder Vitalik Buterin commented on EIP-4844 as following:
This is a crucial first step to massively lower fees on L2, helping to make it affordable for much larger numbers of users to directly use on-chain applications instead of relying on cefi intermediaries.
Yesterday, the broadest commitment across all developer teams was that EIP-4895 should happen quickly, ideally around March. “There are other things they [the Ethereum client teams] are working on in parallel, and if these can make it at the same time, we should include them, but withdrawals guide the fork,” Beiko summarized.
At the same time Beiko confirmed that EIP- 4844 is the second most important thing. Thus, if all goes according to plan, proto-danksharding still has a chance to be integrated in the Shanghai hard fork.
Ethereum Devs Try To Leverage Price Surge As Smart Contracts Reach New High
Ethereum rallied with the rest of the crypto market, reaching above ,500 to land at a new one-month high. As the market rallied, developers had roused from their slumber looking to take advantage of the renewed interest in the market. This saw the number of new smart contracts deployed on the network reach new 2022 highs.
Devs Bring The Heat
Through 2022, the number of new smart contracts being deployed on the Ethereum network had been on the decline. This decline is understandable given that the market had entered another stretched-out crypto winter and investors were no longer willing to take as many risks as they did back in 2021.
Developers had to shelve some of their projects as they waited for better market conditions to launch, which was provided by the market recovery. New smart contracts were deployed rapidly in the last week, leading to a new all-time high in 2022.
In this 7-day period, there have been more than 35,000 new Ethereum contracts deployed. The deployment rate of these new contracts has followed the market through its recovery. As prices are high, investors are more likely to put money into new projects. Hence the willingness of developers to put their contracts into the market.
New smart contracts surge | Source: CryptoQuant
Daily active addresses on the network also recorded an uptick during this time. It is up about 25% in the last week, although it is far from reaching its 2022 all-time high of 934,000 active addresses back in July. Accordingly, the transaction count also saw an increase during this time.
Can Ethereum Hold Up?
Even with the marked increase in activity on the network, it has not been enough to hold up the price of Ethereum. The digital asset which had reached a peak just below ,600 on Thursday had begun to quickly shed its gains ahead of the opening of trading hours on Friday.
ETH price loses footing above ,500 | Source: ETHUSD on TradingView.com
Ethereum had lost almost 4% of its value in the last 24 hours, which dragged its price down below ,500. Support that had been mounting at this level had proven to not be sustainable and bears had broken through the barrier without much hassle.
Exchange inflows for the cryptocurrency are on the rise in the last day with a 0.5% increase. This indicates mounting sell pressure on the market. However, with outflows growing just as rapidly, Ethereum investors seem to be carrying out a balancing act at this junction.
The 50-day moving average points towards hold for ETH at this point. The next significant resistance level now lies at ,570. As the market goes into the weekend which is always marked by low volatility, it is hard to pinpoint where the price could swing.
Featured image from The Coin Republic, chart from TradingView.com
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Telstra Report Unveils Ethereum Devs Remain Strong During Bear Market
Recent news reported the constant increase of developers in some renowned digital currencies, especially Ethereum. The effect has increased the Web3 community strength and is looking to maintain this course in the long run.
The news cited that the growth is a function of the participation of developers in the major ecosystems. According to the information from Telstra Ventures, the major digital currencies involved here are Bitcoin, Ethereum, and Solana. Telstra Ventures is a known investing arm of telecommunication in Australia.
Notably, the report also compared the level of strength of all three ecosystems. From available data, Ethereum seemed to possess a more prominent and stronger community of developers than the others.
Also, the information stated that there are still opportunities available in these three digital currencies. Observations are that there is still a wide range of unfunded opportunities on the ETH network. Aside from that, it was also reported that investors were only able to use half of the 10 top projects in these ecosystems.
Ethereum Leads With Active Contributors
The primary metric determinant of an ecosystem that shows its strength is the number of consistent contributors the ecosystem has. Another factor is the rate of usage and how well-known the ecosystem is. The popularity and use are what draws the attention of other contributors to the digital currency network.
Ethereum price stands steady on the daily chart. Source: ETHUSDT Tradingview
Going further, Telstra has carried out an in-depth investigation on the active developers in all three ecosystems in the last four years. Drawing from the data obtained, the community of the Eth network increased by 24.9%. This was dated from the 1st of January 2018.
Considering the current state of the crypto market, it is not out of place to say that this growth is quite surprising. As of July 2022, only 9% of the monthly contributors in the Eth network dropped after the drastic plunge in the prices of digital currencies in November. The information indicates that the current crypto winter does not affect the developers of these ecosystems.
More factors also contribute to the steady increase in the contributors of this digital token. A prominent example is the anticipated Eth Merge. This event is intended to move the blockchain from its current Proof-of-Work (PoW) system to that of a Proof-of-Stake (PoS). One of the intents of the Merge is to draw more interest from contributors to the network.
Currently, the total number of active contributors in this ecosystem is more than 2,500. This has been the figure at the end of each month, dating from the first half of last year.
BTC And SOL Devs Growth Overview
Moreover, SOL obtained a compound yearly growth rate of about 173%, which occurred during the same period as ETH. At the time, its price reached a peak of 4. But somehow, its rate dipped to about 21%, with a total number of active contributors of slightly more than 250.
Meanwhile, BTC has had a steady 8% monthly contributors growth rate dating from its last peak in November last year.
Featured image from Pixabay – Chart from TradingView.com
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Jack Dorsey Launches Bitcoin Defense Fund To Aid Devs Facing Litigation
Jack Dorsey has announced the launch of a bitcoin defense fund that is aimed at bitcoin developers who are facing litigation. The space, although still new, has had its fair share of litigation as various devs have had to battle it out in the courts over their products. This fund will help to fund provide legal defense for these developers who otherwise would have folded due to lack of funds.
Backing Up Bitcoin Developers
In an email sent out to the bitcoin developers’ mailing list, Twitter ex-CEO Jack Dorsey announces the establishment of the Bitcoin Defense Fund. The fund was a response to the various litigations bitcoin developers were being subjected to due to their work involving bitcoin and its products. A lot of these are open-source developers, who are unable to afford proper legal defense when faced with these litigations.
Related Reading | Bitcoin Discount? Peter Brandt On Why You Shouldn’t Buy The Dip
The email which was posted to Twitter by Zack Voell explains that the primary mission of the fund was to help defend these developers from lawsuits. It will provide services like helping developers find and retain defense counsel, as well as developing litigation strategies and assisting in paying legal fees. The non-profit entity will be accessible to developers if they wish to take advantage of it.
BTC recovers to K | Source: BTCUSD on TradingView.com
As for the projects that get funded, the board of the Fund will be responsible for making the decisions. It’s staffed with a corps of volunteer and part-time lawyers who will work to protect bitcoin devs from lawsuits.
Funding The First Projects
In the email, Dorsey notes that the Fund had already chosen the first project to take on. The Tulip Trading lawsuit had been brought against a number of developers, claiming a breach of fiduciary duty on the part of the devs. The Bitcoin Defense Fund will provide funding for the outside counsel for the developers named in the lawsuit to aid in their legal defense.
Related Reading | ARK Invest CEO Cathie Wood On What Will Drive Bitcoin Correction
This Fund comes at a critical point where more devs are finding themselves in the middle of lawsuits due to their work in the bitcoin space. These devs are often backed into a corner as they are unable to provide adequate legal defense for themselves due to limited resources. The Bitcoin Defense Fund will change this.
“The Bitcoin community is currently the subject of multi-front litigation,” the email read. “Litigation and continued threats are having their intended effect; individual defendants have chosen to capitulate in the absence of legal support.”
This Bitcoin Defense Fund is another in a long line of activities that have proven Dorsey’s support for bitcoin and its development. In December, he announced the Bitcoin Trust Fund (BTrust), to accelerate bitcoin development in Africa and India.
Featured image from CryptoPotato, chart from TradingView.com
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Ethereum London Hard Fork: What Went Wrong? Core Devs Review It
Ethereum pushes further into previous highs north of the ,000. The second cryptocurrency by markets cap recently received a major upgrade, implemented via the “London” Hard Fork.
This changed the network’s entire fee model and, according to some experts, has attracted new investors into the market. Thus, the main cryptocurrencies by market cap have seen renew bullish momentum.
In a recent call, Ethereum Core developers discussed the hard fork and talked about their priorities for the coming months. Core developer Tim Beiko summarized the main points discussed on the call and the roadmap for the next six months.
In a previous post, Beiko said that the hard fork went “smoothly” overall. However, client teams highlighted certain aspects of the pre and post-London process.
It is a bit early to make a final call given that we're still early in the merge work itself, but definitely something we will follow up on in the coming weeks/months.
— Tim Beiko | timbeiko.eth (@TimBeiko) August 20, 2021
First, the client teams said that the “speed and lack of clear success metric” for the testnet to mainnet deployments have been an issue. Ethereum client teams feel the process is “quick”, “somewhat forced”, and with a lack of agility to react to problems.
Thus, they proposed 4 solutions to improve this issue. First, developers and clients should agree on a specific period that a testnet must meet to be declared successful and implemented on a mainnet.
In addition, they proposed to pre-defined the path to be taken if a problem or bug is encountered. Once a fixed has been implemented, the testnet would need to run for more weeks to declared it successful.
To complement the above proposition, the client teams believe an “automated alert” system could be implemented to operate if an issue is found on a testnet. Alongside a “checklist of required infrastructure for testnet forks”.
The Road To Ethereum 2.0, Merge On The Horizon
Once the Ethereum London Hard Fork was rollout on the mainnet, Beiko said, client teams found it hard to see the changes “actually implemented” besides those described in the EIPs.
Thus, they also proposed to “leave enough time” for client teams to explore the tooling and infrastructure aspects of a hard fork. In that way, they can “help design the non-consensus interfaces”.
Despite that the hard fork, and probably its more important update, EIP-1559, were successfully introduced, developers agreed that they will make more improvements over time. Ethereum core developer Beiko said:
Every team mentioned that, in addition to the consensus changes introduced by the merge, they have a lot of work to do on their clients to improve performance, modularize their architecture to support proof of stake, and onboard new developers.
Core developers and client teams agreed to postpone the difficulty bomb, the increase in the network complexity of puzzles for its Proof-of-Work chain, and add “other one-line changes”. Other EIPs will be rollout on the mainnet after the Merge.
The latter refers to the event that will allow the beacon chain, the network’s Proof-of-Stake blockchain, to be combined with its Proof-of-Work blockchain. Beiko added:
(…) there was some conversation on the call about what to do about the various EIPs which are “pending”. We discussed potentially adding them into the first fork after the Merge, but it’s something we need to do more serious planning around.
At the time, Ethereum (ETH) trades at ,264 with a 6.5% profit in the 24-hour chart.
ETH on a rally in the daily chart. Source: ETHUSD Tradingview
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