Ethereum appears to be accelerating its transition to Proof of Stake, with developer Mikhail Kalinin publishing the technical specifications for the merger between Ethereum 1.0 and 2.0.
Certainly, these new features would allow both ETH version 1.0 and version 2.0 to work in parallel. In fact, this while completing the final migration to version 2.0.
The merger between Ethereum 1.0 and 2.0
On March 11, developer Mikhail Kalinin posted on Github the specifications for the future merger of ETH2, with the existing Ethereum network.
These specifications are based on the Beacon Chain execution proposals, published by himself last November.
In this regard, Josh Stark from the Ethereum Foundation tweeted: «How many people realize that the ETH2 PoS is already active? ».
Josh Stark goes on to say: «In December, the Ethereum community launched ETH2’s Proof of Stake mechanism, it’s called Beacon Chain».
And he concludes: «The Ethereum community is working towards merger every day. Today, the developers working on ETH2 posted the initial specs for community feedback. I mean, it’s happening and it’s not that far».
The reason for these new technical specifications
In such a way that, the publication of the technical specifications for the merger between ETH 1.0 and 2.0, occurs when tensions between miners and Ethereum developers increase.
To better understand, miners can lose significant revenue with the transition to proof of stake. While Ethereum developers are eager to improve the persistently high fees.
As is known, Ethereum’s core developers scheduled to implement Ethereum’s Enhancement Proposal (EIP-1559) in July. Which would replace the existing Ethereum fee market with a fixed price.
Also, while the proposal is expected to regulate Ethereum’s rising fees, EIP-1559 could reduce miners’ revenue, by as much as 50%.
Vitalik Buterin against possible 51% attack
In reference to the network change called EIP-1559, which the Ethereum developers proposed. A group of participants have started to advocate for a demonstrative takeover of the network, which could threaten their safety.
Specifically, the miners appeared to be threatening to attack the network with what is known as a 51% attack, on April 1. And for a period of 51 hours.
Based on this, the creator of Ethereum, Vitalik Buterin said: «If miners threaten a 51% attack, we will all move to PoS ASAP».
Accordingly, according to a Status post: «Like clockwork, the Ethereum community has quickly organized possible solutions to this possible 51% attack. With Vitalik leading the charge».
To which the influencer and youtuber Lark Davis also replied: «The Ethereum miners’ rebellion will likely force Ethereum 2.0 to happen even earlier than expected. This is a good thing».
Finally, it should be noted that the code, belonging to the new specifications of the merger, has not yet been uploaded to the Ethereum source code, by Mikhail Kalinin’s own request. While the corresponding tests are being carried out.
We will see how viable the merger between Ethereum 1.0 and 2.0 will be. Let us know your opinion in the comment box!
I close with this phrase by Helen Keller: «Alone we can do little, together we can do a lot».