In the face of the upcoming ETH 2.0, capital, institutions, miners, retail investors, giant whales, and founding teams all seem to have their own positions and perspectives, and differences may be intensifying.
The increasing number of new ETH holding addresses shows that more investors are being attracted, while on the other hand, some miners are looking for another way out.
An old miner said frankly: Many miners actually don’t pay the bill, and some capitals describe miners as “gold-fishing monsters”, which is even more outrageous.
On the morning of November 24th, more than 524,288 ETHs were transferred to the Ethereum 2.0 deposit contract address, and the launch of ETH 2.0 will come as scheduled on December 1st.
This news is regarded as a huge positive for ETH by currency holders. According to the data, ETH once broke through 600 US dollars within the day and touched 622 US dollars.
Amidst the applause from the holders, on the one hand, the community began to mine the ETH 2.0 concept currency; on the other hand, some people are still asking what is ETH 2.0?
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Old topic ETH 2.0
Its a long way to go, its a starting point, its still early, Du Chao, the founder of ByteLink, thinks so.
He said: The coins continue to be locked in; the price continues to rise; the computing power continues to increase, and the miners continue to dig; these three are the current stage and the most likely three situations. But if the scale is longer, I am more concerned. The most important thing is, 1.0 to 2.0, the choice of the current wave of miners.”
Perhaps many currency holders have not started to care about what ETH 2.0 is until today, but for old miners and community participants, this has long been a long and controversial topic.
In the discussion of the Ethereum community, the concept of 2.0 existed very early. To address the limitations of proof-of-work blockchains, Ethereums basic consensus mechanism is constantly being revised.
In simple terms, Ethereum is trying to transfer its digital economy to a new platform to solve Ethereums scalability and fee issues. ETH 2.0 will improve security and chain construction through Proof of Stake (PoS); improve scalability through sharding, and improve programmability through a series of technical upgrades. This transition is in fact high-risk and quite complicated.
In 2019, relevant members of the ETH 2.0 project continued to release their latest progress to the outside world. In the second half of the year, Ethereum founder Vitalik Buterin said that from his point of view, ETH 1.0 is a successful experiment, paving the way for ETH 2.0. leveled the road.
According to a report released by BitMEX Research in the first half of the year, ETH 2.0 mainly includes:
Phase 0-Beacon Chain: Known as the brain of the Ethereum 2.0 system, the Beacon Chain acts as a random number generator for the entire 2.0 network, helping to select block producers and supervisors of pledges, by providing randomness to Assign tasks to shard verifiers to prevent malicious events from happening.
Phase 1-fragmentation: After the beacon chain is established and mature, certain tasks will be issued for the fragmentation. The fragmentation chain can be understood as a collection of bits with no structure or simple meaning.
Phase 2-Execution Phase: Both major economic activities (except staking) and smart contracts are expected to be able to operate on the network. There is no clear conclusion at this stage.
(For Phase 3 and 4, since the final development of Phase 2 still takes a long time, we will not discuss it for now.)
The ETH 2.0 beacon chain will be officially launched on December 1st.
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Disputes in the community
After the official release of the ETH 2.0 deposit contract, Ethereum has officially moved towards the PoS system.
Vitalik once summarized the reasons why Ethereum will switch from the current PoW ((workload proof)) system to the PoS (equity proof) system: in his opinion, under the same cost conditions, PoS provides better security, and It can recover faster after being attacked, and at the same time, PoS is more decentralized than ASIC mining.
However, the community has had different opinions since the concept of 2.0 was proposed.
In a conversation with Blocklike, xDeFiLabs economist Turbulence directly evaluated ETH 2.0 as a false proposition. He is also an Ethereum miner and artificial intelligence developer with 4 years of experience.
On the topic of ETH, speculators who have never mined in their entire life like to tell me these things: ProgPow (a consensus mechanism designed to weaken the advantages of ASIC mining machines), Pos and 1559 (Ethereum EIP- 1559 proposal). The first one is proved to be worse by kikx. Kikx proves that ProgPow has loopholes and is easier to be attacked; the second is proved by EOS that it will be worse; the third is proved by Fil that it will be worse. In my opinion, the more Toss, the greater the uncertainty, the more money Grayscale spends on BTC. The rhythmic people in the ETH ecology are centralized.”
Turbulence added: ETH 2.0 claims to save energy, so that these nodes are still running in the regions with the lowest cost of extremely centralized cloud services such as Amazon and Microsoft Azure. ETH 2.0 allows users to It is extremely unethical to take your own money and risk more centralization.”
From the perspective of an old miner, he also put forward his own views on the deposit conditions of Ethereum 2.0: Many miners do not pay the bill, and some capitals describe miners as gold monsters. Investors, mining and selling is just a service industry. DeFi participants are players, with a lot of Farming in their hands, and they don’t pay for 2.0. They should hope that the cash currency will appreciate, and they can afford the 32 ETH needed to participate in the mortgage, but the vision of 2.0 They dont care.
Is PoS really fair? Is it really decentralized in the physical world? Will it be more robust or more fragile? If 1.0 disappears, then (miners) will be homeless.
Turbulence believes that miners may make other choices at that time: The miner group of ETH is too large. There are many projects in the world that are eager to issue coins for ethash pow (the PoW consensus algorithm planned by Ethereum 1.0, and the PoS consensus will be promoted in Ethereum 2.0). , If you change Pow, that is to change miners to competing products. The final outcome of ETH 2.0 is more likely to be like the state of EOS by 2020, and no one will seriously consider the competitiveness of the ecology.”
Du Chao also paid attention to this point: When its time to go from the beacon chain to the real 2.0, the miners will not agree, and they will continue to mine on 1.0. Although the miners know these plans, they are not fully aware of them. Agree, it’s just from the perspective of community governance, the Ethereum community doesn’t pay much attention to miners, so they don’t have much say.”
In fact, this time the ETH staking phase also experienced a trough. In a slightly earlier period of time, the growth rate of participation in staking was not high. At the same time, among the ETH deposits worth about US$200 million, data shows that a large part comes from giant whales or institutions.
An analysis article by Odaily divides the pledge process into three stages:
In the first stage, the deposit pledge of ETH 2.0 may mainly come from Ethereum developers, represented by Vitalik.
In the second stage, it mainly comes from large Ethereum users (some are miners, project parties) and technical enthusiast supporters. As of November 20th, more than 25% of the deposits came from 3 giant whales.
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(Data source: Dune Analytics)
Data from Dune Analytics also shows varying sentiment across several stages.
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Since the mortgage conditions are met, the ETH currency holding address has reached a new high
Its not that we dont want to change. The people who bring about change are independent developers who are deeply involved in their own projects, Turbulence told us.
In the market, we have seen more people enter the market.
The number of addresses with at least 32 Ethereum addresses hit an all-time high of 126,852 after news of ETH 2.0s earliest or Dec. 1 launch was reported, according to crypto analytics firm Glassnode. At the same time, the number of addresses holding at least 0.1, 10, and 100 Ethereum is also setting new records, and speculators and prospective validators are increasing. As of press time, Glassnode shows that the number of new addresses increased by 11.29% to 22,885.96 within 24 hours.
Some rational opinions from the community believe that the recent rise of ETH cannot be directly linked to ETH 2.0.
Du Chao believes: The rapid rise of BTC coincides with ETH 2.0, and it rises together, coupled with the entry of large institutions to buy goods, it is also very reasonable.
Professor LA, a digital currency enthusiast, said to Blocklike: I cant judge the follow-up development. As a person who speculates and plays hot spots, it is enough to know how to speculate. Dont fall in love with the currency you hold. Whether it works or not is up to time.”
Perhaps as he said, the follow-up development of ETH 2.0 still needs to be handed over to time.
