Ethereum

Kick-Off of ‘Nearly Stable’ Ethereum 2.0 Pre-Release

Kick-Off of ‘Nearly Stable’ Ethereum 2.0 Pre-Release

Based on a new post on Ethereum’s GitHub, the cryptocurrency is kicking off its first pre-release, which the project stated was “nearly stable.” Phase zero is the digital currency’s transition to Ethereum 2.0, which was placed on the channel on January 31st.

The post states that the current release is the first of many to come throughout the month of February. Phase zero in v0.1 is nearly stable and “relatively feature complete” based on information within the post.

Ethereum 2.0 Serenity

Ethereum refers to its 2.0 version as Serenity, which plans on being the system’s last upgrade. This is mostly due to the fact that the platform is moving from a Proof-of-Work to a Proof-of-Stake algorithm. This helps the network to address the fundamental questions surrounding issues such as scalability, security, and economic stability.

Ledger Nano S - The secure hardware wallet

As a result, Serenity represents that final stage in a series of four that was defined in Ethereum’s roadmap. Currently, the platform is in the third stage, labeled Metropolis, which includes two hard forks in the system: Constantinople and Byzantium. Both hard forks were specifically designed to clear the way for Ethereum 2.0.

Well-known Ethereum co-founder Vitalik mentioned that the Serenity pre-release is essentially feature ready for Casper. Casper the Friendly Finality Gadget, or Casper FFG, was initially published in the fourth quarter of 2017. At the time, Casper FFG was launched as a Proof-of-Stake/Proof-of-Work hybrid which would establish stronger security and economic finality.

Other Proof-of-Stake features in the works for Ethereum 2.0 also include the networks scalability functionality. This solution will split up transactions on the blockchain into smaller groups which will help increase total throughput on the network.

Gorli Testnet Platform

In addition to the initial 2.0 pre-release, Ethereum also posted a new testnet, which it calls “Gorli.” The new testnet is now live and serves to provide a trial for the sharding solution for Serenity, which it refers to as Prysm.

A testnet platform provides developers with a simulated version of the main network. This gives them the ability to test smart contracts or perform upgrades without the need to provide computation fees when executed.

The community-build, open-source initiative Gorli will play a major role in syncing other Ethereum clients together. These include Geth, Pantheon, Parity, EthereumJS, and Nethermind.

Based on reports, the vulnerability discovered in the Constantinople hard fork in January was found by Chain Security, a smart contract firm that performs audits for blockchain projects. This issue was significant that it would allow for reentry hacks through the use of specific commands in the Ethereum smart contracts.

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Ledger Nano S - The secure hardware wallet