Tim Beiko: The Great Migration from Eth1 to Eth2

This article is a PPT speech given by Tim Beiko of the PegaSys team at the Ethereal Summit in May 2020. The theme is "The Great Migration from Eth1 to Eth2". What steps are involved in the transition and what tasks need to be done.

All chapters and explanations in this article were added by the editor.

Introduction

This part states the reasons for merging Eth1 and Eth2: In order to make the application of Eth1 continue to work, the status and functions of Eth1 must be migrated to the Eth2 system; then it introduces the three steps involved in the merger: stateless Eth1, Phase 0 and Phase 1 of Eth2; then form the merged specification.

The following is also based on these three steps.

Santiment: The "interest" of giant whales in Bitcoin transactions has hit the lowest level since 2020: Jinse Finance reported that according to the analysis data of Santiment, an on-chain analysis company, the transactions of giant Bitcoin whales on the network have slowed down sharply recently, according to Santiment data The number of transactions worth more than $1 million on the Bitcoin network has fallen to its lowest level since 2020, according to a report. When the value of this indicator is high, it means that a large number of large-value transactions are taking place in the market, indicating that the giant whales are actively trading. On the contrary, it means that the giant whales are not taking much action at present and have little interest in trading BTC. Santiment noted that historically there has been a strong correlation between the number of whale transactions and the value of Bitcoin, with bull markets typically seeing this group very active-ethexc while bear markets slow down. [2022/12/29 22:14:07]

Optimism, the Layer 2 expansion solution of Ethereum, completed the EVM equivalence upgrade: On November 12th, Optimism, the Layer 2 expansion solution of Ethereum, announced the completion of the EVM (Ethereum Virtual Machine) equivalence upgrade. EVM equivalence will be fully consistent with the EVM specification rather than just compatible, which can simplify the development process for developers and reduce transaction costs.

Optimism has merged the OVM2.0 changes into its main branch on November 11. Other significant improvements in the OVM2.0 version include: contracts whose source code has not been verified by Etherscan will be cleared together with their storage, and contracts whose source code has been verified Contracts will be recompiled with a standard Solidity compiler, EOA will no longer be a contract wallet, etc. [2021/11/12 6:48:00]

News | Blockchain racing game F1 Delta Time launches encrypted collectibles based on the ERC-271 standard: According to CoinDesk, the blockchain-based racing game F1 Delta Time has launched a series of new encrypted collectibles, including "cars, drivers and parts". Collectibles are based on the ERC-271 non-fungible token standard, which allows each token to have different properties. [2019/5/28]

Stateless Ethereum

This part introduces why stateless Ethereum should be promoted: to solve the headache of the sudden increase in the scale of Ethereum state data. After realizing the stateless Ethereum, there is no need for every node to store all the states.

To achieve stateless Ethereum, four things need to be accomplished: compressing block witness data, forming a state provider network, re-pricing gas consumption for transactions, and implementing a static access mode for states.

Tim Draper: Blockchain Can Rescue People From Inefficient Government: According to cointelegraph, American investor Tim Draper presented his vision for a blockchain-based digital government in his opening keynote speech at the GovTech Pioneers conference in Vienna, Austria, He outlined a future in which blockchain technology, utilizing smart contracts and artificial intelligence, massively changes the roles and responsibilities of states. Draper said that if we combine Bitcoin and blockchain with smart contracts and artificial intelligence, we can create the perfect bureaucracy. For example, in healthcare, Draper said, citizens could store all relevant health data such as X-rays, DNA analysis, blood tests and other results on the blockchain, where automated systems could continuously analyze the data using artificial intelligence, And send advice and warnings to individuals. [2018/5/24]

Eth2 Phase 0 and Phase 1 pre-work

This section describes the work that remains to achieve Phase 0: client optimization, multi-client testnet, fuller auditing, and deposit contracts on the Eth1 mainnet.

It is worth mentioning that the author also mentioned the meaning of "emergency merge" and the challenges it faces: After implementing Phase 0, Eth1 and Eth2 can theoretically be merged urgently, but if Eth1 has not yet achieved statelessness , then the nodes of Eth2 are required to store all the states of Eth1.

The task description of Phase 1 is more brief.

Merge Spec

This part briefly shows the interaction diagram between Eth1 and Eth2 nodes.

Conclusion

Summary: The merging of Eth1 to Eth2 is underway, although the implementation details are messy; merging Eth1 to Eth2 will provide users and developers with a smoother migration experience; after the merger, we expect to carry out more execution experiments on Eth2.

By: Tim Beiko

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