Serenity from Ethereum 2.0 Is Gearing Up Towards Implementation

By Maheen Hernandez February 9, 2019 Off
Ethereum fork

There has been a widespread rumor that Ethereum will be spending $15 million to develop Verifiable Delay Functions (VDFs). However, it has been proven that these plans are false.

Justin Drake, the Ethereum Foundation researcher, stated, “The EF is not looking to spend $15m. We are looking to split the funds 50/50 with Filecoin or other financial partners.” 

Verifiable Delay Functions (VDFs) are technological functions, which require moderate sequential information, which will take exponentially more time to compute than it would be needed on a single processor.  This means, there will be increased consumption of electricity. However, once a solution is arrived at with this function, it is easy to verify it.  It can be used to protect the system, which depends on (Pseudo) random values from attackers using manipulative strategies. VDF is an essential concept in Proof-of-Stakes (POS) blockchain to achieve consensus at the same time sustaining a high-security level.

Ethereum is kicking off with its pre-release Ethereum 2.0, the final upgrade of the Ethereum’s network. Of the 4 stages of development, it is currently in the 3rd stage which is the dubbed “Metropolis.”

It is expected that the Constantinople will be completed in late February.  The first stage of Ethereum 2.0 will be included in the consensus algorithm of the Ethereum Network transition from (PoW) to Proof-of-Stake (PoS) among several other things. Ethereum 2.0 will be thus able to handle several key issues that are with Ethereum like security, economic finality, scalability, and mining centralization.  The following for Ethereum is on par with Bitcoin.

The block time of Ethereum is 10 to 19 seconds, but for Bitcoin, it is 10 minutes. Ethereum block gets mined fast.

Ethereum is struggling in the past few days because the price action is trending towards the $100 handle.  The investors are continuing to be cautious, and they are wondering if they will be able to see Ethereum back under $100 again.

Some crypto traders believe that Ethereum will reach $50 at around the same time. Several investors are just trying to survive the bear market, and they are hoping that their gains will resolve after the market re-gains Bullish momentum.  The overall trend is at present bearish.

The bulls are targeting the market for $120. Some analysts have predicted that Ethereum is potentially gearing up toward a price surge.  Whether it will skyrocket over 90% from its current prices is unimaginable at this point.  The future should unfold reality.