Tag: vitalik buterin

Vitalik Buterin: Time will Tell Whether the Hive Blockchain will Surpass Steem

Justin Sun’s entry into Steemit is not going down well with the community. They have created a hard fork of the blockchain and named it Hive. Vitalik Buterin, Ethereum Founder, tweeted that Hive stands a test of time in demonstrating whether self-independence will be achieved. He trusts that the Steemit community seeks to have full autonomy and decentralization through the hard fork.

Vitalik Weighs in on the Hive vs. Steem issue

As per Vitalik’s tweet, blockchain governance ought to be enshrined in autonomy, and this will be achieved if Hive surpasses Steem. This will be a perfect indicator of the community being at the helm as decentralization is not for sale. 

The general sentiment of the community towards Vitalik’s tweet was that an 80% drift towards Hive could be witnessed. 

The conception of the Hive blockchain

After Justin Sun acquired Steemit, the community members were not impressed, and this is the reason why they created the Hive blockchain as a hard fork of the prevailing Steem code, and the upgrade is scheduled for March 20.

The Hive blockchain is to be entirely decentralized and function out of the confines of the Steem network. 

By taking this approach, the message being relayed by Hive entails blockchain-based products being more community affiliated as compared to centralized controllers and investors. 

It is also expected that all legit accounts found on the Steem blockchain will attain an airdrop on the Hive network. Nevertheless, members will have to create a new Hive account that will be independent of the Steem one.  

The Steemit community has shown its commitment to ensuring that the new chain materializes. For instance, a group of 36 experienced developers is working on Hive. 

Justin Sun, the Tron founder, has been making notable steps in the crypto space. As reported by Blockchain.news on Feb 7, he ultimately got his much anticipated $4.57 million USD dinner with Warren Buffet. Nevertheless, it remains to be seen whether Sun’s acquisition of Steemit is a case of biting off more than you can chew. 

Image via Shutterstock

Is Ethereum 2.0 Ready For the Bull Run?

The initial stage of Ethereum 2.0 is set to start in a few months, with many experts arguing that it may be the catalyst for a huge industry bull run. Adam Cochran, a partner at MetaCartel Ventures DAO, released a blog which outlined why he believes Ethereum 2.0 “could prove to be the largest economic shift in society.” So, is Ethereum 2.0 ready for the bull run?

Ethereum 2.0 bull run could transform the industry

While his initial statement might seem slightly farfetched, Cochran goes on to outline his other predictions. He argues that moving Ethereum into staking could trigger an ETH supply shock. Cochran noted that dependable staking rewards between 3% to 5% could bring in capital from major investors, locking up roughly 30% of ETH’s total supply. Then, an impending burn mechanism will reportedly contribute to the falling supply of ETH available.

Cochran believes that this supply shock will trigger FOMO (fear of missing out) in retail traders, who will try to get into the market as quickly as possible. It’ll be even easier than the December 2017 bull run, because buying crypto with fiat is more accessible than ever (thanks to exchanges and trading platforms like eToro).

Cochran noted that with no stop-gap, users will be able to “FOMO” concurrently. Really all that is needed to drive a buying frenzy is a single headline about ETH growth, and retail traders will cause a stir.

Nevermind price growth, Ethereum 2.0 will alter the finance industry forever

Alex Batlin, founder and CEO of Trustology, highlighted that Etheruem 2.0 will have ripple effects that go beyond simple price growth. Batlin highlighted Ethereum 2.0’s improved scalability, which could be used to support the adoption of DeFi by the general population.

“For DeFi to really work, we need to get from twenty to one thousand to maybe a couple of thousand transactions per minute, and then we start to get really serious. And ETH 2.0 is getting there. If you look at the specs, it’s pretty exciting.” 

Should Ethereum 2.0 maintain its current path, Batlin argued that decentralized finance could eventually be the main protocol that finance functions on.

Whales are accumulating Ether

So, is Ethereum 2.0 ready for the bull run? Whales seem to think so. Trade volumes have risen to record highs on a number of dates over the last year. The price is up at the moment, but still remains below its year-to-date high.

Trading ETH has never been easier for retail investors. Try out social trading on eToro, in a time where social distancing is a necessity.

Ethereum 2.0 will launch this year and could trigger a bull run

So, realistically, is Ethereum 2.0 ready for a bull run? According to two experts, Ethereum 2.0 is ready for some major bull action and could change the industry forever. However, Vitalik Buterin has laid out a multi-year roadmap for the protocol’s complete deployment, so these changes could take a fair amount of time to actually see.

Disclaimer

This article is contributed by authors who wish to stay anonymous.

The views and opinions expressed in this article are those of the contributor and do not necessarily reflect the view of Blockchain.News.

Ethereum Founder Vitalik Buterin Says Layer 2 Scaling Solution Has ‘Basically’ Succeeded

Ethereum has been seeing an upward trend, and demand may increase further in anticipation of the upcoming ETH 2.0 update expected in Q3 2020.

Ethereum is scheduled to undergo a major change of its consensus mechanism, transitioning from proof-of-work (PoW) to proof-of-stake (PoS). 

Ethereum has been expecting its scaling to occur for some time, and according to Ethereum’s creator, Vitalik Buterin, it could already be happening.

Vitalik Buterin recently tweeted that the Ethereum blockchain network’s “layer 2 strategy has basically succeeded.”

Previously, Buterin identified blockchain scalability has a difficulty for typical blockchain designs because it requires every node in the network to process every transaction, limiting the transaction processing capacity of the entire system.

To solve the scalability issue, the Ethereum creator identified strategies for scaling, including sharding, also known as the “layer 2 protocols,” which allows transactions to go through without every node processing the whole transaction. 

Token transfers will continue moving to layer 2 solutions due to the fact that these transactions take up a large chunk of the network activity, according to Buterin. 

Scalability: Shard Chain Simplification 

Dubbed as “HackMD,” Buterin proposed the ETH2 shard chain simplification in early October 2019. In this proposal, a persistent shard chain will be abandoned, and it is replaced by every shard block which is a direct crosslink.  

The number of shards is reduced from 1024 to 64 and the maximum number of shards per slot increased from 16 to 64. The “optimal workflow” is revised that there is a crosslink published for every shard during every beacon chain block. Other simplifications include less shard chain logic required, simplification of EEs, and decentralized exchanges no longer needed to facilitate paying transaction fees across shards.  

The simplification proposal does come with limitations. There will be more beacon chain overhead with the attestation aggregation having an overhead of 307,200 bytes per slot in each shard. As there are more pairing from a maximum of 128 to 192 per block, the block processing time will increase by around 200ms.

Cardano’s Shelley upgrade is also expected soon, for June 30. While speculation around the upcoming hard forks, ETH and ADA prices are expected to rise, as people who want to earn staking rewards will push buying pressure.

Image via Shutterstock

Ethereum 2.0 Developer Says Phase 0 Most Likely Delayed Until 2021, Vitalik Buterin Disagrees

The much-awaited Phase 0 of Ethereum 2.0, also known as Serenity, may not be launched until the beginning of 2021. This was announced by one of the project’s researchers, Justin Drake on Reddit—much to the confusion of Ethereum creator Vitalik Buterin.

Ethereum developer, Justin Drake announced the delay to Serenity’s Phase O in a Reddit ‘Ask me Anything Session’—where he was quizzed on the potential date for the network upgrade. Since Vitalik Buterin announced Ethereum 2.0, its features and development process back in October 2019, the Ethereum community has enthusiastically anticipated the project’s launch date.

While the Reddit session showed that the members of the community are not pleased with the delayed launch, Drake stated that the upcoming holidays will interfere with other programs required to perfect before the project goes live.

Vitalik Buterin Publically Disagrees

As outlined by Justin Drake, the project has a bit more ground to cover before it can go live. The Ethereum Foundation’s strive to implement a public testnet with 3+ clients is one of the primary causes of the delay. This multi-client testnet will have to run smoothly for about 2-3 months according to the developer. An incentivized “attack net” must also run for 2-3 months as well as a bounty program and a serious differential fuzzing across clients. Justin argued that all these are not feasible in the third quarter of 2020 and that the launch will most likely coincide with Bitcoin’s 12th anniversary, January 3, 2021.

Vitalik Buterin, one of the Ethereum Network’s creators, outright disagreed on the proposed delay to launching in 2020. He argued:

“Eth1 took 4 months from the first multi-client testnet to launch (~end of March 2015 Olympic to end of May 2015 for eth1 launch), and I’d argue the four-month clock started ticking for us at the beginning of July when Altona launched. Eth2 phase 0 is in some ways simpler than eth1 and in some ways more complex: more complex PoS, but no complicated GPU-oriented PoW; more optimization required, but no complicated VM, etc etc. I’m inclined to say eth2 phase 0 is a little simpler on-net. Also, eth2 is not going to have any critical applications depending on it until phase 1, so the practical risks of breakage are lower (though you could argue the ecosystem as a whole is bigger). So, on the whole, I see no reason to take more time for the eth2 phase 0 launch cycle than we did for the eth1 launch”

The anticipation of Ethereum 2.0 has sparked some bullish runs in Ethereum’s price in the past weeks. Currently, Ethereum’s price is $240.28 having lost 0.36% to the dollar in the past 24 hours.

Ethereum Calls On Hackers to Attack Ethereum 2.0 in Exchange for Bug Bounty

With Ethereum’s plans to launch its 2.0 protocol network, the open-source platform has also decided to tweak its blockchain project to perfection by calling all hackers and challenging them to break into two Ethereum 2.0 attack networks. 

Ethereum Creates the “Hacking Challenge” 

What an attack network basically entails is a virtual attempt to break into an organization’s network, without the necessary authentication access passwords and locks required. Usually, the objective of an attack network is simply to steal data or perform other malicious activities. 

In the case of Ethereum’s public “attack network” launch, it is mainly to test the vulnerabilities and potential security loopholes of Ethereum 2.0, which consists of an upgrade from the Ethereum blockchain. The cryptocurrency platform hopes that with this “attack network” set in place, Ethereum 2.0 will be perfected — shortcomings of the blockchain may be brought to light with the challenge, that simple testing just won’t be able to reveal. 

How to Overcome the Attack Networks 

The goal of the attack challenge launched by Ethereum is to prevent finality for 16 consecutive epochs on a network. This means that in order to successfully accomplish the digital mission, hackers would need to be able to intercept “finality” from happening for at least 102 minutes (1 h 42 min). “Finality” simply refers to a type of faster on-chain communication, where a block transaction, once finalized, will not be reversible and will therefore not have to wait for multiple acknowledgments before proceeding forward. 

The objective of these attack networks is for others to find potential vulnerabilities and security loopholes that simple testing might not reveal.  

In exchange for hackers’ efforts, Ethereum will award a $5000 bounty for each individual hacker or hack group who successfully completes their request.

Ethereum Co-Founder Speaks of 2.0 Project 

Vitalik Buterin, one of Ethereum’s most recognized co-founders, is particularly proud when speaking of his Ethereum 2.0, and he emphasizes the fact that the data capacity of the developing blockchain will be immense. However, as his blockchain ecosystem is still developing, the upgrade will not translate to higher scalable transactions, meaning that the blockchain will not necessarily process more transactions.  

Another key feature of Ethereum 2.0 is the fact that it will run on a Proof-of-Stake consensus algorithm instead of the current Proof-of-Work Ethereum mainnet. This will enable users in the Ethereum network to lock up their accumulated digital coins and get paid for helping secure the blockchain.  

Ethereum's Vitalik Buterin Concerned About Security Risks That Come With High ETH Transaction Fees

By now, it is no secret that Ethereum co-founder Vitalik Buterin and his team are busy perfecting Ethereum 2.0 and preparing it for its official launch.  

Ethereum 2.0

One of the key elements of the blockchain ecosystem is that it runs on a Proof-of-Stake (PoS) consensus algorithm, as opposed to the conventional Proof-of-Work (PoW). This enables Ethereum blockchain users  to reach distributed consensus when mining a block, and for bullish crypto investors to determine the next block. 

Digital asset owners can also lock up their accumulated digital coins and get paid for helping the blockchain. 

Will An Upgrade Make Ethereum Faster, Bigger, Stronger?

However, Buterin came forward and while he proudly announced that the data capacity of the developing blockchain will be huge, the Ethereum creator admitted that the higher transaction fee on the blockchain-network may cause unintentionally trigger security risks. Buterin, who can boast that he has co-founded the second largest blockchain network in the world, behind Bitcoin, came forward in a tweet and mentioned a research paper provided by highly reputed Ivy League university, Princeton U. Buterin wrote: 

“Transaction fee revenue is now nearing half as high as block reward revenue. This actually risks making Ethereum *less* secure because of https://cs.princeton.edu/~arvindn/publications/mining_CCS.pdf. Fee market reform (ie. EIP 1559) fixes this; another reason why that EIP is important.” 

In other words, though it may not be a security issue at this point in time, the higher fees that Ethereum 2.0 will run may potentially cause a security problem long term and be threatening for the blockchain network. The analysis conducted by Princeton university addressed this issue and voiced that selfish mining may pose a real threat, especially in cases where transaction fees surpass the block rewards.

The research paper goes on to name several malicious mining behaviors, that are deviant and may negatively impact Ethereum blockchain.  

Introducing EIP 1559  

The fee market reform that Buterin referred to in his tweet is none other than the “Ethereum Improvement Proposal (EIP) 1559”, which was first introduced in April 2019. The whitepaper proposes upgrades that would make transaction fees on Ethereum more predictable. This would enable the blockchain network to be more flexible, by dynamically alternating the block size based on the number of transactions that are queued and waiting for validation.  

Furthermore, to prevent congestion from happening in the ecosystem, the whitepaper proposed charging users during times of high demand. Buterin publicly voiced his approval and support of EIP 1559 fee market reform. 

Slow and Steady Wins the Race: Ethereum Surpasses Bitcoin 

The market capitalization of Ethereum currently stands at approximately $26 billion dollars. The astonishing thing about this is that the given value does not even include all of the crypto assets founded atop the Ethereum blockchain ecosystems, such as the stablecoins – Tether and USDC –  and altcoins.  

Also, data from digital-asset data firm Messari showed that Ethereum had now surpassed Bitcoin as the network that settles the most value per day. Ethereum blockchain daily settlement value is estimated to be about $2.5 billion, which makes it the first time since early 2019 that the blockchain has outranked its rival Bitcoin. 

Ethereum Releases Validator Launchpad for ETH 2.0 Testnet

Ethereum software developers finally released the validator launchpad for ETH 2.0, which enabled users to participate in the testnet’s Proof-of-Stake.  

Leveling up And Unlocking “Medalla” 

The testnet, dubbed “Medalla,” is said to be released on August 4, if all goes well. Ethereum developers behind Medalla have also set up certain criteria that need to be fulfilled for the alternative blockchain to be unlocked.  

The test run of the network will be in the hands of the community, and a minimum of 16,385 validators are required for the launch. Each of these users is required to deposit 32 Ether (ETH) coins to access the multi-client testnet. Also, “minimum genesis time” needs to be accomplished, which basically outlines when the earliest launch of ETH 2.0 testnet can be held.  

If requirements are not fulfilled, Medalla’s launch will be delayed for 48 hours. The multi-client testnet will only launch if the two criteria are met. 

Progress On Unlocking Medalla  

So far, it was reported that roughly more than 150,000 ETH tokens have been deposited, meaning that Medalla testnet has achieved 30.5% of the total number of validators it needs for a successful launch next week. Ethereum collaborated with blockchain tech company Consensys and DeepWork Studio to release the ETH 2.0 validator launchpad.  

Ethereum Announces Its Testnet Strategy  

The blockchain network told its Ethereum crypto community that the multi-client testnet Medalla, they will continue “fine-tuning the interface” in anticipation of the release of the mainnet. In addition to this, Ethereum also explained that as it was transitioning from Proof-of-Work to Proof-of-Stake, Ethereum 2.0 will be launched in at least 3 phases to make sure that all aspects are covered methodically before release.  

By breaking up the phases, a different aspect of Ethereum 2.0 can be focused on at each phase and the mainnet can consequently be perfected.  

Phases of ETH 2.0 

Phases 0, 1, and 2 each outlines a different concept. Phases 0 focuses on all the machinery behind ETH 2.0’s consensus, and it tracks the validators and their transaction balances. 

Phase 1’s main objective is to handle the addition and storage of new and old data associated with ETH 2.0. 

Finally, Phase 2 adds execution to ETH 2.0, and this simply allows programs to be run on top of it. 

Co-Founder Vitalik Pushed for Phase 1  

Co-founder of Ethereum Vitalik Buterin has been actively pushing for phase 1 to begin. The Ethereum mastermind wants to get a better grasp of how phase 1 will work in practice. On Reddit, he said that the “clients team” working on Medalla was behind on phase 0, and though that may be the case, they should still start working on phase 1. Buterin justified his strategy, saying:  

“There’s no unfinished research required for phase 1; it’s all spec optimization and development.” 

Ethereum And Bitcoin “Bull Races” 

This year has been a really good year for Ethereum. With their plans of launching ETH 2.0 mainnet, the blockchain platform has also managed to outrank Bitcoin earlier this month, sitting at approximately $2.5 billion and making it the first time since early 2019 that it has outdone its rival BTC. 

The latter has however been picking up its pace on the crypto market after months of staying stagnant. Yesterday, it was reported that BTC surged past the $10, 000 mark. BTC as a hedge has also recently been even more of a hot topic, with the depreciation of USD due to economic stimulus packages released by the US government. 

Ready, Set, Launch 

With Medalla testnet set to launch on August 4, the year 2020 has been good for Ethereum. Medalla is to be the last testnet produced by the dominant cryptocurrency platform before ETH 2.0 mainnet is officially in service and open for public use. 

Ethereum Dominates Bitcoin on CEX.IO Crypto Exchange

Chief Technology Officer of CEX.IO crypto exchange has reported that Ethereum (ETH) on its platform has spiked up in the past week, as opposed to Bitcoin.

Ethereum Aims For the Skies

Trading of Ethereum has shot up on more than one occasion on the crypto exchange. it has been observed that crypto investors have been depositing Bitcoin (BTC) into the exchanges and then withdrawing ETH, which indicates that there is an increased demand for owning ETH.  

This is a phenomenon that can only mean good things for Ethereum. In June, their ETH coin pairings have amounted to half of the volume on CEX.IO, with the Bitcoin/US dollar pairing making up the majority of transactions. Bitcoin/US dollar pairing amounted to 40% of the London-based crypto exchange’s entire volume last month. 

CEX.IO Crypto Exchange On Bitcoin And Ethereum

Founder and CEO of CEX.IO Olekandr Lutskevych is a huge Bitcoin advocate. In a previous interview with Blockchain.news, the CEO has said: 

“People in the US look at Bitcoin as a store of value more so than in other parts of the world. We see that at every level of sophistication, from retail consumers to institutions.”  

He further explained that Bitcoin is seen by retail consumers as a hedge to diversify their assets, a sentiment shared by the Gemini coin exchange founders Cameron and Tyler Winklevoss.  However, with the rise of the decentralized finance (DeFi) industry, Bitcoin seems to no longer be comfortably sitting atop the crypto empire, as competition is fierce with the rise of new innovative projects in the crypto industry. In fact, on CEX.IO, Bitcoin’s value on the platform dropped by 50%, translating to only 20% of digital transactions performed on the crypto exchange.  

Meanwhile, ETH pairings have increased threefold on the crypto exchange. Chief Technology Officer of CEX.IO, Dmytro Volkov, said: 

“It is safe to say that ETH is now the driver of the cryptocurrency market growth.” 

Ethereum 2.0 Mainnet

Lately, Ethereum has been doing quite well and gained a lot of attention in the crypto industry, with the announcement of their validator launchpad for ETH 2.0 testnet. The testnet, dubbed “Medalla,” is set to be launched for August 4, and is to be the last testnet produced by Ethereum before the official release of their ETH 2.0 mainnet.  

European Union Startups Loves Ethereum

Ethereum has come a long way since its establishment in 2015, and they are not only dominating among European enterprises but have been equally popular among North American blockchain startup projects as well. 

As their technology continues to evolve, Ethereum founder Vitalik Buterin has spoken up about the success of his implemented blockchain network and affirmed that its “layer 2 strategy has basically succeeded.” 

Ethereum Gathers Cybersecurity Team Dedicated to ETH 2.0 Final Testnet Launch

With the launch of Ethereum 2.0 testnet set to be released on August 4 at 1 pm UTC, the Ethereum Foundation has been looking to build a security team that will be responsible for maintaining ETH 2.0. 

Cybersecurity 2.0

The security team’s main point of focus would be to attend to any potential cybersecurity issues and maintain the anticipated ETH 2.0 upgrade.  Ethereum 2.0 researcher Justin Drake took to his Twitter platform and announced that Ethereum was hiring for multiple tests that include fuzzing, bounty hunting, pager duty, applied cryptanalysis, formal verification, to name a few.  

The security team hired by Ethereum Foundation will therefore be responsible for coding and verifying the cryptographic algorithms behind ETH 2.0. As their duties would include fuzzing, an automated testing software would have to be set up to make ETH 2.0 stronger. “Fuzzing” refers to a technique used in cybersecurity to weed out potential catastrophic bugs that may occur on the network. The technique involves inputting random, miscellaneous data into the computer program to generate undesired behavior such as crashes, leaks, and much more. The goal of the cybersecurity team is to perfect and coordinate all aspects of the network to make ETH 2.0 testnet safer, stronger and more efficient. 

Ready, Set, Launch – Medalla 2.0 Testnet 

The Ethereum Medalla testnet is set to launch on August 4, at 1 pm UTC. For it to launch, the multi-client testnet needs to fulfill two criteria.

The first is to achieve “minimum genesis time,” which details the parameters around the earliest the ETH 2.0 testnet can launch. The second criterion that needs to be fulfilled is that there needs to be a minimum number of validators signed up for the Medalla testnet. That number is set at 16,385 blockchain users, who all need to make a deposit of 32 Ether coins for Medalla to be launched.  Also, the emphasis for Medalla is that it is a multi-client testnet, which means that the trial network is run by the community. 

Ethereum coordinator Danny Ryan has announced that “the minimum validator deposits (16k+of them) required to kick off the Medalla testnet were met on Friday.” This means that the genesis of the testnet will happen on August 4 at 1 pm, as expected.  

When Will ETH 2.0 Mainnet Launch?

As for the mainnet, the official launch has not yet been confirmed, as software developers need to make sure the blockchain is stable before clearing it for official release. Ethereum researcher Drake has predicted that this will only happen in 2021. However, co-founder and CEO of Ethereum, Vitalik Buterin, seems to be pushing for it to happen this year.  

The CEO took to his social media platform earlier last week and expressed his wish to see the beginning of phase 1 sooner than later. 

Ethereum Launches ETH 2.0 Multiclient Testnet – Medalla

Ethereum software developers proudly launched the Ethereum 2.0 multiclient testnet, Medalla – the next step on the road to pure Proof-of-Stake.

One Step Closer to ETH 2.0 Mainnet

As promised, Ethereum launched on August 4, at 1 pm UTC. Ethereum enthusiasts have been anticipating the official release of the testnet since Ethereum software developers have announced that Medalla was in the works and will be the last trial blockchain launched before Ethereum 2.0 mainnet comes into play.  

Medalla: A Community Project 

Ethereum is hoping to transition to a Proof-of-Stake rather than a Proof-of-Work format with Medalla testnet, meaning that block mining will depend on how much an individual has staked. Another key feature of Medalla that Ethereum proudly announced was that the testnet is almost entirely in the hands of the community, meaning the stability and health of the multiclient blockchain will mostly depend on Ethereum validators’ participation. Those who mine on Medalla will reap the rewards of a transaction fee.  

Ethereum’s Bull Run 

It has been a rewarding year for Ethereum, to say the least. The blockchain ecosystem recently celebrated its 5-year anniversary last week, and they have come a long way since. Five years ago, when the genesis block was first mined into existence on the network, few people outside of the industry had ever heard of Ethereum blockchain.  

Now, fast forward to five years later, Ethereum has been making headlines for quite awhile, recently undergoing a flash crash on the crypto market, before steadying back at around $385. Ethereum’s cryptocurrency Ether is the second-largest crypto by market capitalization, trading around $385 at the time of writing. The blockchain ecosystem has also been dominant in the decentralized finance (DeFi) scene, as it is reputed to have the most DeFi applications run on a blockchain, leveraging smart contracts rather than an intermediary. 

Ethereum 2.0 Finally Launched 

Ethereum programmer Hudson Jameson announced that “Eth 2.0 is a success, it is going really well right now” and hopes that the transition from Ethereum 1.0 to Ethereum 2.0 mainnet will be smooth.  

As developers went live on Ethereum Foundation’s YouTube stream to discuss the launch, it seemed that the only cause for concern were that they were seeing lower participation levels from the validators than expected. However, Ethereum software developers stood by the fact that it was just temporary, and that crypto enthusiasts should not jump to conclusions on that aspect. One Ethereum executive said: 

“Low participation is just temporary; we will get through this. We have genesis, we have a chain running and resilience built into the protocol. We have an opportunity for the protocol to demonstrate what it can do, which is to recover from low participation from validators.” 

Ethereum CEO Vitalik Buterin Pushes for Phase 1

Co-founder and CEO of Ethereum, Vitalik Buterin, had previously commented on his blockchain project, and expressed his wishes to see phase 1 of Medalla testnet initiated as soon as possible. Though phase 0 is still mature and being perfected at the time of writing, Buterin said that phase 1 was all about “spec optimization and development, and that there was no unfinished research required for it.”

Medalla Team Hunts for Cybersecurity Talent 

To finish off the live launch, Ethereum developers said that that updates on the progress of Medalla blockchain will be provided on Ethereum’s Reddit account. With Ethereum Foundation doing everything they can to perfect ETH 2.0, Ethereum has also recently announced that it was looking to build a cybersecurity team dedicated to maintaining the ETH 2.0.

Exit mobile version