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Ethereum 2.0

What is the purpose of the first update of Ethereum 2.0?

  • 9 March 2021
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Ethereum co-founder Vitalik Buterin informed on 15 February that he will soon launch the first Beacon Chain hard fork of Ethereum 2.0.

This hard fork called “HF1” and supposed to play the role of an experiment before making more fundamental changes. This hard fork includes five separate proposals (EIPs) to prepare for the transition of the network from the Proof of Work (POW) algorithm to the low-energy, proof-of-stake (POS) algorithm.

According to the Cointelegraph, this hard fork will allow developers to implement several key updates on Chain bacon. Doing these updates provides an opportunity for practical testing that will ultimately lead to deeper changes in the future. Buterin wrote that these vulnerabilities existed before the launch of Ethereum 2.0, but discovered late and could not be rectified before launch.

The new hard fork will be a big step for the Ethereum network and developers who want to move from proof-of-work (mining) algorithms to proof-of-stake. In this major upgrade, as defined in the Ethereum Roadmap, in addition to improving the network, the block reward will be reduced from 3 to 2 and the Ethereum hard bomb will be delayed.

Update of Ethereum 2.0

Update of Ethereum 2.0

What are the changes that this fork will bring?

  • The biggest application modification in this hard fork is the support for light clients. These nodes work with minimal resources and can install on mobile phones. Light nodes can take on the task of approving the blockchain themselves, instead of relying on foreign providers.
  • There is a concept in Ethereum called the “Sync Committees”. The job of this group of validators is to randomly generate specific signatures. These signatures make it easier to determine the correct version of the chain. Light Node support also presented based on this goal.
  • Other changes that this fork will bring with it are the correction and elimination of possible vulnerabilities. According to the developers, these vulnerabilities could use to reorganize the blockchain. It is worth noting that these problems require very precise scheduling. It must perform with great skill, however an attacker can exploit these vulnerabilities by controlling a small set of credentials.
  • Implementing the penalty mechanism is one of the other changes that will implement in this hard fork.

ETH modification

ETH modification

How is the penalty mechanism implemented in Ethereum Hard Fork?

In Ethereum 2.0, penalties are called slashing. At present, shareholders of Ethereum 2.0 may lose some of their capital due to inactivity or support for a shorter chain. This mechanism creates a kind of fine for them. It, therefore, neutralizes the motivation of shareholders to carry out attacks.

Shareholders who operate from home and through the Internet may face problems. For example, weak internet or blackouts can cause the loss of capital of these shareholders. Therefore, it can said that this update can make things easier for these people.

The capital deduction mechanism uses a powerful system as a penalty. That is, there is a distinction between a fine for a person who constantly disconnected from the network and a person whose communication distance is long. For example, a shareholder who has disconnected from the network 10 times for 6 minutes each time (1 hour in total) will fine 10 times less than a person who has disconnected from the network for one consecutive hour.

On the other hand, the capital deduction mechanism will be gradual. This means that the amount of the fine will not deduct from him at once. This procedure causes the shareholder to lose capital as long as he does not meet the minimum requirements for network security.

Ethereum Hard Fork

Ethereum Hard Fork

How to deal with network attackers?

In this hard fork, the situation becomes easier for people who make unintentional mistakes or whose mistakes not made with bad intentions. But it has become more difficult for attackers looking to disrupt the network. This upgrade reduces system simplifications.

The hard fork scheduled to take place on Tuesday, January 16th. But with just a few hours left to implement the major Ethereum update, a smart contract research company called ChainSecurity reported bugs. They said a serious vulnerability discovered in one of the Ethereum Improvement Proposals (EIP). So the developers had to postpone the implementation of the hard fork.  According to the company, using this bug, hackers could steal users’ assets.

Anyway, it is not yet clear when the hard fork will implement. Because there are still steps such as their development and review. During this time, Ethereum developers are looking for a name for HF1‌, which stands for Hard Fork # 1. Suggested letters include names of stars, letters related to the field of astronomy, months of the year, and various areas of the “WOO” game.

4 responses to “What is the purpose of the first update of Ethereum 2.0?”

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  2. Herve Fodouop says:

    Good to know

  3. Yanga Jili says:

    Noted….Good article thou

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