While the Ethereum community gears up for the transition of the network from proof-of-work to proof-of-stake, Vitalik Buterin the co-founder of Ethereum elaborated on the same at Devcon 5 in Osaka, Japan. In his keynote address, Buterin addressed how the proof-of-stake consensus algorithm would make the platform more secure further making it a lot more expensive to attack.
The network is managed by validators in a proof-of-stake-based blockchain and these validators use smart contracts to routinely lock up funds. More blocks are created when more Ether is locked up by the validators. This would further help them acquire more rewards. Additionally, this would generate a larger penalty for those behaving maliciously. Buterin said,
“It could be a government, or hackers that want to have some fun. The critique here says we’re assuming we have these participants motivated by economic incentives. What if there are people who just want to break the thing regardless?”
Satoshi Nakamoto’s Bitcoin whitepaper that was published back in 2009 and Buterin pointed out how Nakamoto had suggested that there would be consequences against people who attempted to crash the system. This didn’t seem to hold good for felons who possessed a extensive protocol incentive or sheer spiteful purpose. However he also said,
“Satoshi created a really interesting and great thing, and now we can build great things on top of it.”
Buterin additionally, suggested that the transition would be worth it as it would bolster scalability and security.
He further elaborated on how the blockchain would be more challenging and valuable to attack. The validators would seek to stake a lot of funds to gather more rewards. This would further reduce the probability of them causing trouble as they might lose those funds. The Ethereum blockchain would benefit by this as it gives rise to a more powerful crypto-economic model by making it more secure and scalable through layer-2 solutions, Buterin suggested.
Ethereum Classic’s Agharta proposal moves closer to finalization
Ethereum Classic’s successful execution of Atlantis hard fork, led the way to Agharta, the second half of the Atlantis hard fork. Atlantis contributed to enhancing ETH compatibility; however, Agharta will host aspects of Constantinople protocol to make it fully compatible with Ethereum. ETC announced that the core developers will sit down to discuss the ECIP-1056 Agharta Finalization.
The agenda of the meeting has been divided into three parts- Quick client teams check-in, Agharta [ECIP-1056] is in “last call” state, and discussing the timeline for the protocol upgrade. The finalization will reveal the status of ECIP 1056, which still awaits acceptance and will also provide the block number for mainnet. The tweet read:
“The focus of the #Agharta (ECIP-1054) core development call will be to:
• Evaluate network testing
• Discuss upgrade timeline
• Agree on mainnet block number
• Move ECIP to “Accepted””
The Modern testnet has been scheduled for 13 November at block number 5_000_381, and it will be followed by the Mordor testnet on 20 November at block 5_000_381. The Kotti testnet has been scheduled for 11 December at block number 1_705_549, following which on 12 December the team will decide the block number for mainnet.
According to a blog post shared by the core of ETC, Agharta would consist of EIP 145-Bitwise Shifting Instruction, EIP 1014- Skinny Create2 opcode, and the final feature EIP 1052- EXTCODEHASH opcode. The rationale behind enabling the Constantinople and Petersburg network protocol was to upgrade the ETC network and to obtain maximum compatibility across these networks. The hard-fork has received support from Multi-Geth, Parity, and Geth Classic client teams and will go live on 15 January 2020.