Ethereum decided in 2015 to upgrade its system for providing more convenience to their users. Vitalik Buterin, co-founder of Ethereum, shared his vision regarding the launch of Ethereum 2.0. He explained that what the upgraded version has to offer precisely can’t be said yet. But at the same time, he admitted that things needed improvement for more optimized performance. He further added that although Ethereum can’t upgrade instantaneously over night but there is a room for improvement which will be gradually achieved. He said:
There isn’t really a precise conception of what goes into Ethereum 2.0 and what doesn’t….Ethereum isn’t a product that gets released by a company … This is more like something that’s going to end up slowly evolving over time. Even still, though, there are very major changes to Ethereum’s architecture that we do expect will come over the next few years.
Vitalik Buterin realized that some problems are seriously troubling and they must be dealt at some point. He firmly believed that those problems shouldn’t be ignored and were worthy of attention so that’s why he remained steadfast on his stance of solving them and working on them. Buterin shared his views in following words:
There’s generally three major categories of problems that I just keep talking about every year and the reason why I keep talking about them every year is because they are big problems and they are very important problems.
With these views, Ethereum was expected for sure to launch hard forks in future. In 2015, it introduced its road-map that was named ‘Metropolis’, to increase the efficiency of the system. Metropolis was further divided into two phases, Byzantium and Constantinople.
The first phase, despite some delays and setbacks, was implemented successfully. After the improvements brought by implementation of Byzantium, developers behind the first phase enjoyed their achievement through social media and expressed celebration.
Hard fork celebration! pic.twitter.com/mL1ZyJOYeA
— Vitalik Non-giver of Ether (@VitalikButerin) October 16, 2017
Following their agenda after the success of previous hard fork, Ethereum started working for the next one. Recently, Coindesk published an article that tells that Ethereum, after launching hard fork, is preparing to maneuver its second phase of Metropolis, Constantinople hard fork. The article states that Ethereum will be activating Constantinople in October 2018, anytime before Ethereum’s Devcon4 conference.
Ethereum has surpassed the stage of coding required for Constantinople hard fork. At the moment, they are testing its coding for the next hard fork. The aim behind this is to increase the efficiency of the network and make it less costly. This hard rock will be mostly impacting the users of Ethereum platform, who are using it on the daily basis. That being said, Ethereum has yet not disclosed the exact block number where the code will go live.
Four ethereum improvement upgrades (EIPs) will be introduced in this hard fork. EIP 210, that aims to deal with recognition of storing of block hashes on ethereum, EIP 145, which will be boosting the speed of arithmetic in ethereum virtual machine (EVM), EIP 1014, which will be used for the addition of ethereum state channels and EIP 1052, that will create a newop-code that’ll comprise on how contracts interact.
Péter Szilágyi, lead developer of Geth, which is the biggest client of ethereum, shared insight on ethereum’s progress on the development of EIPs. He confirmed that overall progress was remarkable as ethereum has implemented most of the changes and he said that “The EIPs are mostly done”.
Besides all the progress noted, ethereum is still not absolute on the solution for mining problem. At present, ethereum is using Proof of Work mechanism where miners verify transactions and make new blocks. There have been several proposals to switch to Proof of Stake mechanism so use of ASIC chips can be made easy. But up till now, no decisions related to mining have been taken. Hudson Jameson, a moderator of the discussion, said: “We’re not going to be able to decide this part today”.
Ethereum is the second largest cryptocurrency of the world and is worth about $47 billion. Stakeholders look forward to the implementation of ethereum’s Constantinople hard fork, which seems to be very propitious and promising.