Matthewlight twitter ethereum

According to the proposal's abstract: "A reduction in the issuance of ether is very likely to be price-supportive and lead to increasing investments in the platform and to help ward off speculative attacks on the value of ether by promoters of competing platforms who offer, or plan to offer, reduced token inflation rates. At this point, ethereum is set to incentivize its transition from 'proof-of-work' PoW to 'proof-of-stake' PoS consensus at which time an exponential rise in block difficulty will make blocks virtually impossible to solve by PoW.

Since the low market value of ether equated to fewer funds for ethereum developers, Light said that original perception was that the ethereum project as a whole was being undervalued. But price has increased tremendously since then, so making it go up is no longer a critical issue," Light said.

Raising the value of ether wouldn't be the only result of a decrease in the block rewards, however. The developer cited a recent Medium post from Vlad Zamfir, a core researcher at the ethereum foundation and architect of the forthcoming proof-of-stake system. In the post, Zamfir argues that over-incentivizing mining with high rewards attracts miners who are less concerned with good governance of the ecosystem as a whole.

Zamfir writes: "When miners become more powerful, everyone else gets less of a say. The current vote on the EIP is being held via carbonvote. Strike is only available in the US and El Salvador. So in a truth is stranger than fiction, the idea probably got jumpstarted by a surfer that loved both a beach town and bitcoin. Helps that El Salvador uses the dollar.

The legislators would just have to drive to the town to see how it works rather than read about it. Being like a bank probably implies some of the same advantages and vulnerabilities of a regular bank. The PR is nice! Not having to get cash at a Western Union that might be far and where you can get robbed could have more impact than cheaper fees.

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However, as layer two L2 scaling technologies developed, Vitalik Buterin proposed a rollup-centric scaling roadmap for Ethereum in October , simplifying the long-term Ethereum roadmap by deemphasizing scaling at the base layer and prioritizing data sharding over execution sharding. The updated roadmap aims to achieve network scalability by moving virtually all computation i.

Simply put, computation is already very cheap on L2s, and the majority of L2 transaction fees today are driven by the cost of posting the computed data back to mainnet. Currently, rollups post their state roots back to Ethereum using calldata for storage. While a full primer on rollups is beyond the scope of this piece, rollups do not need permanent data storage but only require that the data is temporarily available for a short period of time.

More precisely, they require data availability guarantees ensuring that data was made publicly available and not withheld or censored by a malicious actor. Hence, despite calldata being the cheapest data solution available today, it is not optimized for rollups or scalable enough for their data availability needs. However, instituting full Danksharding is complex, leading the community to support an intermediate upgrade offering a subset of the DS features known as Proto-Danksharding PDS; EIP to achieve meaningful scaling benefits more quickly.

This new transaction type will materially increase the amount of data available for rollups to interpret since each blob, which is roughly kB, is larger than an entire Ethereum block on average. Blobs are purely introduced for data availability purposes, and the EVM cannot access blob data, but it can only prove its existence. The full blob content is propagated separately alongside a block as a sidecar. This segregated fee market should yield efficiencies by separating the cost of data availability from the cost of execution, allowing the individual components to be priced independently based on their respective demand i.

Further, data blobs are expected to be pruned from nodes after a month or so, making them a great data solution for rollups without overburdening node operators with extreme storage requirements. Despite PDS making progress in the DS roadmap, the name is perhaps a misnomer given each validator is still required to download every data blob to verify that they are indeed available, and actual data sharding will not occur until the introduction of DS. The PDS proposal is simply a step in the direction of the future DS implementation, and expectations are for PDS to be fully compatible with DS while increasing the current throughput of rollups by an order of magnitude.

Rollups will be required to adjust to this new transaction type, but the forward compatibility will ensure another adjustment is not required once DS is ready to be implemented. While the implementation details of DS are not set in stone, the general idea is simple to understand: DS distributes the job of checking data availability amongst validators.

To do so, DS uses a process known as data availability sampling, where it encodes shard data using erasure coding, extending the dataset in a way that mathematically guarantees the availability of the full data set as long as some fixed threshold of samples is available6. DS splits up data into blobs or shards, and every validator will be required to attest to the availability of their assigned shards of data once per epoch, splitting the load amongst them.

As long as the majority of validators honestly attest to their data being available, there will be a sufficient number of samples available, and the original data can be reconstructed. In the longer run, private random sampling is expected to allow an individual to guarantee data availability on their own without any validator trust assumptions, but this is challenging to implement and is not expected to be included initially.

DS further plans to increase the number of target shards to , with a maximum of shards per block, materially increasing the target blob storage per block from 1 MB to 16 MBs. This increase in validator requirements would be detrimental to the diversity of the network, so an important upgrade from The Splurge, known as Proposer-Builder Separation PBS , will need to be completed first.

However, many still misconstrue sharding as scaling Ethereum execution at the base layer, which is no longer the medium-term objective. The sharding roadmap prioritizes making data availability cheaper and leaning into the computational strengths of rollups to achieve scalability on L2. Many have highlighted DS as the upgrade that could invert the scalability trilemma as a highly decentralized validator set will allow for data to be sharded into smaller pieces while statistically preserving data availability guarantees, improving scalability without sacrificing security.

And in the current design, Ethereum nodes must store the state to validate blocks and ensure that the network transitions between states correctly. This growing storage requirement increases the hardware specifications to run a full node over time, which could have a centralizing effect on the validator set. The permanence of state also creates a unique scenario as a user pays a one-time gas fee to send a transaction in exchange for an ongoing cost to the network via permanent node storage requirements.

The Verge aims to alleviate the burden of state on the network by replacing the current Merkle-Patricia state tree with a Verkle Tree, a newer data structure first described in However, Verkle proofs are much more efficient in proof size compared to Merkle proofs. Unlike a Merkle-Patricia Tree, which requires more hashes as the tree widens with more children, Verkle Trees use vector commitments that allow the tree width to expand without expanding the witness size.

The transition to Verkle Trees will allow stateless clients to proliferate as smaller witnesses enable direct block inclusion. Stateless clients will enable fresh nodes to immediately validate blocks without ever syncing the state as they would simply request the required block information and proof from a peer.

Enabling nodes to validate the network primarily with RAM will increase validator decentralization. The Purge The Purge refers to a series of upgrades aimed at simplifying the protocol by reducing historical data storage and technical debt. Most prominently, it aims to introduce history expiration EIP which could potentially come in the months following The Merge. Importantly, once a node is fully synced to the head of the chain, validators do not require historical data to verify incremental blocks.

Hence, historical data is only used at the protocol level when an explicit request is made via JSON-RPC or when a peer attempts to sync the chain. After EIP, new nodes will leverage a different syncing mechanism, like checkpoint sync, which will sync the chain from the most recently finalized checkpoint block instead of the genesis block. The deletion of history data is primarily a concern for individual Ethereum-based applications that require historical transaction data to show information about past user behaviors.

History storage is viewed as a problem that would be best handled outside of the scope of the Ethereum protocol moving forward, but clients would still offer the ability to import this data from external sources. Removing history data from Ethereum would significantly reduce the hard disk requirements for node operators, and it would allow for client simplification by removing the need for code that processes different versions of historical blocks.

In addition to history expiration, The Purge includes state expiry, which prunes state that has not been touched in some defined amount of time, such as one year into a distinct tree structure, removed from the Ethereum protocol. State expiry is the furthest out of all the upgrades outlined in the roadmap and only becomes feasible after the introduction of Verkle Trees. In short, MEV is a measure of profit that a miner or validator can extract from block production beyond the block reward and gas fees by including, excluding, and changing the order of transactions in a block.

While miners are in a prime position to identify and capitalize on such transactions, as they control which transactions are included and in what order, the majority of MEV is extracted by independent third parties called searchers that use sophisticated trading strategies to capture MEV. MEV extraction is a fundamentally different skill set than participating in network consensus, and companies such as Flashbots have been created to illuminate, democratize, and redistribute MEV by serving as a neutral, public, open-source infrastructure for permissionless MEV extraction, allowing independent MEV searchers to communicate their bid and granular transaction order preference to mining pools to execute their ordered bundle of transaction.

Competition between searchers to extract MEV results in much of the gains accruing to the block proposer in a competitive bidding process. PBS, as the name implies, separates block builders from block proposers at the protocol level.

The validator that is selected to propose the next block in the chain is known as the block proposer, and they outsource block construction transaction selection and ordering to a dedicated market of block builders. Under this model, dedicated block builders search for MEV opportunities to build the most profitable block and submit bids to block proposers to propose their block.

This eases the job of validators by selling the computationally difficult optimization problem to a more specialized entity and allowing validators to fulfill their responsibilities with materially lower hardware specifications. Additionally, PBS should redistribute the profit attributable to MEV, as multiple builders compete against each other in an auction, eroding their margins and returning most of the profit to validators. Perhaps ironically, the set-up somewhat resembles the scale economies inherent in proof-of-work.

This results in more centralized block production, but validation is still trustless and should be even more decentralized since block building responsibilities are delegated elsewhere. While the specification details of in-protocol PBS are not fully decided at this point, censorship resistance is an explicitly categorized area of focus on the roadmap.

The PBS implementation will include a censorship-resistance list crLists that the proposer publishes to display their view of censored transactions in the mempool. Another notable upgrade in The Splurge is account abstraction, with the most prominent proposal being EIP This proposal lets users employ smart contract wallets as their primary Ethereum account instead of an externally-owned account EOA , and it does so by leveraging a higher-layer account abstraction approach that avoids any Ethereum protocol changes.

Specifically, EIP creates a separate mempool consisting of a higher-order transaction-like object called a UserOperation. A special set of users known as bundlers would aggregate UserOperations into a transaction that would directly communicate with a particular smart contract, and that transaction would then be included in a block on mainnet.

This improves user experience by atomically batching operations into a single transaction that would otherwise require multiple different transactions to execute on mainnet. Account abstraction would further provide user flexibility to deviate from the ECDSA digital signature algorithm and employ any arbitrary verification logic, such as a quantum-resistant signature scheme. It also simplifies the use of multisigs and social recovery wallets. Lastly, it introduces a form of gas abstraction where gas fees can be paid in ERC tokens, and applications can subsidize the gas fees of their users.

Conclusion In just 15 days, we will likely witness one of the most significant events in blockchain history, as the first and apex smart contract blockchain attempts a nearly impossible feat — to change its consensus mechanism mid-flight. In just 15 days, the Beacon Chain will merge with Ethereum mainnet, as proof-of-work is switched off and proof-of-stake takes over.

Validators will immediately begin proposing and attesting to blocks, as beacon committees are formed and disbanded at every epoch. Validators, following Gasper, will attest to both checkpoints and chain heads, identifying the canonical chain and introducing the notion of economic finality.

And when all is said and done, energy consumption will plummet, finality guarantees will strengthen, ETH issuance will fall, and staking yields will rise, all upon reaching that fateful terminal total difficulty level. Ethereum, however, is equipped with a thoughtful and well-defined roadmap, and its developers have been hard at work perfecting the various upgrades to bring about their many benefits.

Through Danksharding, with its data blobs and data availability sampling, The Surge will make data availability cheaper and distribute the job of checking data availability amongst nodes, providing material scalability benefits on L2. The Purge will introduce history expiration and state expiry, archiving history data, pruning untouched state, and generally simplifying the protocol.

Footnotes: Notably, validators are attesting to their view of the chain head block for LMD GHOST during their slot, which is generally but not necessarily the block proposed in their slot. However, if a block proposer does not deliver a block in their assigned slot, the validators in that slot would attest to their view of the chain head block, which would likely be the same chain head that validators in the previous slot attested to.

In aggregate, validators are delivering one attestation per epoch, but that attestation includes three items: 1 a vote on the source checkpoint, 2 a vote on the target checkpoint, and 3 a vote for the chain head block. Notably, the chain head vote uniquely determines the source and target vote, so strictly speaking, voting on all three is redundant and unnecessary, but it simplifies processing. Bitcoin and Ethereum today use a rule that selects the longest chain, or more precisely, the chain with the most cumulative chainwork.

Gasper, however, follows the chain containing the justified checkpoint that has the greatest block height without ever reverting a finalized block. From here, it essentially counts the accumulated votes from validators for blocks and their descendent blocks the economically heaviest chain. Checkpoints are known as epoch boundary blocks in other literature, which may help with intuition. Checkpoints are identified by their block root hash and an epoch number.

A block can theoretically serve as the checkpoint for multiple epochs if the slots throughout remain empty. Since checkpoint finalization requires a two-thirds supermajority, the finalization of two competing checkpoints would require attestations from at least four-thirds of the total stake weight, guaranteeing at least one-third of the total stake attested to two different checkpoints for the same epoch. Imagine an attacker has two-thirds of the total network stake, and honest validators possess the other one-third.

Assuming honest validators all attest to the same checkpoint, the attacker could finalize this checkpoint by attesting with half of their stake, or one-third of the total network stake equivalently. The attacker could then unilaterally finalize a competing checkpoint by attesting to it with the entirety of their two-thirds stake, but as guaranteed by the first sentence in this footnote, this would result in them having one-third of the total network stake slashed as this would require them to maliciously reuse one-third of the total network stake that they already used to attest to the first checkpoint.

Despite this attack requiring two-thirds of the stake to conduct, only half of the stake was required to attest to competing checkpoints, and this is the only provably malicious act that the protocol can detect, so the one-third is all that can be slashed. It could easily be argued that this attack should warrant the malicious actor being slashed the full two-thirds, but this is not detectable in protocol and would require social slashing through a user-activated soft fork.

It may be possible to revert a finalized block with less than two-thirds stake in the event that honest validators are partitioned on their view of the canonical chain, but regardless, any attacker is always guaranteed to be slashed one-third of the total network stake under all circumstances which seems to be a sufficiently large distinctive. Notably though, block times will be a constant 12 seconds if a block is proposed in each slot.

Unlike proof-of-work, where block times are probabilistic in nature based on how quickly a miner solves the mining puzzle, all slots are exactly 12 seconds apart, and block times will only deviate from 12 seconds if a proposer fails to propose a block in their assigned slot. This deviation would naturally only come in multiples of 12 seconds. Sin embargo, para aquellos que quieran mantener las transacciones dentro del ecosistema de Ethereum, existen los rollups de layer 2, contratos inteligentes que agrupan varias transacciones en un solo pago para ahorrar comisiones.

A diferencia de las cadenas laterales basadas en la confianza, los rollups de layer 2 cuentan con sistemas especiales para garantizar que las transacciones no sean falsificadas o alteradas antes de que lleguen a la cadena principal de Ethereum. Esa es la idea, al menos. Si alguien nota que las transacciones que provienen de Optimism o Arbitrum parecen sospechosas, tienen tiempo de enviar una de estas evidencias para probar su caso.

En otras palabras, confiar en Optimism y Arbitrum es confiar en que cualquiera puede enviar evidencias de fraude para indicar transacciones incorrectas o maliciosas.