10 May

“The proof-of-stake aspect of the much anticipated Ethereum 2.0 network upgrade could be live as early as July 2020, according to Ben Edgington of Teku—an Eth 2.0 client operator.

Beacon is the beginning of the road. It’s a proof-of-stake chain that sustains itself. It could arrive in weeks to months… But I am 80-90 percent confident it will go live by Q3.

That means users can help secure the network by staking their coins (locking their coins up) on Ethereum 2.0, and in return receive regular payouts relative to the amount staked.

The next milestone in Ethereum 2.0’s roadmap is Phase 1. This involves implementing sharding, and creating 64 shards with a data capacity of 500 kb each. For some context, blocks on the current single Ethereum chain are around 25 kb. This allows a lot more transactions to be processed on the network.

Phase 1.5 will see Eth 1.0 merged with Eth 2.0—and the current Ethereum blockchain will become one of the shards in the newly formed 64-shard Ethereum 2.0.

Phase 2.0 is where the various applications and networks on the Eth 2.0 chain begin to communicate. These applications could be wildly different in nature, and could include the likes of Libra, UTXO blockchains (like Bitcoin), and will also contain the old chain, Eth 1.0.”

See Also: Prysmatic Labs Client Update
See Also: Ethereum Staking, Not Bitcoin Halving is #1 Reason for Crypto Bull Run in 2020 (Video)

“Over the past two days, 200+ developers, entrepreneurs, enterprise veterans, and leading industry minds came together for the Ethereal Virtual Summit.

  1. The COVID-19 economic shocks are waking people up to the potential of digital assets. Many people, the crypto community especially, see the current global economic crisis as a wakeup call for system change. ‘COVID is the brush fire that is making way for the green shoots to come up.
  2. Ethereum 2.0 Phase 0 is the most anticipated network development of 2020. The Ethereum Foundation introduced the Ethereum 2.0 Launchpad, the EF’s official way to deposit your ETH for Eth2. ‘Eth2 will drop transaction costs by a factor of 100, allowing more operations to take place at lower cost.’
  3. Ethereum 1.0 has big scaling solutions in order. The SKALE Network is an elastic blockchain network of sidechains that are compatible with the Ethereum mainnet and can run up to 2,000 transactions per second per chain. The team plans to launch the SKALE testnet this month.
  4. “Enterprise Ethereum” is just Ethereum with the privacy and compliance add-ons that enterprises need.
  5. Dapp users are running businesses straight out of their Ethereum wallets. With robust scaling solutions like SKALE on the horizon, MetaMask mobile in the works, and the novel economics of Ethereum-based games, the dapp ecosystem is poised to take off this year.
  6. Security is top of mind for DeFi.

Recommended read.

  1. “Ethereum 2 phase 0;
  2. EIP-1559;
  3. The end of mining; and
  4. Ethereum 2 phase 2.

The move to proof of stake engendered by the launch of Ethereum 2 has an immediate and large impact on issuance, but it is a one-off. In contrast, EIP-1559 has a relatively small initial impact on issuance, but this scales with the number of transactions processed on the Ethereum network.

As the number of transactions increases over time issuance will continue to fall, with the possibility that issuance falls below 0 and Ether moves in to the territory of negative inflation for the first time.

The long term expectation is for Ether inflation to lie between 0.5% and -0.5%, whilst retaining and even improving security; this shows that Ethereum has a path forward to secure transactions without incurring large internal and external costs.”

Vitalik Straps In

“Borrow + Trade = Margin Trading. Those two money verbs allow you to amplify your gains and your losses on trades. We’re going to cover how to margin trade in DeFi.

We’ll focus on dYdX, the largest and most established non-custodial margin trading tool. dYdX is powered by smart contracts on Ethereum eliminating the need to trust a centralized exchange to custody your assets while trading.

Good read.

The absence of mainstream inflation seems incongruous, even frustrating, to people – including many in the crypto community – who assume rampant central-bank money printing will destroy consumers’ spending power. They are looking, he says, in the wrong place: QE inflation will manifest not in the prices of everyday things but in assets owned by the wealthiest in society. Like stocks. And Picassos.

That’s where I think the ‘money printer go brrrrr’ meme is confusing a lot of people. Because they are looking at the CPI bucket and you’re not going to see it there.

What ordinary people most want, presumably, is a share in that sweet asset inflation that wealthy art collectors and stock investors enjoy. One strategy for achieving that may lie with a brand new digital asset class. I’m talking, of course, about cryptocurrencies.

Now, for the first time, we have digital scarcity.”

Chico Crypto throws down the pre-halving numbers

“The government of South Korea’s planned city Sejong — which is the country’s testing ground for major smart city solutions — announced Friday that it will be establishing a blockchain-based platform for storing and verifying the digital identities of self-driving vehicles.

This could help prevent the illegal cloning of identities or hacking of self-driving vehicles.

The blockchain-based technology platform will greatly increase the credibility of data by strengthening the security of information shared by cars and their control tower.”

See Also: China Telecom: Blockchain Has Significant Use-Cases for 5G

Cointelegraph Interviews Bitcoin