The Future Of Ethereum. Reading is not for you

On the eve of a cryptocurrency, the online edition has published articles on the basis of the discussion ethresear.ch, which was started by the Creator of Ethereum, Vitalik Buterin. We also already wrote the entry, but then deleted it. She was inaccurate and, frankly, things were not well understood. Now we have studied the question in detail and try to explain it in understandable language.

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Ethereum goes to POS

Acne is steadily moving towards the transition to the Casper Protocol (POS) and developing the necessary mechanisms to work. The article Mining the educational program we have already compared the POW and POS.

POW — current situation = mining, the card is “working” and confirm blocks in the network.

POS mining is dead, transactions will confirm the nodes (network nodes), which contains a large number of ETH. Nodes unprofitable to discredit itself and make any fraud. Once their malice will know a node will be banned, and the rate of ETH from all this may fall, so Noda will depreciate.

Acne is planning to engage in the work of the network of 10 million coins ETH. Remuneration of nod will be about 0.22 per unit of ETH or ETH 500 000 per year.

Estimating the size of and reward node in the network POS Ethereum

Vitali doesn’t want the size of the node was too large. Why?

  • Nodes have relatively quickly synced from scratch.
  • The large size of the GBR requires special equipment.

Acne evaluates the maximum size of the nodes (stock) 500 GB. This means that ETH 500 000 is spent annually for the maintenance of 500 GB of information.

  • 1 byte of information in the node is 0.000001 ETH in the year
  • Smart contract for 24,000 bytes is 0.024 ETH (~$15) per year.
  • Wallet size 250 bytes is 0.00025 ETH (~$0.15) per year.

A very important point. This post Balerina attempt to evaluate the remuneration of nod during the transition to POS. He does not propose to introduce insane taxes or levies from the poor owners of smart contracts and wallets, as many have thought.

In other words, the acne just figure out how many coins you have to pay the owners of the GBR for the maintenance of the network. Accordingly, there appears the amount of payments to the owners of smart contracts and simple purses.

Why smart contracts have to pay?

One of the options to maintain the small size of the nodes — remove from it all unnecessary. Many missed an important idea Baterina from another discussion ethresear.ch. It says “sleeping+waking” mechanism, it is possible to remove unused nodes from the smart contracts.

On the fingers the idea is very simple — when creating the contract, the developer pays for the stay of the contract in the network. If the time is coming to an end, the developer can pay extra and extend the life of the contract. Otherwise, the contract will fall asleep and will no longer take the place of the node. However, acne also consider the possibility of a subsequent “awakening” of the contract, if it is needed again.

Buterin believes that in the future companies operating on the Ethereum blockchain, it will be easier to maintain one constant big contract for each object (domain, cryptonatica and so on), and not to produce a lot of temporary small.

Sharding in Ethereum

The dreaded word “Sharding” (“Sharding”) is all scary, even us. No one knows how it will work. Why? Yes, because the developers of the Ether themselves are not yet fully defined. One thing is for sure, sharding is a technology focused on network scalability and increase throughput (number of transactions per second).

We will remind that now the majority of cryptocurrencies seriously inferior to a modern payment system speed of transaction processing.

  • Ethereum — 20 transactions per second.
  • PayPal — 193 transactions per second.
  • Visa — 1667 transactions per second.

The term “sharding” is used in databases , and usually refers to the distribution of the dataset on different servers — partitioning.

In the use of cryptocurrencies, in particular to Ethereum, sharding is the separation technology of the entire network on a separate subnet, which operate inside each other, but also have access to neighbours if necessary. Such nodes will not store all network information, but only part of it.

Acne Buterin describes the idea of sharding in the following manner:

“Imagine that Ethereum is divided into thousands of Islands. Each island exists in itself. Each island has its own distinctive features, and residents of the island communicate with one another. They can also communicate with the inhabitants of neighboring Islands with a special Protocol”.

What we are talking about sharding? Sharding will reduce the size of the nodes is not less than 100 times or even 1000 or more. The developers have not yet decided on how many “Islands” will be divided Ethereum network. This means that the estimated cost of storing information in the blockchain, which we talked about (1 byte of information in the node is ETH 0.000001 per year), can be reduced at least 100 times.

Conclusions:

  • Vitaly — well done.
  • We will inevitably move to POS.
  • It’s time to “enter” into the subject, and usually it turns out like the picture:
    photo_2018-03-29_22-11-01

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