March 4, 2024

Ethereum 2.0 Talks on Proof-of-Stake Progress

Ethereum 2.0 Talks on Proof-of-Stake Progress

The Ethereum community is looking forward to the network transitioning from the Proof-of-Work consensus algorithm to Proof-of-Stake, also known as Serenity.Proof-of-Stake will be implemented as three phases are completed: Phase 0 [Beacon Chain], Phase 1 [Shard Chains] and Phase 2 [Execution Layer].

For Ethereum research and developmentThe Foundation, along with ConsenSys, has awarded grants to several projects, one of which is the Quilt team. Project developer Will Villanueva spoke about the team's role in the development of eth2.

Phase 0 rollout is scheduled for the firstquarter 2020. The main focus of the Quilt team – eth2 Phase 2 research and development. Before moving on to the implementation phase of Phase 2, Villanueva explained the first phase of eth2 in detail.

Phase 0 – this is where the shards move forward and basically do the logging or cross reference processing on the Beacon Chain, – he said.

According to him, the team has made progress at this stage, but there is a lot of work to be done to advance it.

Phase 1 mainly focuses on ensuring the stability of shards, and at this stage they will be implemented reduction from 1024 to 64 shards. He also said:

It is of great value if you havetwo-way bridge between eth1 and eth2. This means that eth1 can access the data of these shards natively. And so that's kind of the value that Phase 1 brings to eth1.

However, Phase 2 – this is the stage at whichshards come into execution. At the same time, it is expected that the transition from Phase 0 to Phase 1 will be quite fast, but the transition to Phase 2 will take longer. As the community approaches Phase 1, Villanueva suggested that a lot of work has already been done in Phase 0 itself.

He also said that three teams are currently working to advance Phase 2.