Ethereum (ETH) co-founder Vitalik Buterin stated on Twitter Thursday that he expects Dogecoin (DOGE) to switch to the Proof of Stake (PoS) model soon .
Buterin was responding to a question as part of a Twitter experiment he’s conducting in which he limited responses to just 268 of his followers.
Singapore-based Three Arrows Capital co-founder Su Zhu asked Buterin about the ETH-DOGE cooperation to which he replied: “Personally, I hope that DOGE will switch to the PoS model soon, perhaps using the code of Ethereum ”.
He added: “I also hope that they do not cancel the annual PoW issue of 5b / year, but put it in a kind of DAO that finances global public goods. It would fit in well with the healthy and non-greedy spirit of Dogecoin. ”
Because it is important
Currently, Dogecoin and Ethereum blockchains use the Proof of Work (PoW) model, which also uses the apex cryptocurrency Bitcoin (BTC). Ethereum is scheduled to start using a Proof of Stake (PoS) model when Ethereum 2.0 goes live.
Last month, Buterin, Dogecoin co-founder Billy Markus, and Jared Birchall , representative of Telsa Inc (NASDAQ: TSLA) CEO Elon Musk , became advisors to the Dogecoin Foundation .
Earlier in the summer, Buterin expressed that he loved DOGE and suggested creating a bridge between ETH and DOGE, to increase the transaction speed of the cryptocurrency meme .
Markus explained to Benzinga last month that Buterin’s contribution to the Dogecoin Foundation was of “great value” and that the Ethereum co-founder was a “cryptocurrency genius.”
At the time of publishing this article, DOGE was trading 2.87% lower at $ 0.29 after a 24-hour tracking period. ETH was trading 0.58% higher at $ 3,780.50 after that same period.
Ethereum 2.0 is just around the corner: kintsugi testnet deployed
Another testnet that brings closer to V2 – Ethereum (ETH) is about to undergo a major update with the transition to its V2. This transition, initiated in December 2020, is expected to accelerate in the first quarter of 2022, with the merger between Ethereum 1.0 and Ethereum 2.0.
Ethereum 2.0 and “The Merge”: the long-awaited update
This is not news to anyone: Ethereum is a victim of its success. Indeed, over the last 2 years, the network has been the cradle of the latest trends. In 2020, the network hosted the creation as well as the rise of decentralized finance(DeFi). In 2021, it was the turn of NFTs to become the flagship attraction on Ethereum.
Obviously, who says boom says massive arrival of users. However, the Ethereum blockchain is only able to process about twenty transactions per second. As a result, over-reported transactions on the network have led to significant congestion.
Thus, it seems to have become normal to spend several tens to hundreds of dollars to make a transaction or interact with a smart contract on Ethereum. One of the solutions to this congestion problem lies in the transition to proof of stake (PoS). This transition in the consensus algorithm should partially mitigate the problem, increasing the processing capacity of the network.
Phase 0 of the transition to Ethereum 2.0 began in December 2020,with the launch of the beacon chain. As a reminder, the beacon chain will be the backbone of Ethereum 2.0. This ensures consensus and will be the coordinator of the various shards, planned for phase 2 of Ethereum 2.0.
The next phase, Phase 1, is called “The Merge”. This one aims to connect the application layer of Ethereum as we know it to the consensus layer of Ethereum 2.0. This milestone planned for the first quarter of 2022 will mark the transition to PoS.
>> Your first ETH in minutes? Sign up for Binance <<
Kintsugi: a first testnet for The Merge
The Merge is just around the corner. For several months, the developers in charge of its design have deployed different devnets to monitor its operation.
On Monday, December 20, Tim Beiko,coordinator of the transition to Ethereum 2.0, announced the deployment of the first publicly opentestnet of Ethereum 2.0. Called “Kintsugi”, thelatter will allow the entire community to test Ethereum 2.0 after the deployment of The Merge.
Tim Beiko’s post – Source: Twitter
“After 4 ephemeral devnets, Kintsugi, a public testnet with a longer lifespan, is now online. While client development and UX continue to be refined, we encourage the community to start using Kintsugi to get acquainted with Ethereum in a post-merger context. »
From now on, the community will test Ethereum 2.0 post-merge and report any bugs so that corrections can be made.
While Ethereum developers put a watchword to ensure security, it is not the same with dApps developers. Indeed, they are victims of many attacks. Recently, the BadgerDAO protocol suffered $120 million in losses in an attack.
Will you support the Ethereum revolution? It’s up to you to board the crypto train! To do this, and start getting acquainted with this exciting world, do not wait to create an account on Binance,the bitcoin exchange and crypto reference (affiliate link).
Staké as ever – The Ethereum 2 contract inflated to block
A full contract – The year 2022 promises to be colorful for the Ethereumnetwork. Thus, it should witness the most important update of its history with the transition to proof of Stake. As the deadline approaches, more and more validators are rushing to the Ethereum 2.0 beacon chain.
Ethereum 2.0: Imminent launch
Ethereum has been a victim of its success for several months now. Indeed, the network is witnessing a growing number of users leading to an increase in the number of daily transactions. However, it is not able to properly process all of these transactions.
As a result, transaction fees have skyrocketed,making the network virtually inaccessible to most users.
In order to overcome this problem, developers have been studying and developing for several years the change of consensus to move the network from Proof of Work (PoW) to Proof of Stake (PoS). This new PoS-based network is commonly referred to as Ethereum 2.0.
With this change in consensus, the current validators of the network, in other words the miners, will be replaced by validating nodes.
Thus, in December 2020, the backbone of Ethereum 2.0 was launched with the deployment of the beacon chain. As a reminder, it ensures the consensus layer of the network and evolves in parallel with Ethereum as we know it.
In 2022, Ethereum’s application layer is expected to be connected to Ethereum 2.0’s consensus layer via a mechanism called The Merge. Therefore, the transition to Proof of Stake is expected to be ensured in the first quarter of 2022.
>> Come and expose yourself to Ethereum alongside Binance, the leading player in the sector! <<
Validators rush to ETH 2
With the fateful date of The Merge’s application approaching, more and more validators are rushing to Ethereum 2.0.
Thus, the number of ETH that are blocked in the Ethereum 2.0 deposit contract has just exceeded the 8 million ETHmark.
Announcement of the passage of the 8M ETH by Glassnode – Source: Twitter.
As a reminder, the deposit contract is a smart contract hosted on Ethereum. This allows you to block ETH on Ethereum 1.0 in order to issue the tokens on Ethereum 2.0 needed to operate a validation node. Indeed, as part of the Proof of Stake, validators must back a collateral of 32 ETH to their node to participate in the validation process.
Thus, the more than 8 million ETH deposited in this contract will be blocked there until the launch of Ethereum 2.0. The terms and conditions for retrieving the tokens have not yet been set. It is not yet clear if these will be recoverable during The Merge or later.
On December 20, The Merge’s first community-oriented testnet was launched by Ethereum developers. This allows the community to test the transition to Proof of Stake and to report the bugs still present in the source code. Its smooth running will be decisive as to the date of deployment of The Merge on the Mainnet of Ethereum.
Itis not too late to acquire ETH and place them in staking in order to access attractive returns. To acquire the precious ethers, do not wait any longer by going to register on the Binance platform,THE absolute reference of the sector (affiliate link).
From Bitcoin to Ethereum 2.0 – Vitalik Buterin looks back on 9 years of predictions
Vitalik makes a small retrospective – It’s now been 9 years since Vitalik Buterin, the co-founder ofEthereum (ETH),has been involved in the crypto ecosystem. Even before creating his network, he was already heavily committed to Bitcoin (BTC). On the occasion of the new year, he looks back on the predictions he has made since his arrival in the ecosystem.
Buterin’s predictions about Bitcoin
In 2013, when he arrived in the crypto ecosystem, Vitalik Buterin was extremely involved in the Bitcoinnetwork. Few remember that the interested party began his career as a content writer for a blog dedicated to bitcoin. As part of this blog, he shared many predictions. For the new year, our man returned to these predictions via a Twitter thread.
Post by Vitalik Buterin – Source: Twitter
Buterin begins his thread by going back on his predictions about Bitcoin. Initially, Vitalik had predicted an adoption of bitcoin in countries with weak fiat currencies,such as Argentina or Iran. It also pointed to the logical evolution of stablecoins. 9 years later, this prediction seems to have been relatively accurate.
“Last week I went to Argentina. My verdict: generally correct! The adoption of cryptocurrencies is high, but so is the adoption of stable currencies. Many companies operate in USDT. But of course, if the USD itself starts to show more problems, that could change. »
In 2013, Buterin also explored the consequences of “increased regulation of bitcoin-related services.” At that time, our man felt that BTC would resist governments by being technologically incensurable, not by placing itself in an asset class legally. An opinion that has since evolved.
“Of course, Bitcoin’s decentralization would still allow it to ‘survive’ in a super hostile regulatory climate, but it wouldn’t be able to ‘flourish’. A successful censorship resistance strategy requires a combination of technological robustness and public legitimacy. »
>> Come and expose yourself to Bitcoin alongside Binance, the leading player in the sector! <<
And on the Ethereum side?
After his involvement in Bitcoin, Vitalik Buterin co-founded the Ethereumnetwork. Once again, the years of development have led to many predictions, which have not always come true.
First, Vitalik admits to having royally mistaken vis-à-vis the deployment times ofEthereum 2.0. A photo from his 2015 presentation on proof of stake and sharding deployment times shows a very poor estimate of development times.
Post by Vitalik Buterin – Source: Twitter
“Honestly, these were very fake and it’s worth laughing about. I’m going to share a screenshot of one of my 2015 presentations so everyone can laugh more easily. »
Buterin admits to having greatly underestimated the complexity of the computer development of the solutions imagined at that time. Now, the developers of Ethereum 2.0 make it a point of honor to promote simplicity, both in design and implementation.
He also could not miss his famous remark of 2015: “The currency of the internet should not cost more than 15 cents for a transaction”. A claim he continues to support, explaining that this remains the guideline for Ethereum, thus justifying the move to Ethereum 2.0.
Finally, the father of Ethereum returns to the predictions made during the writing of the whitepaper,concerning the typical applications that we were going to meet on Ethereum.
On this subject, Vitalik was rather far-sighted. Indeed, he predicted that DeFi would be very successful by anticipating the following applications:
- ERC20 tokens;
- Algorithmic stablecoin;
- Domain name systems (such as ENS);
- Decentralized file storage and computing;
- Wallets with withdrawal limits;
- Prediction markets.
A great way to start the year 2022, especially with the imminent arrival of Ethereum 2.0. Indeed, the first community testnet of the transition to proof of stake at the end of December 2021, with a deployment on the mainnet estimated in the first quarter of 2022.
Whether you are a fan of Ethereum, Bitcoin or one of the cryptocurrencies that populate the market, it is essential that you have an account on Binance, the major player in the trading ecosystem (affiliate link)