Ethereum is recognized as the most popular network in the cryptocurrency and Blockchain ecosystem, which is why the community is excited to receive its next update for the first week of December.
The new update for the network, called Istanbul, will bring a number of important changes to the network code, which will result in a Hard Fork for the Ethereum Blockchain as it will not be compatible with previous versions of the protocol.
Among the changes that the network will bring, one of the ones that generates the highest expectations is the EIP 1884, which would increase the cost of computational resources for people and organizations interested in developing applications on the Ethereum network, which will prevent the Blockchain from suffering of congestion due to possible attacks or spam content.
Programmers are anxiously awaiting the new options that the code will incorporate, with which they will be able to verify and authenticate the data through the Ethereum Blockchain much faster and more securely.
About the new update
The information regarding the dates for the new update was confirmed by Danno Ferrin, an engineer at ConsenSys, who said it would possibly be scheduled for block 9,056,000, which could be undermined on December 4.
However, as it happened at the time of the Constantinople update, the programmed changes could be subject to certain delays if the community or the audit teams detect some kind of inconvenience in relation to the code, such as possible security breaches or underdeveloped aspects in the code that may cause short, medium or long term inconvenience.
This consideration is still very present, since last month Ethereum developers launched the new update in the Testnet Ropsten, but there were premature synchronization problems that led to some inconvenience for the miners. In case of making the decision to delay the launch of Istanbul on Mainnet, the team would have approximately until January 8 to carry out its implementation.
In this regard, Ferrin commented:
“The importance of managing a backup date is that if we are going to change the plans it will be necessary to build a new client … and have everyone install it. To do this, it is necessary to have at least four weeks to adjust everything.”
Preparing the ground for Ethereum 2.0
Although these changes are important to optimize the operation of the Ethereum network, what generates more expectations among investors and users in general is version 2.0 of Ethereum, which contemplates important changes at the structural level, mainly showing the Proof- step of-Work (PoW) to Proof-of-Stake (PoS).
The implementation of the PoS consensus algorithm would cause the mining system to change completely, since it would not depend as such on people operating large numbers of computers and video cards, but would instead go to a guarantee system in which the validators have certain amount of capital to access the right to validate operations on the network, where the funds would be lost if there is any inappropriate behavior on the part of the operators of said nodes.
In this regard, the head of global strategy for ConsenSys products, Collin Myers, said that the people who support this work can generate estimated earnings between 4.6 and 10.3% per year, for which the minimum investment by of those interested should be at least about 32 ETH (valued at about USD $ 5,760).
The main developers estimate that the beginning of the first stage of transition of the protocol to its version 2.0 takes place at the beginning of next year. However, everything will depend on the evolution of these changes that will come in the coming weeks.
Ethereum security system
While these changes generate strong expectations for the community, there are also concerns about the security of the protocol, especially in light of the advances reported by Google in quantum computing.
In this regard, the co-founder of Ethereum, Vitalik Buterin, said that there are still many years to talk about a true quantum supremacy that can make its effects on the Blockchain ecosystem felt.