Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Preston Van Loon | Ethereum 2.0 at CoinFund Rabbithole Talks | February 28, 2019

147 views

Published on

Preston Van Loon (Prysmatic Labs) presents Ethereum 2.0 at CoinFund Rabbithole Talks | February 28, 2019 | New York, NY

Published in: Technology
  • Be the first to comment

Preston Van Loon | Ethereum 2.0 at CoinFund Rabbithole Talks | February 28, 2019

  1. 1. Ethereum 2.0 Coinfund - Rabbithole Talks Preston Van Loon // @preston_vanloon
  2. 2. Why Ethereum 2.0? ● Ethereum 1.0 has a theoretical maximum throughput of 27 tx/s (typically max 14tx/s) ● Layer 2 scaling protocols don’t fully satisfy the blockchain trilemma Scalability Decentralization Security
  3. 3. Ethereum 2.0 Roadmap Ethereum 1.X Phase 0 Beacon Chain Phase 1 Shard Chains Phase 2 Shards’ EVM (State Execution) Phase 3 Light Clients ● Independent of ETH2.0 ● eWASM ● Storage rent ● State pruning ● Proof of Stake ● Ethereum 1 -> 2 Deposit Contract ● Blockchain Entropy ● Sharding ● Cross links ● Decentralized P2P networking at scale ● Smart Contracts ● eWASM ● Storage/state rent ● Off chain state storage
  4. 4. Ethereum 1.x This Rabbithole Talk is a two part series and this part was covered by Lane Rettig earlier in this event. Link to Lane’s slides This slide is not part of the presentation, but available here for a link to more info on Ethereum 1.x.
  5. 5. Phase 0 - Beacon Chain Original diagram by Hsiao-Wei Wang Beacon Chain Validator Registry Reward / Penalties Shuffling / Randomness Proof of Stake Finalization ● 1 way deposit via deposit contract ● 32 ETH minimum to join ● 18 ETH ejection balance ● Exits / Withdraws ● Calculated during epoch transition ● Randomly distributed validator pool ● Verifiable delay function (at some point) ● Calculated every epoch ● Validator slashing ● Liveness penalty ● Participation reward ● Block justification via Casper FFG ● Allows finalization of ETH 1.x
  6. 6. Phase 0 - Beacon Chain Original diagram by Hsiao-Wei Wang How to become a validator 1. Generate an Ethereum 2.0 validator address and withdrawal address 2. Send 32 ETH deposit with signed information about you as a validator 3. After 1024 PoW blocks, existing validators vote on your deposit 4. After a 16 epoch voting period, your validator enters the activation FIFO queue 5. Activation queue is processed within the maximum validator churn limits Current as of eth2.0-specs@bb44d25
  7. 7. Phase 0 - Beacon Chain Original diagram by Hsiao-Wei Wang The role of a validator ● Propose blocks ○ Includes ETH1 data, slashings, voluntary exits, crosslinks (in phase 1) ● Create attestations ○ Attesting to their view of the world by fork choice rule Current as of eth2.0-specs@bb44d25
  8. 8. Phase 0 - Beacon Chain Original diagram by Hsiao-Wei Wang ● Blocks are produced every slot (6 seconds) ● An epoch is 64 slots (6.4 minutes) ● Epochs are considered finalized after two justified epochs ● Validator exits are delayed by 4 epochs + churn rate ● Validator withdraws are delayed by 256 epochs (~27 hours) Current as of eth2.0-specs@bb44d25
  9. 9. Phase 1 - Shard Chains Shard N Shard 1 ● Mostly research complete ● Introduces the independent shard chains into the system ● Shard chains are linked to the beacon chain by crosslinks once per epoch ● 1024 shards initially ● No meaningful state execution on layer 1… yet ● Data layer available for layer 2 protocol execution Original diagram by Hsiao-Wei Wang
  10. 10. Phase 2 - State Execution in Shards ● Replace EVM with eWASM ● Asynchronous cross shard transactions ● Contract yanking (migrating shards) ● Ethereum 2.0 becomes useful to average contract developer / users ● In research and design phase, development likely to start early 2020 ● Development can start in parallel to phase 0 and phase 1
  11. 11. Beacon Chain provides random numbers Shard Chain provides data Shard N B1 B2 B3 B4 B5 VM provides state execution result Shard 1 Main Chain provides staking State State State State State PoW Casper / PoS Original diagram by Hsiao-Wei Wang
  12. 12. Phase 3 - Light Clients / Stateless Clients ● Minimize on chain data by moving as much as possible off chain ● Likely target beyond 2021 ● Very much still in research ● https://ethresear.ch/tags/stateless
  13. 13. The Numbers - Minimum to Start Ethereum 2.0 Amount of ETH to be a Validator = 32 ETH Number of Shards in Ethereum 2.0 = 1024 Shards Minimum Validators per Committee = 111 Validators per Committee Minimum Validators to Start ETH2.0 = 1024 * 111 = 113,664 Validators Minimum Ether at Stake = 113,664 * 32 = 3,637,248 ETH Maximum Annual Validator Rewards = ~4.206% More at https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0-economics/Current as of eth2.0-specs@bb44d25
  14. 14. The Numbers - Ideal for Crosslinking Amount of ETH to be a Validator = 32 ETH Number of Shards in Ethereum 2.0 = 1024 Shards Ideal Minimum Validators per Committee = 256 Validators per Committee Ideal Minimum Validators to for Crosslinking = 1024 * 256 = 262,144 Validators Ether at Stake = 262,144 * 32 = 8,388,608 ETH Annual Validator Rewards = ~2.769% More at https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth-2.0-economics/Current as of eth2.0-specs@bb44d25
  15. 15. Ethereum 2.0 - Where Are We Today? Ethereum 1.X Phase 0 Beacon Chain Phase 1 Shard Chains Phase 2 Shards’ EVM (State Execution) Phase 3 Light Clients ● In progress! ● Testnet is months away ● ETA late 2019 ● Research nearly complete ● Development not yet started ● ETA early 2020 ● Research still in progress ● Development from ETH 1.x carries over ● ETA late 2020 or early 2021 ● Minimal research ● ETA 2021 or later Note: Estimates are subject to change and you should not consider this an official timeline!
  16. 16. Ethereum 2.0 - Who Is Working On It? More at https://docs.ethhub.io/ethereum-roadmap/ethereum-2.0/eth2.0-teams/teams-building-eth2.0/ Team / Company Name Client Name Primary Language Prysmatic Labs Prysm Go ChainSafe Lodestar JavaScript / TypeScript PegaSys Artemis Java Harmony Harmony Java Parity Substrate Shasper Rust Sigma Prime Lighthouse Rust Status Nimbus Nim Ethereum Foundation Trinity Python Yeeth Yeeth Swift
  17. 17. Questions? Preston Van Loon // @preston_vanloon Lane Rettig // @lrettig

×