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Eth 1.0 to 2.0 Migration (Some documentation to help explain where ethereum is in the process and what proposals have come up entering 2.0)

Eth 1.0 to 2.0 Migration (Some documentation to help explain where ethereum is in the process and what proposals have come up entering 2.0)

Etherum Reddit

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Here are a few different links that I have read through in my investigation to understand the process of where ethereum is headed.

The current proposal is that in phase 0, users on the Eth 1.0 chain will be able to lock their ether up in a contract and will be credited with that same amount of ether on the Beacon Chain in Eth 2.0. At that point, they can stake that ether and begin to earn rewards on the Eth 2.0 chain. However, there is also some community interest in creating a two way bridge for that ether between the 1.0 and 2.0 chains.

Having a one-way bridge promises security, less complexity, but the lockup risk is significant as ether from Eth 1.0 is effectively burned. Transfers in phase 0 have been disabled since version 0.6.0 of the spec, with no current plans of being re-enabled. As resuming validator duties is tied to the transfer mechanism, this also means that if you decide to stop validating for a bit, you can't resume validating until such a time as the transfer functionality is implemented.

Danny Ryan tells us more about why two-way bridge is not included in phase 0:

"The more we encumber the 1.0 consensus with 2.0, the more we tie the development and fork processes which would likely slow down the shipping/iterating on 2.0. It is not technically infeasible. It would require 2.0 light clients to be run by all 1.0 clients and some changes to the 1.0 consensus rules allowing for a similar burn/receipt method in the opposite direction. If we were to create fungibility, the path would be (1) release 2.0 beacon chain, (2) once stable beacon chain and light clients exist then require 1.0 clients to be light clients of 2.0 and finalize 1.0 with 2.0 and expose beacon chain state root to 1.0 (3) add additional consensus rules to 1.0 and 2.0 to handle the reminting on 1.0 with proof of burn on 2.0.

I think it would be detrimental to 2.0 development to demand fungibility out the gate. Over time as light clients are released and we begin to finalize 1.0 with 2.0 if the community wants fungibility, then we can assess proposals then.

...we can't prove things about the beacon chain until we force 1.0 clients to agree on the current state of the beacon chain (thus the light client requirement). That's why it logically falls after finalizing 1.0 if the community really wants it."

Validators will also be able to sell their Eth 2.0 ether balance to another validator, presumably at some discount to the prevailing ether price due to the lock-up and risks. Nonetheless, anyone can exit with funds if they really need to. This is a nice feature that will hopefully encourage more participants to feel comfortable committing to staking.

Using BETH on shard chains (for smart contracts) will be available in phase 2.


There is more info in the link regarding pros and cons of each proposal, as well as state changes that will occur.

Here is another link for your perusing pleasure...

Figured I would share since I really just starting reading into it, asked a few questions myself, and have seen this question come up on many occasions. Hopefully this answers some questions for you...

If you can add some info.. I wouldn’t mind learning some more. Cheers!

submitted by /u/the_antonious
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