Ethereum 2.0 at risk? Discussing the project
The well-known project, digital silver and the groundbreaking Ethereum cryptocurrency, is preparing to enter the second phase – ETH 2.0. However, as expected, such an event is much more difficult than it sounds. Co-founder of the development team, as well as one of the main creators of the new Blockchain, Lior Yaffe, described a new cryptocurrency vulnerability. Next, we will consider the detected error and everything that is known at the moment about the release of the second version of ETH. So let’s get started.
Technical details. What are the problems with?
In fact, there are no specific flaws in the protection of the project or other problems with the cryptocurrency so far. However, in theory, the second version of digital silver has clear problems. At a minimum, Yaffe notes, the monopolization of the cryptocurrency system is possible. This is a rather serious problem, since sound competition is extremely important in modern cryptocurrencies. The absence of the latter will lead to stagnation and gradual degradation of the project. The expert is concerned about the future of the second version of Ethereum, since the problem he described is already observed in the Medalla test network.
The specific vulnerability of cryptocurrency to major industry players is that whales can create multiple accounts, affecting the network and dictating their terms to the community. Also rather incomprehensible, but potentially dangerous, is the feature of over-processed staking. For example, passive income can no longer be accrued from amounts exceeding 32 coins. Thus, users will start creating many accounts, blocking the ability for new users to work.
Coin creators opinion
Note that key developers have acknowledged that there is a real problem. According to the CEO of Ethereum 2.0, a drop in the number of new users can lead to the onset of problems with transaction confirmation. The level of mining will drop, the speed of processing transfers, and even the possibility of an attack on cryptocurrency will increase. Experts believe that now it will be enough for hackers to intercept only 33% of the total system potential in order to independently make changes to the Blockchain.
Nevertheless, Buterin himself stressed that the probability of an attack of 51% is much lower than skeptics say. In his opinion, hacking a cryptocurrency will bring huge damages to the cracker himself. And the network will not suffer from a 51% attack. So let’s draw objective conclusions about the future of ETH. Is it worth worrying? Or are the developers telling the truth and there is no cause for concern?
What’s happening with ETH 2.0? Sound judgment
In fact, it is obvious that the project still has specific problems. The cryptocurrency will have to be developed and improved before launch. Note that the start of the second version of digital silver is scheduled for the end of 2020. We have no doubt that developers will be able to solve all problems using the experience of test systems. Ultimately, we will be presented with a reliable and effective product, without flaws in safety and efficiency. That is why we recommend not to worry about the second version of Ethereum. We remind you that you can also take part in the ETH 2.0 tests. Medalla has already launched, new testnets are expected soon, so feel free to join the first users of the new cryptocurrency.
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