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Ethereum 2.0: Increased Block Size for Unmatched Speed

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  • Vladislav Sopov
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    Danny Ryan of the Ethereum Foundation disclosed some details on Ethereum's new design, including a target shard block size of 128 kB!

Ethereum 2.0: Increased Block Size for Unmatched Speed
Cover image via www.123rf.com
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While it's still unclear whether Ethereum 2.0 will be delivered, developers keep leaking some aspects of the future blockchain architecture. Danny Ryan, one of the most well-known advocates of next-generation Ethereum, shared the last work-in-progress proposal.

Block Size Increased Drastically

From the early days of blockchain technology, the size of one block seemed to be the "Holy Grail" of blockchain scalability. Arguments about the block size resulted in several of hard and soft forks (Bitcoin Cash, Bitcoin Classic, SegWit, etc.). With Ethereum 1.0, the size of block could vary depending on the network activity.

With Ethereum 2.0, every shard (part of blockchain) has a target block size. According to the new proposal, the speed will be 128k instead of the planned 16k. The will result not only in high speed and scalability (today one block size is 23.9 kB), but also compatibility with cutting-edge, side-project scalability solutions. Recent tests on the existing Ethereum network showed a significant increase of 1 MB/s capacity with unmatched TPS.

Rescheduled Shards Design

To guarantee this speed without sacrificing safety and decentralization, all of the shards at each slot will be cross-linked. This will simplify communication between the shards and result in a much better and simpler developer/user experience.

 

New Scheme of Ethereum 2.0 Sharding: All Shards Are Crosslinked
Image by: https://blog.ethereum.org/2019/10/31/eth2-quick-update-no-2/

To make this scheme work, the total shard quantity has to be reduced from 1024 to 64, with the intent of scaling up the number of shards over time (approximately 10 years).

Ethereum 2.0 is an update of the Ethereum network that is focused on speed and scalability. It will include the concept of sharding (full network will be divided into autonomous parts) and switch from Proof-of-Work to a Proof-of-Stake consensus.

What do you think? Is there any possibility that this scheme will result in a severe over-centralization? Don't hesitate to share your opinion with us!

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About the author

 Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockhain. Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

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VeChain (VET) Price Likely to Rise to $0.0085 ‘If We Hold’, Crypto Analyst Says

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  • Yuri Molchan
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    Recently, the VET price saw a 20 percent surge on the news from China about a major utility case for this blockchain, now an analyst says the coin may keep rising

VeChain (VET) Price Likely to Rise to $0.0085 ‘If We Hold’, Crypto Analyst Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Currently, VeChain is one of the most promising altcoins on the market, as many believe. It has a large and loyal community that is eager for the price to skyrocket.

A crypto analyst @CryptoMichNL calls VET one of the strongest coins and says it has a chance to spike in price referring to a chart.

‘If we hold, another move to 103-105 is likely’

The trading expert @CryptoMichNL points out to a retracement of the VET price on the chart. However, still calls VET one of the strongest coins.

Seems like, the second area of interest – 61-63 Satoshis ($0.0051) has already been passed.

VET price CMC
Image via CoinMarketCap

As per the analyst, the next price move is likely to happen to the 103-105 Satoshis area ($0.0085) ‘if we hold’.

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The recent VET price surge

About a week ago, CoinMarketCap recorded a 21-percent price surge on VeChain’s VET. Presumably, this was due to the recent big news that had come from China.

VeChain reported that it had partnered with ASI Group and DNV GL in order to start utilizing its DLT platform in the industry of food and beverage trade. The companies are planning to release a new logistics blockchain-based system dubbed Foodgates.

The media has called this the first blockchain-powered project in logistics made on a massive scale.

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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