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Ethereum (ETH) 2.0 Annotated Specification Released: What's New

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Sat, 02/22/2020 - 12:02
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  • As we are getting closer to the Ethereum 2.0 release, more precious explanations of its system are being disclosed. That's what the Beacon Chain will look like

Cover image via www.shutterstock.com
Contents

Ben Edgington, Ethereum 2.0 contributor and applied researcher in ConsenSys, has published a comprehensive development update on Ethereum 2.0 progress and unveiled his 'secret' annotated specification.

Testnets and Phase 2 execution environments

Mr. Edginton picked up the most important milestones the Ethereum dev community has reached on its way towards Ethereum 2.0 rollout. He revealed the brilliant progress of the Prysm testnet which is now working with 41, 686 validators and more than 300,000 system slots. Furthermore, he teased the upcoming public release of the next version of the massive Lighthouse testnet.

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The developer outlined that the Quilt team had attempted to look far into the PoS-Ethereum future and announced the explanation of the Phase 2 sharding design. Its most exciting part is the concept of the so called 'execution environments' that will ensure cooperation between shards and therefore guarantee the integrity of the whole blockchain. This concept is derived from the ideas of Ethereum's 'operating system' by Vitalik Buterin.

Sharding design in Ethereum 2.0 Phase 2
Image via Ethereum Research

Execution environments are intended to pass balances across shards to each other. According to the concept, execution environments (or EEs) will also prevent any ETH leakage when transferring between shards.

Beacon Chain: annotated specification is ready

Finally, Mr. Edgington introduced his annotated specification for the different stages of Ethereum 2.0 development. He has delivered this explanation for the Beacon Chain, initial ETH2 phase so far. This annotated specification is a very detailed encyclopedia where the plethora of elements of the future network is described.

An annotated specification for the Phase 0 of Ethereum 2.0
Image via Twitter

Mr. Edginton unveiled that the new Java-written client he is working on in PegaSys will be called Teku. The development of this ETH2 client was one of the sources for the information in this specification.

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Ethereum 2.0 Developer Revealed the Potential ETH 2.0 Launch Date - READ MORE

As previously reported by U.Today, the rollout of the initial ETH2 phase, the Beacon Chain, will highly likely occur by mid-2020. The most reasonable time for its launch is three months after reliable multi-client testnet operations are over, Ethereum Foundation developers concluded.

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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  • A lone whale was able to move the BTC price by more than $400 on the Kraken exchange

Cover image via stock.adobe.com
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The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

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Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

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A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry β€” from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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