Categories: Ethereum

Ethereum Update Launch Zero Stage Distracted The Market From More Important Updates

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The analysts believe that regardless the hype around Constantinople and Serenity, Ethereum 1.x update planned at June is less promising from the point of view of ETH price growth.
Ethereum team launched a zero stage of switching to the new proof-of-stake algorithm – Serenity – within the framework of preparation for hardfork. Constantinople update is planned to be launched on February, 27th. The developers published an announcement in GitHub project’s repository on GitHub adding that this is the first update from the series of weekly updates planned at February, 2019.
Regardless to the fact that this is just a pre-release version of zero stage upgrade, it is close to the final one and the algorithm stabilizes constantly. Ethereum founder Vitalik Buterin explained that “0.1 version” is a full-fledged implementation of Casper FFG. It is about hybrid consensus algorithm (PoW-PoS), ensuring increased level of network security and scalability.
In addition to the launch of a new Ethereum test net «Gorli» which uses proof-of-authority algorithm and which is designed for testing of the key Serinity client called Prysm, the latest project’s updates drew attention of the entire industry – sometimes, in the prejudice of other projects which are also promising, reports Cointelegraph.
According to the recent report of Cumberland Research trading company, Constantinople hardfork which includes particular offers on Ethereum network improvement should pave the way towards Ethereum 2.0, which will become the final version of the system. Ethereum 2.0 will switch ETH from the current PoW algorithm to more effective PoS. However, as the report authors highlight, Ethereum network can’t support millions of dApps at the moment and that Ethereum virtual machine has inflexible architecture. Delay in switching from ETH to full PoS just worsens the situation. It is also highlighted that the update was postponed several times because of vulnerability reveal or network instability.
The researchers claim that an alternative Ethereum 1.x improvement plan the launch of which is planned at June, 1, 2019, may solve the issues mentioned above. In particular, Eth 1.x offer is supposed to eliminate the main risk factors in the network, such as smart contract use and growing volume of blockchain. Regardless to the fact that Ethereum 1.x is at pre-EIP stage, the analysts believe that the offer is underestimated and it lives in the shadow of the current updates, while it’s more valuable for mid-term price forecast than Constantinople or Serenityб regardless to the fact that it is more complicated for implementation and simulation in terms of technology.
To recap, initially, Constantinople hardfork should have take place on January, 17th, however, the developers had to drops the plans in a couple of days before this date came because of revealed vulnerability allowing to make double-spend attack. The code’s bug would allow the hackers to steal crypto currency using network smart contract, with the help of repeated request for money, providing fake data on actual ETH balance of the scammer at the same time.

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