Blockchain technology is arguably one of the most intriguing innovations of the 21st century, even though it is basically still a nascent space.
CoinDesk, via its currently ongoing Consensus 2021 event, is bringing together top professionals to discuss extensively and also explore the evolution of the blockchain and cryptocurrency space. Consensus 2021 will involve top-notch sessions focused on bringing to light the numerous benefits as well as the current drawbacks of the cryptocurrency and decentralized tech space.
Altcoin Buzz will be publishing details of strategic segments of Consensus 2021 in a bid to keep its readers informed of the details of the event. This article covers the Consensus 2021 Ether for Institutions: The Next Frontier segment.
The segment commenced with the founder of EtherWorld, Pooja Ranjan, giving a brief run-through of the Ethereum Improvement Proposals (EIPs). According to her, EIP-1 is basically known as the Handbook for EIP.
EIP Standardization Process
Pooja also spoke about the process of approving Ethereum Improvement Proposals (EIPs). Indicating the move from idea to draft, then review to either approving the EIP or withdrawing it. All inactive EIPs, that is EIPs that have remained in the draft phase for about six months, are immediately withdrawn.
Fun Facts About Ethereum Improvement Proposals (EIPs)
Pooja highlighted several interesting facts about EIPs. Some of them include:
- EIP-1 was derived from Bitcoin BIP-0001.
- EIP officially starts in May 2021.
- ERC will eventually be decoupled from EIP.
- Total EIP documents currently stand at 361.
— CoinDesk (@CoinDesk) May 25, 2021
Ethereum’s Move From Proof-of-Work (PoW) to Proof-of-Stake (PoS)
Next, Tim Beiko took over the session and basically explained in detail the proposed shift to ETH 2.0 and the processes involved. The move to ETH 2.0 is majorly to curb Ethereum’s scalability issues.
ETH Berlin Mainnet Upgrade
The Ethereum Berlin hard fork took place on April 15, 2021, at block height 12,244,000. Beiko also disclosed the hard fork will pave the wave for the upcoming London hard fork scheduled for this July. The Berlin hard fork also had four Ethereum Improvement Proposals (EIPs): EIP 2929, EIP 2930, EIP 2718, and EIP 2565.
- EIP-2929 – Will increase gas prices for some special operation in a bid to deter hackers and therefore keep the network safe.
- EIP-2718 – Will bring to life transaction envelopes, making it possible to add more transactions to Ethereum.
- EIP-2565 – Basically lowers gas prices for exponentiation transactions.
- EIP-2930 – Facilitates low gas prices via smart contracts.
According to Beiko, the ETH London upgrade is slated to go live in July and also has four EIPs.
- EIP-1559 – Will bring about a major overhaul of the Ethereum network. It will also improve the network UX and economics.
- EIP-3529 – This EIP will completely eliminate gas fees for operations like SELF-DESTRUCT and also remove gas fees for SSTORE.
- EIP-3554 – This EIP will help delay the difficulty bomb. Ensuring it doesn’t go off before December 2021.
- EIP-3198 – Will add a BASE FEE opcode.
Changes to ETH 2.0 (Phase 0 – 2)
- Proof-of-Stake (PoS) – Phase 0
- Sharding – Phase 1
- Execution environment – Phase 2
The entire move from proof-of-work (PoW) to proof-of-stake (PoS) will involve The Berlin hard fork, London hard fork, and the Shanghai hard fork.
At the time of publication, ETH was trading at $2,852.51, with a market cap of $331,818,926,049 and a 24-hour trading volume of $60,097,416,371.
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