[ANN] Ethereum: Welcome to the Beginning

[JollyGood]

Things will get better, they have to otherwise using ETH becomes pointless on excessive transaction fees.

I hope things will be alright as soon as possible.

[seven.71]

Gas fees are down a lot from its peak of 800 so what do guys think are the chances of gas fees going below 20 before the launch of ETH 2.0?

Gas fee ate up lots of my ETH for the past few months though I made some of it back my mining ETH.

the impact that will occur is that the transaction fee will decrease is that Pool providers will decrease their income, not only that some DEFI will dive to the bottom on the other hand as ETH users I feel happy because of this

[tbct_mt2]

With falls of DeFi tokens in their price, the greed and FOMO on DeFi projects are decreasing. Less people want to invest in new DeFi projects and they don't try to spend capital to invest and don't accept too high fees, consequently.

Together, the fee of transactions on ETH network has fallen and in last several days, fee is good. Now it is standing at 47 Gwei (for Average speed). If nothing suddenly changes with DeFi trend I believe fee can keep falling back to 21 Gwei range.

https://ethgasstation.info/calculatorTxV.php

[Sy]

With falls of DeFi tokens in their price, the greed and FOMO on DeFi projects are decreasing. Less people want to invest in new DeFi projects and they don't try to spend capital to invest and don't accept too high fees, consequently.

Together, the fee of transactions on ETH network has fallen and in last several days, fee is good. Now it is standing at 47 Gwei (for Average speed). If nothing suddenly changes with DeFi trend I believe fee can keep falling back to 21 Gwei range.

https://ethgasstation.info/calculatorTxV.php

Agree, but with the state of chain we are in(scalability wise), we are just one good airdrop or hyped ICO away from getting a huge surge on gas fees. Unless the ETH team does something about it, my only hope is ETH 2.0 which is still really far away.

[piebeyb]

With falls of DeFi tokens in their price, the greed and FOMO on DeFi projects are decreasing. Less people want to invest in new DeFi projects and they don't try to spend capital to invest and don't accept too high fees, consequently.

Together, the fee of transactions on ETH network has fallen and in last several days, fee is good. Now it is standing at 47 Gwei (for Average speed). If nothing suddenly changes with DeFi trend I believe fee can keep falling back to 21 Gwei range.

https://ethgasstation.info/calculatorTxV.php

Since many projects grow with various DeFi it makes gas costs more expensive, but I think the lack of interest and decreasing it also makes gas costs cheaper now, hope it can also be below the 20 gwei gas cost so people can make transactions too and not controlled by big money owners

[Sy]

Cumulative transaction fees paid to Ethereum (ETH) miners for 2020 are now close to double those of Bitcoin (BTC), clocking in at $276 million versus $146 million.

https://cointelegraph.com/news/ethereum-cumulative-fees-in-2020-eclipsed-bitcoin-s-for-the-first-time

[JollyGood]

Ethereum will be pumped and dumped like other crypto but in the end will ETH survive and continue? Yes

PUMP ALL THE THINGS

[zasad@]

Eth2 is expected to launch in November 2020
https://decrypt.co/43188/ethereum-testnet-now-has-nearly-2-million-eth-staked

https://ethereum.org/en/eth2/
Plans:

"Phase 1: the shard chains
Expected: 2021

Phase 1 is when we'll meet the shard chains. These are chains that are delegated a portion of Ethereum's transactions and account data. They will be proof-of-stake chains, which means validators (who have staked ETH) will create blocks – not miners like today.

We expect to start Phase 1 with 64 shards but they won't support accounts or smart contracts right away.

Phase 1.5: mainnet becomes a shard
Expected: 2021

Up until Phase 1.5, the Ethereum we use today on mainnet will continue as a proof-of-work blockchain. Transactions will continue to be processed by miners. But in Phase 1.5, mainnet will officially become a shard and transition to proof-of-stake.

For end users and dapps, this change should be seamless.

Phase 2: fully formed shards
Expected: 2021+

In Phase 2, shards should be fully functional chains. Shards will now be compatible with smart contracts and they'll be able to communicate with each other more freely. Developers may even be able to design shards in their own ways."

ethereum/github eth2.0-specs
https://github.com/ethereum/eth2.0-specs

[rz20]

Ethereum 2.0 developers have launched yet another testnet, this time to give on-boarding stakers a dry run before the launch of Eth 2.0 sometime this autumn.

https://www.coindesk.com/spadina-ethereum-2-0-testnet

[zasad@]

https://decrypt.co/43318/failure-to-launch-devs-need-another-trial-run-for-ethereum-2-0

"Failure to Launch: Devs Need Another Trial Run for Ethereum 2.0
The Spadina testnet, meant to focus on genesis block creation, suffered from low participation, partly due to technical issues.
The Spadina testnet focuses on genesis for Ethereum 2.0.
A lack of user participation combined with technical issues and user confusion meant the testnet didn't start as hoped.
Developers will run another trial, Zinken, next week."

Now 3 test nets(Topaz,Medalla,Spadina ) will have 1 more (Zinken) 

[JollyGood]

@ Piston

What do you think about the rumours of the new testnet launch? Is going to collapse like the previous attempt or will they actually make progress this time?

[Sy]

https://decrypt.co/43318/failure-to-launch-devs-need-another-trial-run-for-ethereum-2-0

"Failure to Launch: Devs Need Another Trial Run for Ethereum 2.0
The Spadina testnet, meant to focus on genesis block creation, suffered from low participation, partly due to technical issues.
The Spadina testnet focuses on genesis for Ethereum 2.0.
A lack of user participation combined with technical issues and user confusion meant the testnet didn't start as hoped.
Developers will run another trial, Zinken, next week."

Now 3 test nets(Topaz,Medalla,Spadina ) will have 1 more (Zinken) 

If everything goes right this time, then will be the last testnet version before the launch of the mainnet, right? Seeing that they are meeting participation issues, do you think we are still on track for the mainnet release?

[big_daddy]

^the main problem here is the number of validators
There is a lack of validators being ready to swap their 32 ETH to 32 ETH2.0 and lock them for tests for an uncertain period of time

[zasad@]

https://decrypt.co/43318/failure-to-launch-devs-need-another-trial-run-for-ethereum-2-0

"Failure to Launch: Devs Need Another Trial Run for Ethereum 2.0
The Spadina testnet, meant to focus on genesis block creation, suffered from low participation, partly due to technical issues.
The Spadina testnet focuses on genesis for Ethereum 2.0.
A lack of user participation combined with technical issues and user confusion meant the testnet didn't start as hoped.
Developers will run another trial, Zinken, next week."

Now 3 test nets(Topaz,Medalla,Spadina ) will have 1 more (Zinken) 

If everything goes right this time, then will be the last testnet version before the launch of the mainnet, right? Seeing that they are meeting participation issues, do you think we are still on track for the mainnet release?

I believe that developers have long needed to launch Ethereum 2.0.
A Russian proverb says: "If you suffer for a long time, something will work out"
I am sure that in the next 1-3 months the developers will launch Ethereum 2.0, but this is not certain

[hd49728]

I believe that developers have long needed to launch Ethereum 2.0.
A Russian proverb says: "If you suffer for a long time, something will work out"
I am sure that in the next 1-3 months the developers will launch Ethereum 2.0, but this is not certain

I have my thoughts like developers want to wait for network better condition because they don't want to gamble that their upgrades will instantly improve the network operations and reduce transaction fees for users. If they release the upgrades but fail to create instant effects as many people are expecting to see, ETH will get a serious failure and it is obviously not good, not the one Vitalik want to see.

Vitalik does not want to jump into hub of a storm and say "I am fine and the upgrade will help you all fine too". 

[Fivestar4everMVP]

I believe that developers have long needed to launch Ethereum 2.0.
A Russian proverb says: "If you suffer for a long time, something will work out"
I am sure that in the next 1-3 months the developers will launch Ethereum 2.0, but this is not certain

I have my thoughts like developers want to wait for network better condition because they don't want to gamble that their upgrades will instantly improve the network operations and reduce transaction fees for users. If they release the upgrades but fail to create instant effects as many people are expecting to see, ETH will get a serious failure and it is obviously not good, not the one Vitalik want to see.

Vitalik does not want to jump into hub of a storm and say "I am fine and the upgrade will help you all fine too". 

I totally aagree with the above comment , Eth is in a very critical condition right now , and the Devs know that they are in a very tight corner and should be very careful not to take any wrong step as wether Eth lives or dies seems its in thier hands right now

[ivomm]

The problem with the security of ETH 2.0 is very serious and it seems nobody from the devs team can really predict all vectors of hacker attacks. As some noted in a twitter post (currently not available) mentioned above in this thread, ETH 2.0 looks like DAO 2.0. Smart contracts on a new chain with only several thousand nodes, really? What about 51% attacks or even DDOS attacks? Back in 2016 the DAO attack was followed by massive DDOS attacks bringing the price down to $6. Currently eth security is given by 250 Th/s, which is equivalent to more than 8 mil gpus with average hashrate 30 Mh/s. It is practically impossible to make a 51% attack. On the other hand, the 3-5 Th/s of ETC blockchain are not enough and there have been multiple 51% attacks recently.

So there is absolutely no advantage in the transition from POW to POS from security point of view. Scalability and fees - yes, but at what price? If there is even one failure of the ETH 2.0 blockchain, the market will react and become bearish. Then who would like to lock 32 eth for 2-4% profit in terms of eth, when the price loss in BTC and $ would be much bigger? This is what happened to every other coin and why the devs think they will change that to be the first successful POS coin? And all that with a rush to keep some deadlines without thinking of all possible vectors of attack? I don't get it.

[hd49728]

Then who would like to lock 32 eth for 2-4% profit in terms of eth, when the price loss in BTC and $ would be much bigger? This is what happened to every other coin and why the devs think they will change that to be the first successful POS coin? And all that with a rush to keep some deadlines without thinking of all possible vectors of attack? I don't get it.

It is disadvantage of PoS/ masternode coins in 2018 and 2019, and this year the farm/ yield/ DeFi tokens. Lock your tokens into a pool and get distributional rewards. I don't join this party because I have a similar thought as yours, in the locktime, I can not control what will happen with price on the market.

If I have big interest and belief in one coin or token, I will buy it, hold it or trade it to increase total amount in my portfolio and wait for good price to make exit. I see big risks to lock and get passive rewards and uncontrollable price changes.

[Sy]

Venezuela has launched a “decentralized” national stock exchange built atop the Ethereum blockchain. The new BDVE exchange is built to enable Venezuelan investors to trade stocks, bonds and real estate in digital form. They will be using the ERC-223 and ERC-721 token standards.

https://www.coindesk.com/venezuela-rolls-out-ethereum-based-stock-exchange-to-help-skirt-us-sanctions

[JollyGood]

Nothing positive or good news seems to coming out of the Ethereum developer team at all. When will theyy realise it is better for them to take things slowly and release the testnet after ALL bugs have been ironed out instead of them playing roulette with investors?