As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the latest development surrounding Ethereum has me more than intrigued. Justin Drake’s ambitious proposal for Ethereum 3.0, aiming to address scalability issues and potentially introducing Sharding, is nothing short of groundbreaking.
In his latest social media post, Ethereum researcher Justin Drake recently teased a new proposal fueling rumors of ETH 3.0 while bringing additional scalability to the platform. In a post on November 11 on the X platform, Justin Drake noted his “ambitious” initiative for Ethereum.
Drake mentioned that he’s been thinking about completely rebuilding the Ethereum agreement system from the ground up, aiming to tackle some of the scaling problems that the network has encountered.
Announcement of an announcement!
The following day, at 5 PM, on the Devcon main stage, I’ll reveal my most daring project yet. For an entire year, I’ve been pondering over the concept of a ground-up redesign for the Ethereum consensus layer. The aim is to propose a viable…
— Justin Ðrake 🦇🔊 (@drakefjustin) November 11, 2024
The Ethereum researcher stated that his aim was to propose a strategy for delivering a Beacon Chain roadmap. Justin Drake will present the complete proposal at Devcon in Bangkok, Thailand, on November 12.
In light of this progression, Joseph Lubin suggested that Drake’s concept could lead to re-exploring the Sharding development. He elaborated that this would involve creating a Zero-Knowledge Ethereum Virtual Machine (zkEVM) directly on layer 1. This innovation would enable the simultaneous execution of numerous identical shards, as explained by Lubin. Previously, sharding had been delayed due to it being “impractical at the moment,” but he noted that the circumstances have since changed.
It’s fascinating to note that the method employed for utilizing Layer 1 wasn’t feasible just a few years back, during the time we abandoned the concept of execution sharding. Instead, we had to venture into uncharted territory, which led to a multitude of discoveries.
Lubin posits that the evolution of zero-knowledge methods offers valuable insights, which he intends to apply to the primary network of Ethereum, aiming to enhance its overall performance. Additionally, he proposes that these techniques might serve as a foundation for addressing scalability issues within the Ethereum ecosystem.
He explained that by simplifying large amounts of computations across multiple levels and grouping much of it together in each transaction, you can significantly increase the number of transactions processed in a given time frame, like every two seconds or less.
Ethereum 3.0 Coming with Sharding?
After a recent announcement by Justin Drake, talk about Ethereum 3.0 has been gaining traction among Ethereum enthusiasts.
Doug Colkitt, founder of Ambient Finance, circulated a speculation regarding ETH 3.0, hinting at a potential “second consolidation” moving towards a new consensus with 1-second block intervals and the incorporation of a built-in zero-knowledge Ethereum Virtual Machine (zkEVM) as key components.
As an analyst, I’ve heard whispers that the upcoming Ethereum 3.0 announcement might involve a second merger towards a novel consensus mechanism aiming for one-second block times, also known as Serenity Stakeholder Fee (SSF) and native zkEVM implementation.
Particularly noteworthy is the native zkEVM, as it significantly reduces gas limitations. This allows developers to construct infinitely large blocks, as nodes only need to verify the integrity of transactions, not their content.
— Doug Colkitt (@0xdoug) November 11, 2024
He further mentioned that if these rumors are indeed true, possessing a native zkEVM would be equivalent to achieving a significant milestone. This means that the gas limit could be completely eliminated, allowing builders to construct blocks of any size because nodes only need to verify the snark. The only remaining scaling limitation would then be bandwidth.
Following Donald Trump’s election win last week, Ethereum has been generating a lot of buzz with an impressive 38% increase. Today, the ETH price reached over $3,400, suggesting potential future growth towards $4,000 and even beyond. Here are some key details:
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2024-11-12 19:10