Ethereum Roadmap Explained

Ethereum Roadmap Metropolis
Ethereum Roadmap Metropolis

Ethereum with its exceptional features like programmability, flexibility, synergy, modularity, and philosophy of humility is aiming to rule the decentralized world. While the founder Vitalik Buterin has an ambitious roadmap to strengthen the community further, let’s take a closer look and explore what’s in store with Ethereum roadmap  –

Ethereum Roadmap

Vitalik Buterin, the Founder of Ethereum, stresses that to push Ethereum to the next level – four issues need to be resolved – consensus safety, smart contract safety, privacy and the most important of all – SCALABILITY.

Here are the different stages worked on to make Ethereum robust, secure and scalable.

ETHEREUM ROADMAP
ETHEREUM ROADMAP

Metropolis:

Metropolis claims to be a faster, lighter and more secure version of Ethereum. It would also provide enhanced flexibility to developers. The Metropolis phase is split into two releases- Byzantine and Constantinople

Byzantine – Executed in October 2017

Byzantine has a total of nine Ethereum Improvement Proposals [EIP] that once implemented results in enhanced security, scalability and privacy. It would also help in lowering fees for users and faster blocks. Some of the significant changes are –

Privacy

With Metropolis phase, the users would have the ability to perform anonymous transactions, with the new privacy tool – zk-SNARKs Or zero-knowledge succinct non-interactive arguments of knowledge. This zero-knowledge proof would help Ethereum to store some of the contact variables [that are private to users] with them instead of floating them onto blockchain network.

What is A Zero Knowledge Proof?

In laymen terms, a zero-knowledge proof is the ability to prove the truth of a statement, without passing on any other additional information beyond the statement under evaluation

Let’s take an example – If you have a bunch of keys and want to make a statement “it has a key to your house,” you can prove that by just unlocking the house with the designated key, with revealing which key the key that belongs to your house.

Ethereum, in addition to zk-SNARKS, would also get ring signatures, just to provide the best of both the world to its loyal community.

Account abstraction

As mentioned earlier, Metropolis would help in providing flexibility to smart contracts developers, to support that Ethereum would now support a concept called as Abstraction. The technique improves the programmers to provide only high-level concepts and to avoid overloading the user with details.

This would help the end users to have more control over their private keys, with an added ability for contracts to pay mining fees. Abstraction technique would also help in reducing the risk of getting hacked by quantum computing.

Mining difficulty

The phase would also target to initiate the movement of moving from a miner-based PoW to a validator-based PoS system, i.e., Ethereum to work on Proof of Stake rather than Proof of Work. This move would be challenging for miners and make it less profitable for them.

Constantinople – Not set date, but expected in 2018

The release Constantinople with no set timeline will be an introductory phase for upgrading Ethereum from Proof of Work [PoW] to Proof of Stake[PoS] to be called as Casper Protocol. During the upgrade process majority of the transaction would remain as PoW on Ethereum network, but every 100th transaction would be PoS with Constantinople release. Eventually, the entire Ethereum network would have a PoS protocol.

Casper protocol has two versions-

  1. Vlad Zamfir leads one
  2. FFG [ friendly finality gadget] that is being driven by Vitalik Buterin.

There would also be “STAKERS” – one who stake/stick their coins in special wallets and lock them. There is also a reward associated for stakers as an annual dividend of ether, so the more you stake, the larger the dividend.

Pow vs PoS
Proof Of Work vs Proof Of Stake Image Courtesy – Hackernoon

Why is Ethereum Upgrading to PoS?

Following problems that could be Solved with PoS, but not with PoW

  1. Bad Actors are Punished for supporting invalid blocks
  2. Individuals have more incentive to act honestly than they do in a PoW system.
  3. Difficult to conduct a 51% attack as with PoS an individual need to purchase Ethereum market cap[ that amount is tremendous, may not be possible for individuals]. Real life example when on the Bitcoin network in July 2014, a bitcoin mining pool named Ghash controlled 51% of the mining power for 12 hours.

Serenity

The last phase of the Ethereum Roadmap that will upgrade the entire network from PoW to PoS. At this phase, Ethereum with a built-in Turing-complete programming language can be used by other companies, developers,  and entities to create applications, contracts,  and systems.

Ethereum is still a nascent technology, but many promising scaling features will allow reaching the mainstream. If Ethereum can achieve its ambitious multi-year vision, then it will lay down the foundation and backbone of the blockchain ecosystem!

Our next post would talk about How Plasma and Sharding would help in Ethereum Scalability Problem. Stay tuned.

Hackernoon, Coindesk, Cryptograph

‘Etheremon’ Game Migrating to Zilliqa Because of Ethereum’s High Gas Prices

Etheremon, a ‘Pokemon clone’ built on the blockchain, will be switching from Ethereum to Zilliqa in light of scalability issues facing the Ethereum network. Ethereum gas price has been unpredictable due to its large user base and unethical practices by some exchanges causing network congestion and leading to slow transaction speeds and high gas prices. In their medium blog post Etheremon said:

High gas price has been an issue limiting the gaming experience of our players for so long. Over the last few days, we even observed a good gas price shoot up to 100 Gwei, making the transaction cost in Etheremon go up 100x.

Long-term solution, we are glad to announce that we will work with the Zilliqa team to explore Zilliqa as a scalability solution for Etheremon. The higher throughput and low gas of Zilliqa’s sharding solution offer players better experience.

At the time of writing this post, safe gas price is 91 GWEI. Read more at Unhashed


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your crypto-currencies. Install the android app or try out our crypto backed loans platform.

Ouroboros – Solving Proof of Stake?

Ouroboros - Solving Proof of Stake?
Has Cardano’s Blockchain ‘Solved’ Proof-of-Stake?

Entrepreneur Charles Hoskinson in April grabbed eyeballs when he said – Proof-of-stake is solved. The CEO of blockchain firm IOHK believes his firm new research paper on how blockchain come to a consensus, termed as Ouroboros might have answers to – whether so-called proof-of-stake systems offer solutions to some of the industry’s pressing problems. Well,  the market appears to be interested in the opportunity to support the thesis.

Read More at Coindesk


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to storespendborrow and grow your cryptocurrencies.

Ledger Nano S is solving biggest flaw of Blockchain for Financial users.

Ledger Nano S
Ledger Nano S Image Courtesy – cryptomaan.co.uk

Ledger Nano S, a real product from a French startup, is the key to a Bitcoin wallet, an untraceable 21st-century payoff for services rendered.  Pascal Gauthier, the president of Ledger, says Blockchain itself is secure, but signing on the blockchain is a flaw. We all know every Bitcoin user has a private key, that allows him/her access to their crypto fortune. While “Signing” is the method of using that key to access his/her wallet and initiate bitcoin transfer to another wallet. This key is stored outside the blockchain network and at risk of being stolen, putting your crypto assets at risk. Ledger’s solution was to put keys, in what’s known as “cold storage”—physically disconnecting them from the internet altogether on a separate device the size of a USB stick.

Read more at Forbes


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to storespendborrow and grow your cryptocurrencies.

Google missed its chance to be at the forefront of blockchain technology

 

Google Exploring Blockchain
Google Exploring Blockchain

Speaking at a blockchain conference in Morocco Google co-founder Sergey Brin said – “We probably already failed to be on the bleeding edge, I’ll be honest”. But it seems they have picked up the pace and Brin indicated that blockchain is within the wheelhouse of X, the company’s semi-secret research division. Sergey added – “I see the future as taking these kind of research-y kind of out-there ideas and making them real — and Google X is kind of like that,”.

Read more at CNBC


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your cryptocurrencies.

Ethereum Holders – Breathe a sigh of relief as Gas Crisis is calming down

Ethereum Blockchain Congestion
Breathe a sigh of relief as Gas Crisis is calming down

Ethereum gas, a fee that the users pay to miners to secure their transaction shot up on July 2nd due to Ethereum blockchain congestion. The users had to spend 5,862 ether (worth around $2.7 million on that day) on Ethereum gas. It was the highest amount spent on Ethereum fees in one day. Reports suggest the linking of a controversial Chinese-exchange FCoin new voting system that incentivizes a Sybil attack has caused the congestion. Luckily, now the price is improving as according to data from Blockchair.

Read more at bcfocus


Nuo is a decentralised and transparent crypto banking platform. It acts as a blockchain powered financial control centre to store, spend, borrow and grow your cryptocurrencies.

Hyundai Advertisement during a FIFA World Cup Match shows Blockchain as Trustworthy

09-July-2018- 4th post
Blockchain is Safe

As the Referee whistle indicated half-time during England vs. Sweden match, the world witnessed Blockchain technology as a trusted companion. An advertisement by Hyundai Digital Asset Company (HDAC) showed a family making instant payments using blockchain technology and highlighted that it also protected the house. Smart appliances were presented calculating meter readings and automatically processing payments of utilities. The advertisement stresses the fact that Blockchain can be used in everyday life by common man, to make life safe and luxurious.  Maybe that’s the reason why firms like IBM, Santander, and Bank of America are working with blockchain technology to innovate and simplify people’s life.

Read more at newsbtc

solarisBank Offers Special Accounts to Blockchain and Cryptocurrency Firms

09-July-2018-1stpost
SPECIAL ACCOUNTS TO BLOCKCHAIN AND CRYPTOCURRENCY FIRMS

solarisBank a bank based out of Berlin has launched “Blockchain factory” solution that offers financial management services to firms whose business operations deal directly and indirectly with cryptocurrency solutions and blockchain technology. Roland Folz, the CEO of solarisBank stated – There is high demand from the blockchain world for a licensed partner that forms the technological and regulatory bridge to traditional banking — as a technology company with a banking license, we are the natural partner,”.  The Blockchain Factory aims to reshape the vision of decentralized banking by empowering the pioneers that are building it.

Read more at Bitcoin.com.

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