Paradigm Fund is a blockchain investment team that also powers the development of the Citadel multi-currency non-custodial exchange. Recently, its representative sat down with Danny Ryan, top-notch Ethereum (ETH) developer and coordinator of Ethereum (ETH) 2.0's progress. The two discussed details of the ETH2 design, perspectives on its rollout and the challenges it is overcoming.
Ethereum (ETH) 2.0 has a lot of benefits for the ETH community
First of all, Mr. Ryan highlighted that the Ethereum (ETH) community will benefit from the upcoming transition for various reasons. Proof-of-stake consensus will bring more security to the Ethereum (ETH) blockchain, while sharding will advance its scalability.
Interview with Danny Ryan (@dannyryan) — Eth2 Researcher at the EF— Paradigm (@Paradigm_fund) August 10, 2020
Danny gives insights of Eth2 progress, talks about PoS and Casper sharding, shares the benefits of Eth2 for the community and challenges involved in bringing Ethereum 2.0 to life.https://t.co/zXviW5a9cM
Also, once PoS and sharding replace proof-of-work consensus with its mining, the new network will be more decentralized due to the elimination of the need for mining hardware which creates a more level playing field for every network participant.
Mr. Ryan announced that Medalla testnet is up and running with 20,000+ validators on over 600 nodes. In general, this process is going as intended:
The stabilities we are seeing on this production-grade testnet are signalling for a clear path to mainnet.
Next, the researcher outlined the advantages of the multi-client approach. Though this adds some complexity in terms of coordination, it expands the range of use cases and design exploration.
Biggest challenges for Ethereum (ETH) 2.0
Asked about the hardest barriers to overcome, Mr. Ryan admitted that it is "turning abstract into complex specifications." The current stage of ETH2 progress is mostly about engineering.
Personally, Danny Ryan treats the Cosmos and Polkadot cross-chain systems as Ethereum's competitors and collaborators at the same time. However, he admitted that recent attacks on the Ethereum Classic (ETC) network indicated that blockchain systems require further development.
For Ryan, the attacks on ETC showcased that low value chains will not be sustainable in a changing world. Thus, its landscape will be composed of high-value chains.