The code for moving Ethereum to Proof-of-Stake can be completed by the end of June

The developer Justin Drake during a conversation with colleagues expressed confidence that the code for the first stage of Ethereum’s transition to the Proof-of-Stake (PoS) consensus algorithm can be completed before June 30. It is reported by CoinDesk .

“There is still much to be done. However, work on the code continues and it’s great , ”Drake stressed.

The second capitalization of cryptocurrency is gradually moving towards an important update called Ethereum 2.0, which will fundamentally change the process of creating blocks and verifying transactions. Vitaly Buterin at the recent ETHCapetown conference spoke about the “two major software components” of the new version of Ethereum:

“One of them is Casper, which is our PoS-algorithm, which will replace mining with something that, in our opinion, is much more efficient. The second part is sharding, meaning a significant improvement in scalability. Now every computer on the network will no longer need to process each transaction. ”

Buterin also added that with sharding, he expects a "increase in scalability by 1000 times." However, the implementation of this solution is possible only during the second phase of the implementation of Ethereum 2.0. The first stage, called Phase Zero, implies only a transition to Proof-of-Stake.

Phase Zero is also called "Beacon Chain". This stage involves the activation of the new system of checking the blocks, where the key role will be played not by miners, but by validators. The latter, using held coins, will be able to vote for various offers.

The developer’s Ben Edgington blog says that Beacon Chain will have the following functions: managing validators and their shares, organizing validators into committees for voting, following consensus rules, using fines and fees for network participants, etc.

Awards to validators in the new system will be calculated based on the number of coins they hold. This will also take into account the total number of coins in the network.

According to Consensys senior engineer Joseph DeLong, a meeting of various development teams will take place on May 16 in New York, during which issues related to the implementation of Ethereum and Phase Zero in particular will be discussed.

Recall, recently the creator of Ethereum Vitaly Buterin proposed to change the reward scheme for PoS-validators.

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