Stateless clients - method that changes the way information is stored

The Ethereum network is preparing for a major upgrade, which will turn it into ETH 2.0, based on a new Proof-of-stake protocol. Vitalik Buterin spent a lot of time explaining the basic concepts behind the new technology.

Contents hide

1 Stateless clients – the method that changes the game

1.1 Related posts:

Last December, he published a blog post on how to accelerate the launch of ETH 2.0. This week, he gave an interview for Coindesk explaining the concept of “stateless clients”.

The PoS consensus algorithm rewards cryptocurrency investors for holding the network’s native currency. Owners validate blockchain transactions and protect the network itself.

Stateless clients – the method that changes the game

In his blog post in December, Buterin described “stateless clients”, a method that changes how current account balances, contract code and other information are stored on the network. “Stateless clients” mathematically demonstrate the existence and validity of this data without storing it. In other words, their role is to make the Eth 2.0 blockchain work easier.

“Basically, customers do the same check they would normally do, except they don’t store the information. They take the situation on the blockchain in real time and verify it using the Merkle proof client. ”

The developers of the project recently announced their plans to launch Eth 2.0 later this summer. This launch would cover phase 0 and Beacon Chain, the first component in the making of the new PoS blockchain.

Read This Now: Everledger offers compensation based on its own blockchain

As part of the switchover from the current Proof-of-Work (PoW) network, known as Eth 1.x, Buterin and the Ethereum Foundation have set out to translate the current network on the Eth 2.0 framework until the latter is fully built. Finally, Eth 1.x will exist as a kind of pre-2.0 transaction receipt.

“You can copy that Eth 1.x status and run it inside another Proof-of-Stake chain,”

Buterin said.

“The account balance and all applications continue to work as they are, but the Proof-of-Work chain, as it exists, would be gone. Nor would there be two separate chains: the Eth 1.x and Eth 2.0 transactions will all be in the same block. “