Ethereum 2.0 | Formal Proposal EIP-3675 Released, Expected to Implement Full Proof of Stake by the End of the Year

ConsenSys researcher Mikhail Kalinin, Ethereum core developer Danny Ryan, and Ethereum founder Vitalik Buterin jointly proposed a new Ethereum Improvement Proposal EIP-3675, bringing Ethereum closer to the transition to proof of stake, although it does not necessarily mean it will be implemented this year.

EIP-3675

Currently, Ethereum 2.0 has temporarily implemented staking through the Beacon Chain, running in parallel with Ethereum 1.0's proof-of-work mechanism, PoW. According to the proposal "EIP-3675," the aim is to upgrade the current consensus mechanism to proof-of-stake, PoS.

Although the proposal is still in the draft stage, it emphasizes that the Beacon Chain has been running since December last year without detecting any security or liveness faults. The long-term fault-free operation proves the sustainability of the Beacon Chain system, indicating that the Beacon Chain can begin the transition to the security verification mechanism of the Ethereum mainnet.

The EIP-3675 proposal will bring a clearer outline to the timeline and roadmap for the merger of Ethereum 2.0. The Core Developer Meeting scheduled for 10:00 PM Taiwan time on July 23 will delve into detailed discussions.

Various Perspectives: Tim Beiko

According to Decrypt, Ethereum Foundation developer Tim Beiko believes that the merger is unlikely to happen this year, emphasizing that "everything must be flawless."

However, in the December network upgrade, Tim Beiko stated that, under the most optimistic circumstances, the merger might be possible in December.

Danny Ryan

Ethereum 2.0 researcher Danny Ryan pointed out that "EIP-3675" is just one of many upgrade projects. The focus should be on the upcoming London hard fork and Altair fork, pushing for the merger of Ethereum 1.0 and 2.0.

Altair is the first upgrade proposal for the 2.0 Beacon Chain. In May, the Ethereum official Blog noted that Altair has made stable progress and transitioned from the Alpha version to the Beta version on July 14.

Vitalik Buterin has emphasized multiple times that proof-of-stake, PoS, is superior to proof-of-work, PoW, not only being more environmentally friendly but also having higher security, easier attack resistance mechanisms, and a higher level of decentralization.