As a seasoned analyst with over a decade of experience in blockchain technology, I’ve witnessed the evolution of Ethereum from its inception to becoming the second-largest cryptocurrency by market capitalization. Vitalik Buterin’s latest announcement about “The Verge” upgrade has piqued my interest due to its potential implications for Ethereum’s scalability and accessibility.
As a crypto investor, I’m excited about the upcoming Ethereum upgrade, dubbed “The Verge.” According to Vitalik Buterin, this update is all about enhancing Ethereum’s security and accessibility. It’s designed in such a way that nodes can be run on devices as compact as a smartphone or even a smartwatch, making it more inclusive for everyone!
As a researcher, I’m exploring a method pioneered by The Verge that minimizes hardware demands through “stateless verification.” This innovative approach enables nodes to authenticate blockchain blocks without needing to store massive amounts of data.
Stateless verification
One issue that Ethereum faces is the expanding amount of data needed to manage a node, which at present calls for “tens of hundreds of gigabytes of state data,” as indicated by studies done by Paradigm. In simpler terms, running an Ethereum node requires storing a substantial amount of data, approximately hundreds of gigabytes.
The Verge presents a new concept called stateless verification. According to Buterin, this innovation makes it economically feasible for even basic mobile wallets, web wallets, and smartwatches to verify the entire chain automatically without any extra computational effort.
Moving towards a stateless verification system implies that Ethereum nodes won’t need to keep the whole blockchain anymore. This change simplifies the technical hurdles for users, such as independent stakers, making it more accessible for them.
Verkle trees vs. STARKs
In his blog entry, Buterin explained that The Verge originally aimed to adopt Verkle trees – a cryptographic framework developed to minimize the size of proofs and support stateless verification.
He acknowledged concerns about Verkle tree vulnerability to quantum computing, saying:
“Verkle trees are vulnerable to quantum computers, and so if we replace the current KECCAK Merkle Patricia tree with Verkle trees, we will later have to replace the trees again.”
Developers are looking into using Scalable Transparent Arguments of Knowledge (STARK) based binary tree structures for their enhanced long-term perspective on both security and scalability, especially in the face of potential quantum attacks.
Multidimensional gas and solo staking
Additionally, The Verge outlines potential adjustments to Ethereum’s gas fee structure as suggested by Ethereum Improvement Proposal (EIP)-4762, which is aimed at facilitating stateless verification in the future.
As a crypto investor, I’m eagerly anticipating the proposed adjustment in gas fees. This tweak is designed to make the network more scalable and secure by focusing on resource-intensive cryptographic operations. Buterin refers to this as “multidimensional gas,” which seems to imply that gas will now account for multiple factors, not just computational resources, to enhance the overall efficiency of transactions.
The novel concept splits up the expenses related to gas (processing fees) for call data, computations, and state accesses. This aims to enhance resource management within Ethereum as it undergoes an upgrade with a primary focus on reducing hardware requirements.
By making these changes, Buterin intends to make it possible for node operations to run on less powerful devices. This move is intended to make solo staking a more practical and accessible option for more individuals.
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2024-10-24 11:18