There is a flow of research that is now building around Ethereum 1x, which will enhance the usability of the blockchain. Ethereum being the third largest blockchain, the changes could well really make it stand apart from its competitors.
The blockchain developers are yet to settle the exact code changes that will amount to the upgrade; ongoing discussions indicate that a number of proposals that could be approved by the users of the network by June 2019.
Afri Schoedon, manager of Parity, one of Ethereum’s client, suggested the upgrade to be released on a seperate blockchain network. However, there are a few people that are hoping for Ethereum 1x to be activated on existing blockchain, much earlier than the scheduled date.
Initially, there were thoughts of calling the upgrade as ethereum 2.0, Vitalik Buterin, ethereum’s creator later referred to it is by the older name “Serenity”. Recently in an event, Schoedon stated that the upgrade might not even be possible by 2020, owing to the changes in the specifications of the upgrade and various other specifications.
Here’s a bit from his statement:
“started panicking and saying, ‘Hey we really need to find intermediate solutions’” – creating the impetus for new ideas able to be implemented in the near-term.”
He also added that there are some who described the idea of ethereum 1x as “too radical or controversial”. After further discussions with the community and stakeholder, it could be clear that “none of the upgrades will be controversial in the end.”
Schoedon added that the Devcon 4x conference will be taking place later this month, allowing members of the community to discuss all about ethereum 1x. The conference will provide the community with a clear picture of where the upgrade is going.
Dan Heyman of PegaSys explained about four groups that are working on upgrades to the ethereum 1x; one of which was is led by Alexey Akhunov, who is concerned about the rental storage solutions in the network.
Another proposal which was made by the developers is to move smart contracts data from the chain, enabling the developers to have more responsibility for the storage of data.
“Stateless contract” is what they call this system as this system may be more straightforward than the rental storage.
The third working group, called the “stimulation group” is keen on analyzing the “the issues that happen through the blockchain when block size grows or when latency increases.”
The approach stated above is significant because of the code optimizations, which are on the surge as of now. New blocks go throughout the entire network way faster, due to this more transactions can take place; also the fees may be increasing too.
The fourth group working on this is interested in decreasing the costs to set up smart contracts on the same network, thereby having some balance on smart contract storage costs.
This could only be achieved by eWASM, a machine that disposes of smart contract code. This allows the developers to benefit from the new technology way more effectively.
Precompiles, a technology deployed smart contracts operations that operate on the network for a fixed rate.
Akhunov further went onto say that there is a:
“limited number of people in the core development team [and] if we try to start implementing all the precompiles people are asking for, we’re never going to be able to do anything else.”
The problems that Precompiles has is that there are still questions raised about their fair trades.
Blockchain developers still believe that at least one of these solutions could be implemented on a “very accelerated timeline”, and not one will be implemented unless the community agrees. Schoedon highlighted that there would be no concrete action taken until “broad consensus in the community” is met.