Ethereum in 2023: Here’s What to Look Forward To

Ethereum in 2023: Here’s What to Look Forward To

This will be the most pressing problem that Ethereum developers will tackle. After the September merger, when Ethereum switched its consensus mechanism to Proof-of-Stake (PoS), the network began using validators instead of miners to approve and add blocks. to the Ethereum blockchain. Before the merger, validators started putting 32 Ether (ETH) on the PoS Beacon Chain to participate in the block validation. The accumulated rewards would remain locked until the next Ethereum update, known as Shanghai, which is now scheduled for March. Those who have collected rewards, some since December 2020 when the Beacon Chain went live, can finally redeem their stakes.

Withdrawals are complete,” Marius Van Der Wijden, a software engineer at the Ethereum Foundation, told CoinDesk. All that’s left to do is test the code that allows withdrawals, which “should be February/March,” added Van Der Wijden.

Proto-danksharding this fall

Another issue that Ethereum developers hope to address is “proto-thanksharding,” derived from “sharding.” Chunking is a technique that divides the network into multiple chains, or “chunks” in a more scalable manner. Developers have likened stripping to adding new lanes to the highway; more cars can use this road and can (ideally) travel faster on this road due to less traffic. The same is true for Ethereum transactions: 

 Shards increase the network activity the blockchain can handle, reducing gas fees and enabling faster transaction speeds. Danksharding uses the same principle of dividing a network into shards. Still, instead of providing more space for transactions, it provides more space for “blobs” of data, allowing Ethereum to handle more data.

An ambitious undertaking, Ethereum developers agreed that getting off the ground with the ETH withdrawals scheduled for March would be too ambitious. And since their priority is to allow prospects to withdraw their ETH as soon as possible, the developers agreed to take proto-thanksharding to a higher level. Update planned for autumn. Parithosh Jayanthi, a DevOps engineer at the Ethereum Foundation, told that he believes [proto]thanksharding “will be the most exciting thing developers can work on in 2023.” Jayanthi also added that proto-thanksharding “has the potential to onboard millions of users and bring real scalability to Ethereum.”

Dealing with Ethereum’s censorship problem and centralization

The U. Treasury’s Office of Foreign Assets Control (OFAC) approved the Tornado Cash Ethereum merging program in August 2022, and Ethereum developers have had to grapple with what that means. Some have argued that examiners not subject to US jurisdiction need not comply with the penalties. Others need clarification about what blockchain activities are allowed under OFAC rules.

Currently, 65% of blocks hitting the Ethereum blockchain in the last 24 hours censored Tornado Cash transactions, and community members have attempted to reverse the tide of increasing censorship. Members of the Ethereum ecosystem currently view OFAC compliance in various ways. Some have interpreted the sanctions as a ban on adding Tornado Cash transactions to the blockchain. Others consider such actions a form of censorship—rules with principles.

I believe the ecosystem should focus more on censorship resistance and customer diversity in the coming year,” Jayanthi said. The community layer takes over until we reasonably address it in the protocol. The censorship issue has also raised some fears of centralization, as most validators have chosen methods of adding transactions to the blockchain that lose Tornado cash.

We have worked hard to grow an Ethereum protocol that is highly decentralized. However, there are centralizing forces everywhere, and we must pay close attention to them,” said Ben Edgington, Lead Product Owner at Teku, an Ethereum client (software) developed by Ethereum blockchain-focused company ConsenSys. “We can’t force people to run Ethereum decentralized, but if they don’t, it will become worthless.”

More cool events, like Devcon and ETHGlobal meetups

And finally, Ethereum will bring together developers, market players, policymakers, and other community members at various global events where people can collaborate on new ideas. Devcon, the largest conference for Ethereum developers, is set to return in 2023 (although the venue is yet to be determined). The conference in Colombia in 2022 is a highlight among Ethereum lovers, who often gather in different corners to share their thoughts and innovations for seconds -the largest blockchain. Other notable events for Ethereum include the popular EthCC in Paris, France, which will be held on July 17-20 this year. Last year, Tier 2 companies announced their ambitions for various cumulative solutions at this conference.

Ethereum.org has also shared global ETH hackathons and meetup groups for Ethereum enthusiasts worldwide, making it easy for “Ethereans” to network with other like-minded people. And finally, the CoinDesk Consensus Festival will be held in Austin, TX, on April 26-28, where there will be discussions on the Ethereum protocol and other topics related to blockchain, crypto, and Web3.

 

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