The cryptocurrency world’s long-awaited launch of Ethereum 2.0 this month saw a seismic shift within the so-called “world’s computer” in going from proof-of-work to proof-of-stake. But Phase 0 is still a testing ground, and Ethereum 2.0’s further development will take more time.It’s really good to think about Phase 0 as still a testing phase, said Michael Godsey, general manager and head of product at Infura, a ConsenSys subsidiary that lets users run applications on Ethereum without setting up a node or wallet. “I think when developers start ramping onto ETH 2.0 is still going to be in the later phases.”
Ethereum’s Phase 0 is the first set of upgrades to the Ethereum blockchain, focusing on implementing the proof-of-stake consensus mechanism known as the Beacon Chain. Phase 0 will only serve to manage a list of proof-of-stake validators — those who have staked ETH to participate in the creation of new blocks — and will not be taking on blockchain tasks such as executing transactions or serving smart contracts.
The earlier phases are really to verify and validate that the staking architecture works, and that the network can function inside of this new consensus algorithm,” Godsey said, in a video interview with Forkast.News. “You’re going to see a lot of validators and staking services and stuff like that come online that help people participate in that layer of the new network.Phases 1 to 2 are planned to eventually implement the full suite of the Ethereum network’s features such as shard chains — which help improve scalability and reduce congestion, transactions, smart contracts and more. The next phases are scheduled to launch in late 2021 or early 2022.
Ethereum 2.0, Infura’s role in developing infrastructure for businesses and applications on the Ethereum network, and the growth of decentralized finance.
- Blockchain development could be the next cloud storage: “The way that developers are utilizing the cloud, the way that developers utilize cloud right now, this is going to be the next network layer that people are really passionate and motivated to build on top of.”
- On Ethereum’s dominance: “What is really awesome about Ethereum and what it provides for this entire movement of trying to build towards more decentralized systems and applications is, it is solving so many of the hard problems that people are going to have to solve in order to integrate these types of new paradigms into their applications.”
- Does Infura police its users? “If the network identifies a bad actor and we can do something to help, we will do what we can to help. There’s no culling that we do on our side without any sort of greater network or ecosystem effort. That’s been a really important cultural policy inside of Infura, is that we are the pipes. We do not get to choose what is happening over those pipes.”
- Blockchain’s potential applications: “The landscape of what can be done with this technology is so broad, and that’s what’s so exciting about it. There are some amazing efforts being put into healthcare initiatives, there are some amazing efforts being put into banking the unbanked.”
Angie Lau: What is the place of ‘infrastructure as a service’ in Web 3.0? Will Ethereum-driven DeFi projects continue to drive congestion? And is ETH 2.0 ready? Welcome to Word on the Block, the series that takes a deeper dive into blockchain and the emerging technologies that shape our world at the intersection of business, politics and economy. It’s what we cover right here on Forkast.News. I’m Forkast Editor-in-Chief Angie Lau.
Well, in the second quarter of this year, it was reported that Ethereum surpassed Bitcoin to become the most popular blockchain in the world. Ethereum certainly wants to fuel, and is already fueling, the world computer — Web 3.0., at least. One of the firms helping projects onramp onto Ethereum is Infura, which recently celebrated its fourth birthday to Ethereum’s fifth birthday.
Now the ConsenSys-owned subsidiary is also the infrastructure behind a significant chunk of the DeFi craze. Question is: where is it taking us? What’s the next stage of growth for not only DeFi, but more broadly for blockchain? Joining us right now is an insider himself at Infura; he’s GM and head of product of Infura — Michael Godsey. Michael, it’s great to welcome you to the show.