ETH to Move to Phase 2 This Year, Co Founder Says

Joe Lubin was one of the speakers at Rise conference in Hong Kong
11 July 2018   1690

The fundamental first phase of the development of the Ethereum ecosystem has been completed, and in 2018 we will see a "second phase" in which the blockchain will expand and mature. This was announced by co-founder Ethereum Joseph Lubin at the Rise conference in Hong Kong, which is taking place these days, Cointelegraph reports.

We're moving into a space where Ethereum can serve as the layer one trust system, and built into Ethereum we’ll have hundreds of thousands of transactions in the layer two systems and we’re going to see that ramified this year.
 

Joe Lubin

Co-founder, Ethereum

 

As an example of such a platform, he cited Plasma technology, designed to scale Ethereum.

Lubin also noted a great many options for using blockchain and said that the distributed ledger technology "offers a true digital world." Also co-founder of Ethereum believes that the blockchain revolution allows to move away from "analogous contexts" and will influence all spheres of life, including "money, personality and reputation".

Unlike the early internet, which started “narrow,” he added, blockchain is starting out with a “very broad” offering for potential applications.

When it came to regulation, Lubin and the other speakers recognized that the sooner the necessary regulatory rules were introduced, the better it would be for the industry. In his opinion, after the recognition of the crypto industry at the state level, there will not be any obstacles for the development of the industry, such as, for example, recently occurred in China, Japan and South Korea.

Potentional Vulnerabilities Found in ETH 2.0

Least Authority have found potentional security issues in the network P2P interaction and block proposal system
26 March 2020   1039

Technology security firm Least Authority, at the request of the Ethereum Foundation, conducted an audit of the Ethereum 2.0 specifications and identified several potential vulnerabilities at once.

Least Authority said that developers need to solve problems with vulnerabilities in the network layer of peer-to-peer (P2P) interaction, as well as in the block proposal system. At the same time, the auditor noted that the specifications are "very well thought out and competent."

However, at the moment there is no large ecosystem based on PoS and using sharding in the world, so it is impossible to accurately assess the prospects for system stability.
Also, information security experts emphasized that the specifications did not pay enough attention to the description of the P2P network level and the system of records about Ethereum nodes. Vulnerability risks are also observed in the block proposal system and the messaging system between nodes.

Experts said that in the blockchains running on PoS, the choice of a new block is simple and no one can predict who will get the new block. In PoS systems, it is the block proposal system that decides whose block will fall into the blockchain, and this leads to the risk of data leakage. To solve the problem, auditors suggested using the mechanism of "Single Secret Leader Election" (SSLE).

As for the peer-to-peer exchange system, there is a danger of spam. There is no centralized node in the system that would evaluate the actions of other nodes, so a “malicious" node can spam the entire network with various messages without any special punishment. The solution to this problem may be to use special protocols for exchanging messages between nodes.