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Ethereum researcher Justin Drake teased a new proposal aimed at improving Ethereum’s scalability while presenting his “ambitious” strategy for the Beacon Chain roadmap.
Key Notes
Ethereum co-founder Joseph Lubin highlighted the potential of revisiting sharding development and implementing a native zero-knowledge Ethereum Virtual Machine (zkEVM) at layer 1.This would allow for more efficient scaling, including multiple identical shards and improved transaction throughput.Following Drake's post, rumors about Ethereum 3.0 gained traction, with speculation that it could include a "second merge" for 1-second block times and zkEVM.In his latest social media post, Ethereum researcher Justin Drake recently teased a new proposal fueling rumors of ETH 3.0 while bringing additional scalability to the platform. In a post on November 11 on the X platform, Justin Drake noted his “ambitious” initiative for Ethereum.
Drake added that he has been contemplating the redesign of the Ethereum consensus layer from scratch to address some of the scalability issues faced by the network.
Announcement of an announcement!
Tomorrow at 5pm on the Devcon main stage I will unveil my most ambitious initiative to date. For one year I have been thinking about what a from-scratch redesign of the Ethereum consensus layer could look like. The goal is to suggest a credible…
— Justin Ðrake 🦇🔊 (@drakefjustin) November 11, 2024
The Ethereum researcher stated that his aim was to propose a strategy for delivering a Beacon Chain roadmap. Justin Drake will present the complete proposal at Devcon in Bangkok, Thailand, on November 12.
Weighing on this development, Joseph Lubin stated that Drake’s idea would mean revisiting the Sharding development. He further explained that this would mean developing a zero-knowledge Ethereum Virtual Machine (zkEVM) at layer 1. This would allow the execution of multiple identical shards. Lubin explained that sharding was put on hold a few years ago because it “wasn’t feasible at the time”. However, he added:
“The interesting thing about that, that way of using layer 1 wasn’t really possible a few years ago when we discarded the idea of execution sharding, what we needed to do was throw open this divergent exploration and a lot of stuff came back.”
Lubin believes that there are a lot of learnings from the development of zero-knowledge approaches. He plans to bring them down to the Ethereum Layer-1 mainnet and “make everything better”. Lubin also suggests that this approach could pave the way for scalability solutions for Ethereum.
“You’re just boiling down a giant amount of computation at different layers and amortizing a lot of computation into a single transaction. If you do that every two seconds or less, then you get a lot of transactions per second,” he said.
Ethereum 3.0 Coming with Sharding?
Following the recent post from Justin Drake, rumors regarding Ethereum 3.0 started catching up momentum within the ETH community.
On X, Doug Colkitt, founder of Ambient Finance, shared a rumor suggesting that the ETH 3.0 announcement involves a “second merge” into a new consensus aiming for 1-second block times and the introduction of a native zero-knowledge Ethereum Virtual Machine (zkEVM).
Rumor is Eth 3.0 announcement this week will be a second merge into a new consensus targeting 1 second block times, SSF and native zkEVM.
Native zkEVM in particular is huge. The gas limit can be eliminated entirely. Builders can build arbitrarily large blocks, since nodes only…
— Doug Colkitt (@0xdoug) November 11, 2024
He added that if these rumors turn out to be accurate, having a native zkEVM would be like attaining a major milestone. “The gas limit can be eliminated entirely. Builders can build arbitrarily large blocks since nodes only need to verify the snark. The only scaling limit left would be bandwidth,” he said.
Ethereum has been making much noise with a staggering 38% gain following Donald Trump‘s victory last week. Earlier today, the ETH price ETH $3 267 24h volatility: 0.3% Market cap: $393.53 B Vol. 24h: $75.29 B surged past $3,400, eyeing the next move to $4,000 and beyond.
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
