While the impact of the proposed move remains unknown, Vitalik Buterin states that the new type of validator would be able to manage both ETH 1.0 and ETH 2.0 nodes. However, the change would lead to a surge of 5% to 10% in terms of transaction fees.
Vitalik Buterin, the famous founder of Ethereum, revealed in a post on the ETH Research forum that the project’s transition to Ethereum 2.0 would be accelerated. Vitalik published his post on Monday and stated that the process would be done through the use of a new ETH validator known as ‘eth1-friendly validators.’
With the new approach, the Ethereum network would supposedly require less ‘rearchitecting’ than originally thought, accelerating the adoption of a new PoS (Proof-of-Stake) blockchain system. “Specifically, it requires stateless clients, but NOT stateless miners and NOT web assembly, and so requires much less rearchitecting to accomplish,” said Vitalik in his post.
Carefully designed to completely overhaul the DApp ecosystem, the transition to Ethereum 2.0 is set to occur on the 3rd of January. From that point, the transition will be gradual as the Proof-of-Work to Proof-of-Stake change represents a major milestone for the project. Additionally, miners will no longer perform the task of validating blocks as the function will be turned over to a new type of special network validator. Named ‘Phase Zero’, the first changes to the network will be swiftly implemented within the first week of the new year.
As for the newest proposal concerning the upgrade process, the potential eth1-friendly validators would manage both previous Ethereum 1.0 nodes and the new Ethereum 2.0 Beacon Chain nodes. Vitalik Buterin further explained in his post that “Validators that want to participate in the eth1 system can register themselves as eth1-friendly validators, and would be expected to maintain an eth1 full node in addition to their beacon node. The eth1 full node would download all blocks on shard 0 and maintain an updated full eth1 state.”
However, Ethereum’s most notable figure explains that the proposed change to the transition process would bring downsides as well. If implemented, the average ERC20 transaction would increase by 5-10%. On the other hand, gas fees would remain unnoticeable as they are fairly small.