In all the publicity about ETH 2.0, there are some reasons that developers may be worried. The project has a long-term development timetable, and full implementation may still take more than two years. Even so, after many delays so far, it still seems uncertain.
At the same time, the second layer solution is touted as a fix for Ethereum's documented scalability platform. In early June, Vitalik Buterin tweeted that the layer 2 solution was “essentially successful” and only for people involved in projects where the use of the platform contradicted his claims.
Could the ETH 2.0 transition lead to the decentralization of Ethereum?
Vitalik Buterin can hardly be blamed for trying to succeed for Ethereum. However, from the developer's point of view, it is far from reassuring to hear that the short-term solution of Ethereum's scalability has not yet achieved the desired effect, and the long-term solution is not yet ready for implementation.
Now, the latest news seems to be that even if the core developers of Ethereum can implement ETH 2.0 faster, there are still other challenges to overcome. A recent report explains how the transition will affect miners. Before adopting proof of stake, some people may choose to abandon Ethereum for other networks, which will make their role and mining hardware redundant. Doing so will give them a chance to stay ahead of others on different networks.
A developer even argued that there may not be enough funds to successfully initiate a mortgage, putting the establishment of ETH 2.0 and the end of the life cycle of ETH 1.0 in danger. As the number of miners or stakeholders decreases, decentralization and network security are compromised.
In addition, because it is unclear how to manage the transition, many dApp developers, including Ethereum's buzzing DeFi platform, have no idea how it will affect the transition.
Therefore, in general, this uncertainty may make many developers feel uncomfortable. In addition to having to solve the long-running scalability issue, if security becomes a threat, they may start to lose users.
Blockchain bridge-use interoperability to achieve a secure scaling solution
Therefore, if the second layer has not reached the required level, then ETH 2.0 is far away. From a security point of view, this seems to be a risky proposal. Are there any bright spots on the horizon? One solution for Ethereum dApp developers who want to gain risk while gaining true scalability is to use a blockchain bridge.
Blockchain bridges use interoperability to allow developers to access the benefits of other platforms. Syscoin launched its own version of the bridge earlier this year, connecting Ethereum to its network, which provides high throughput and low transaction fees.
Syscoin has been around for many years, and has been issuing ICOs since 2014. Unlike Ethereum, the platform has gone through multiple iterations. Currently on version 4, the latest update launches the Z-DAG layer, which represents a zero-confirmation directed acyclic graph. Z-DAG runs on top of Syscoin's proof-of-work layer to provide instant settlement.
It is also an interactive protocol that provides transaction security over time. Therefore, low-value transactions can benefit from the immediate payment of a 99.9% double-spending margin. However, higher value transactions may have to wait a few seconds to obtain a 99.9999% guarantee. Z-DAG performance has been independently proven to achieve 60,000 transactions per second.
The Syscoin Bridge allows any Ethereum developer to send their tokens to the Syscoin ecosystem for processing. The supply of tokens is kept constant through a two-way casting and burning mechanism. The mint and burning proof are aggregated into the super block and verified by Bridge Agent. Bridge Agents are incentivized to make the Syscoin Bridge run smoothly and receive a certain share of transaction fees as a reward. In this way, Syscoin Bridge is truly decentralized.
What does this mean for DApp developers?
Developers who choose to use Syscoin Bridge can use it as a way to offset any potential security risks of the ETH 2.0 upgrade. All dApp transactions using the bridge will be confirmed through an interactive protocol, and developers or users can even choose their own transaction security level. In addition, Syscoin and Bitcoin are merged and mined to provide security guarantees for true decentralization.
Overall, the latest news about ETH 2.0 seems to indicate that there is more security work on Ethereum than originally envisaged. Ultimately, this may mean that further delays become possible. Fortunately, regardless of the future development of Ethereum, the bridge provides a long-term feasible solution for developers seeking scalability and ensuring security and uninterrupted services.
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Syscoin
Founded in 2014, Syscoin is one of the earliest crowdfunding projects in the blockchain field. Before Ethereum introduced the formal 1C0 market, it was supported by early Bitcoin technicians and enthusiasts. It successfully launched its first mainnet in the same year.
Since then, it has achieved many notable milestones, including developing the first truly decentralized DAG network, becoming a founding member of the Microsoft Central Organization Identity Authentication Foundation, and joining 2Tokens as a technology partner.
Syscoin is now represented by the Syscoin Foundation, which is led by Jag Sidhu, the lead core developer.
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