Despite the fact that for some time we have heard a lot about Ethereum 2.0, still a part of the crypto community feels oblivious to the idea and, especially, they do not know how to keep up with what happens with the update.
Ethereum 2.0: What you need to know
In this sense, it is worth remembering once again what the Ethereum 2.0 launch path is and, later, we will tell you how you can track the network.
On December 2, 2020 Vitalik Buterin published an updated launch route for Ethereum 2.0 which will be the one we will review now. First of all, let’s remember that the development of the update is divided into phase.
So the Phase 0, where we are currently, implements the Beacon Chain and, with it, allows staking. The Phase 1 introduces data fragmentation, which increases storage capacities without directly affecting performance. Finally, the Phase 2 fully introduces transaction fragmentation and enables the thousands of promised transactions per second.
As we mentioned previously, the project is currently in Phase 0, this means that, although Ethereum formally changed to version 2.0, the network continues to depend on the computing power of the miners. In short, there is still work to be done.
Therefore, the crypto community does not expect the full launch of Ethereum 2.0 until 2022 or 2023, and it may be rolled out.
Ethereum 2.0 metrics
Yesterday CoinDesk offered a key summary of four fundamental metrics to begin analyzing the activity in the Ethereum 2.0 network through BeaconScan and beaconcha.in.
1. Epochs vs. Blocks
As CoinDesk explains, an Epochs is a package of up to 32 blocks proposed and supported by the validators for a period of approximately 6.4 minutes.
And, yes, Ethereum 2.0, unlike the rest, uses Epochs instead of Blocks.
Therefore, the importance of the metric is that it shows if there is a failure in the network. As we mentioned previously, the average time is 6.4 minutes, if it deviates significantly then something happens.
2. Number of active validators
This metric shows us the number of computers that have a stake of 32 ETH in Ethereum 2.0 and that have passed the activation queue to enter the network.
Currently this metric is fundamental because it shows us how the development of the network is going, especially considering that, to move forward, 262,144 validators are required at least.
Number of active validators
3. Network participation rate
This indicator shows us the health of the network by measuring how many active validators are participating in the consensus by certifying and proposing blocks.
A participation rate of less than 99% means that the Ethereum 2.0 validators are not doing their job and, as expected, it is a problem for the network.
4. Average income of the validator
This metric is closely related to the previous one. Let’s remember that everything in the crypto market is driven by incentives; in this case, the validators participate in the network and carry out their tasks in the hope of receiving a monetary incentive.
It is precisely this monetary incentive that we can evaluate through the average income of the validator.
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