Ethereum Developers Planning Blueprint to Strengthen Blockchain

Nov 23, 2018 at 21:30 Update Date :Nov 27, 2018 at 09:55 UTC

The Ethereum developers are making plans to strengthen the world’s largest blockchain, as well as advancing the capabilities of the technology more intensively in a short period.

Earlier this month, many private meetings have held at the ethereum conference, where there were discussions on upgrading to ‘ethereum 1x’, which is expected to be in action from June next year.

There has not been any disclosure of the meetings held; however, one of the attendee, being anonymous, told a news outlet that the developers believe not to disclose the proposal in public too early. Other developers did not react to the comments.

Big Names in the Meetings

Greg Colvin, an engineer of the ethereum virtual machine published a document of the meeting to Github, November 23. On the same note, release manager for the Parity ethereum client Afri Schoedon said that he had no clue about the document or the plans in motion.

As per the reports, Vitalik Buterin – creator of ethereum, Joseph Lubin – founder of Consensys Systems, which is the largest ethereum startup, and developers and organizers like Lane Rettig, Hudson Jameson, and Peter Szilagyi had been found on one of the meetings held during the proposal. In the meeting, several changes were discussed for implementation. The changes are to be executed in June 2019.

Changes to Take Place

The number of upgrades includes replacement of ethereum virtual machine (EVM), smart contract code component. Not just these but it will also include rent or smart contracts storage fees in order to emanate the growth of ethereum blockchain, need to be downloaded by the participating entities.

The basic principle in the project is ‘sense of urgency’. Other values in the project are “small, sequential updates’, ‘data-driven analysis for changes’, and ‘public feedback as per the requirement’.

A change has started occurring after the meeting, as there has been a formation of three working groups. The first one is to focus on the changes occurs in EVM, second to discuss smart contract costs changes, whereas, the third one is to imitate the impact of such changes. A call is scheduled for November 30 to summon the active participant of these groups.

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