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It’s been making progress and Vitalik is a smart and capable leader of the project imo. High gas fees in the current system are arguably a sign of high demand.
These sorts of extreme costs are inherent to any trustless decentralized system like Ethereum. Storing and verifying contracts across tens if not hundreds of thousands of nodes is not free.
For those not that involved in this stuff, ETH2 fixes this issue by switching to proof-of-stake. There are already billions being staked in ETH2 validators today in preparation for the switch and Vitalik has written and talked a lot about it if you’re curious. It’s been making progress and Vitalik is a smart and capable leader of the project imo. High gas fees in the current system are arguably a sign of high demand.
I wrote that smart contract as concept art! ( https://cryptologie.net/article/542/project-memento-an-nft-a... ). Nice to see this on the front page :) A few years ago, deploying a smart contract only cost a few dollars. It raised questions like “wouldn’t anyone then spam the blockchain and increase its size in non-scalable way?” I guess pricing “solved” that issue. We considered Avalanche as an alternative, as it sup…
For those not that involved in this stuff, ETH2 fixes this issue by switching to proof-of-stake. There are already billions being staked in ETH2 validators today in preparation for the switch and Vitalik has written and talked a lot about it if you’re curious. It’s been making progress and Vitalik is a smart and capable leader of the project imo. High gas fees in the current system are arguably a sign of high demand.
These sorts of extreme costs are inherent to any trustless decentralized system like Ethereum. Storing and verifying contracts across tens if not hundreds of thousands of nodes is not free.
why does one need to execute the contact on thousands of nodes, when a verification proof (e.g. pinocchio) would be sufficient?
These sorts of extreme costs are inherent to any trustless decentralized system like Ethereum. Storing and verifying contracts across tens if not hundreds of thousands of nodes is not free.
For those not that involved in this stuff, ETH2 fixes this issue by switching to proof-of-stake. There are already billions being staked in ETH2 validators today in preparation for the switch and Vitalik has written and talked a lot about it if you’re curious. It’s been making progress and Vitalik is a smart and capable leader of the project imo. High gas fees in the current system are arguably a sign of high demand.
For those not that involved in this stuff, ETH2 fixes this issue by switching to proof-of-stake. There are already billions being staked in ETH2 validators today in preparation for the switch and Vitalik has written and talked a lot about it if you’re curious. It’s been making progress and Vitalik is a smart and capable leader of the project imo. High gas fees in the current system are arguably a sign of high demand.
These sorts of extreme costs are inherent to any trustless decentralized system like Ethereum. Storing and verifying contracts across tens if not hundreds of thousands of nodes is not free.
Do you have a demonstration of that proposition? I see no reason why that needs to be true at all. There's a big gap between "free" and "extreme costs".