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Ethereum 2.0 is now ready to launch says Quantstamp

Photo of: Dennis Ramos
by Dennis Ramos

Quantstamp has given its stamp of approval and this time the smart contract auditing company has firmly stated that Ethereum 2.0 is near ready for launch. Quantstamp recently completed its audit of Teku the Ethereum 2.0 client which was developed by ConsenSys. The Quantstamp CEO Richard Ma has positively reaffirmed that the Ethereum 2.0 is back on track and the Phase 0 deliverance can be done with no ado in the near future. 

One of the prominent Ethereum 2.0 researchers Justin Drake has tweeted recently that the Ethereum Community’s long-term goal is to see the Phase 0 delivery of Ethereum 2.0 to take place before the end of this year. He rightly said in his tweet that the community does not want to see any further delay and with eyes on the goal, 2020 it should be!

Source: Twitter

What did the Teku audit involve?

The Quantstamp approval will ensure that it adds a note of extra credibility to the entire set of proceedings. Richard Ma added,

“The Quantstamp team seems to have heard the calls. “Client teams have spent countless hours coordinating, testing, and working with auditing firms to ensure that the foundation of Ethereum 2.0 is ready for delivery.”

The Teku audit was an all-encompassing effort that involved several processes including enforcement of consensus rules, maintaining the code and controls required for rewards as well as penalties. 

The audit by Quantstamp also brought forth several findings but what stood out as per the audit report was that the codebase used was of the most supreme quality. Not that there were no issues at all, but as soon as the issue cropped up, the Teku development team resolved them instantly. Collating the overall findings, it included errors that could have led the clients to move out of sync, the missing validation logic. Along with these two, the findings also include an unlimited inbound messaging queue which could have left individual nodes open to DDoS attacks. 

Ethereum 2.0 could be the game-changer for Ethereum

The Ethereum 2.0 update has been a long-planned and project under development. It is the much-needed update for Ethereum which has been suffering from several issues including scalability and security. The new update is all about switching to a proof-of-stake consensus mechanism. We had earlier reported that its different testnet launches- Topaz, Medalla, Spadina, and Zkinken—the full roll-out of Ethereum 2.0 will take place in three phases: Phase 0, 1, and 2 and this is Phase 0 we are talking about. 

Phase 0 will be released by the Beacon Chain. It was earlier assessed in Zinken and the Spadina testnets. Once the launch will be completed full-fledged, it will run parallel to the new and present Ethereum blockchain. Once the release of Beacon Chain happens successfully, the attention will shift to Phase 1 of the Ethereum 2.0 launch. Phase 1 will be extremely crucial because it will see the integration of proof of stake shard chains and will go a long way in scaling Ethereum’s transaction rate per second!