There is huge curiosity already around Ethereum 2.0!!
New Mining System For Ethereum 2.0 -To add to the curiosity, the firm has announced that there will be a specialized hardware system for mining. The Ethereum Foundation has partnered with blockchain data storage network Filecoin.
Together, both these firms are aiming to establish a new hardware system for Ethereum 2.0.
The upcoming ethereum technology is called “beacon chain” which is supported by a proof-of-stake consensus protocol.
The revelation was made by the Ethereum Foundation researcher, Justin Drake. There are preliminary designs for ASICs that would support “beacon chain.”
These ASICs are unlike normal ASICs, and in order to be able to support the technology for mining, will engage in an operation called Verifiable Delay Function. Which is less costly than traditional support functions. This will tackle the issue of any individual or organization trying to overtake system operations.
This project will cost around $30 Million, according to Drake. Includes the Research and Development costs as well as the cost of building machines.
What’s the problem with Costs?
New Mining System For Ethereum 2.0 -The problem that comes with the cost is how the contribution and efficiency of the two collaborating firms will be divided for the project. Furthermore, they’ve decided to split the costs in a fifty-fifty pattern. Still, the overall commitment is still an issue as Drake is open about other blockchain projects contributing funds.
Drake however still seemed to be optimistic about designing and implementing the plan in an open-source fashion and said, “Open-Source ASICs haven’t really been done before so it’s all very exciting for me.”