Why Ethereum's Phase 1 Launch in Istanbul Matters

HashTalk with Sankalp Issue #10

Hi, I’m Sankalp Shangari. I’m exploring latest trends & my learnings and experiences in Startup & VC world and how upcoming technologies are reshaping the world as we know it, especially Blockchain & AI.

🔥 This Week’s Burning Topic

🧠 Thought Starters

😂 Laughing Gags

📚 Best of the Best Articles

🎧 Best of the Best Podcasts

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🔥 This Week’s Burning Topic - Why Ethereum's Phase 1 Launch in Istanbul Matters

**Diagram of Ethereum 2.0.’s roadmap**

After 7 weeks of delay, Ethereum will be launching the Phase 1 of its scalable, Proof-Of-Stake(PoS) network in Istanbul on Dec 4. And I can’t keep calm. It is a very exciting time to see how Proof-Of-Stake, which is touted as the next scalable solution to the blockchain’s jigsaw puzzle turns out in real world application.

The Hard Fork being called “Istanbul Hard Fork” will be implemented on block 9,069,000 with six code changes. Majority of which is aimed towards reducing the gas costs for specific opcodes. While the code implementation, called EIP-1884 will be aimed more towards increasing computational costs for data recalls.

Though, I feel EIP-1884 might not go down well with some developers since it makes it a bit more expensive to retrieve on-chain data for applications. But, on the other hand, it will also increase the miner income which will proportionally lead to higher miner participation.

Apart from EIP-1884, Ethereum core developers Péter Szilágyi and Felix Lange also quoted of code change EIP-2124 which introduces a mechanism for users to easily identify what version of software a computer server, also called a node, in the ethereum network is running.

In case anything goes haywire such as bugs or last minute deployment issues, a backup date of Jan 8, 2020 is also fixed so as to tackle them. Regarding which, Danno Ferrin of Ethereum was quoted as saying,

“The thing about the [Jan.8] backstop date is that if we’re going to ship and change the time, we have to build a new client … and get everyone to install the client ,

The Istanbul Hard Fork matters because it marks Ethereum’s transition to a more scalable Proof-Of-Stake. And while everything seems great in concept, it will be a real life test for Ethereum. Also paving a new road in development since there is no precedent to this type of work and Ethereum developers are creating something new. The presence of a precise launch date is a good sign showcasing that the development is on right track.


🧠 Thought Starters

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😂 Laughing Gags

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📚 Best of the Best Articles in Tech & Startups

  • The Secret and Frustrating Life of a Google Contract Worker - Mark Bergen

  • All 21 Million Bitcoin Already Exist - Phil Geiger

  • The Speculative Case For $1000 ETH (If Ethereum Is Valued As A Fiat Payment & FinTech Platform) - Tyler Durden

  • Is Big Tech Heading for a Wall Street-Style Meltdown? - Steve LeVine

  • Why Google bought Fitbit - Richard Yao


🎧 Best of the Best Podcasts

  1. Blockchain Insider: China takes a swing at Libra - Listen Here

  2. HashTalk with Sankalp: Rohan Agarwal, Co-Founder, Cypherock - Listen Here

  3. Masters Of Scale: Bill Gates — How to accelerate history - Listen Here


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Disclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to content within this article.