• Latest
There’s a New Plan to Build the Hardware for Ethereum 2.0

There’s a New Plan to Build the Hardware for Ethereum 2.0

November 3, 2018
ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
mintable launches industry changing gas free minting service on ethereum

Mintable Launches Industry Changing Gas Free Minting Service on Ethereum

May 1, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
justin sun launches usdd, integrating the blockchain world and the real world with the decentralized stablecoin

Justin Sun Launches USDD, Integrating the Blockchain World and the Real World with the Decentralized Stablecoin

April 25, 2022
nfts: the next musical revolution

NFTs: The Next Musical Revolution

April 24, 2022
things you should know before investing in nfts

Things You Should Know Before Investing in NFTs

April 24, 2022
what are wrapped tokens?

What Are Wrapped Tokens?

April 23, 2022
what is the future of ethereum (eth)?

What is the future of Ethereum (ETH)?

April 22, 2022
green gaming

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
$ape going bananas as rumors of upcoming land sale of bayc metaverse gather momentum

$APE Going Bananas As Rumors of Upcoming Land Sale of BAYC Metaverse Gather Momentum

April 21, 2022
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
CoinNewsDaily
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining
No Result
View All Result
CoinNewsDaily
No Result
View All Result
Home Tech

There’s a New Plan to Build the Hardware for Ethereum 2.0

coinnewsdaily by coinnewsdaily
November 3, 2018
in Tech
0
There’s a New Plan to Build the Hardware for Ethereum 2.0
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The Ethereum Foundation is funding efforts to create specializing mining hardware in partnership with blockchain data storage network Filecoin.

Announced Thursday at Devcon, the annual gathering of developers in Prague, Ethereum Foundation researcher Justin Drake unveiled preliminary designs for application-specific integrated circuits, or ASICs, that will support an upcoming ethereum technology called the “beacon chain.”

In essence, the beacon chain is a random number generator, and it’s expected to form part of the next major iteration of the ethereum network – ethereum 2.0 – under an alternative, proof-of-stake consensus protocol (compared to the proof-of-work approach utilized today).

While the term “ASIC” in the cryptocurrency space is more commonly associated with the technology applied to mining, the proposed ethereum 2.0 hardware isn’t engaging in that same, computationally-intensive process.

Instead, these ASIC devices will engage in a comparatively less costly operation known as the Verifiable Delay Function. This helps to shuffle the validators that are intended to replace miners in ethereum’s proof-of-stake system. The idea is that the hardware will prevent any one individual or organization from coalescing enough power to overtake system operations.

All told, the project is estimated to cost between $20 million and $30 million, according to Drake. That includes $15 million to $25 million for research and development, as well as $5 million to build an estimated 5,000 machines.

What’s more, the Ethereum Foundation and Filecoin – which raised more than $250 million through an initial coin offering (ICO) last year – will be splitting costs for project research and development fifty-fifty. Their overall commitments could be reduced, as Drake left the door open to other blockchain projects contributing funds.

Looking at the work ahead, Drake struck a positive tone – particularly the prospect of designing and implementing the plan in an open-source fashion.

“Open-source ASICs haven’t really been done before so it’s all very exciting for me,” Drake remarked.

Photo of Justin Drake taken by Phil Lucsok

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Credit: Source link

Related articles

ygg sea surpasses 10,000 scholarships in just six months of launch

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
Share76Tweet48
Previous Post

Coinbase Adds Browser Startup Brave’s Token to Pro Trading Platform

Next Post

Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

coinnewsdaily

coinnewsdaily

CoinNewsDaily.com is an online Crypto Coin News Website that aims to provide latest trendy news from market and around the world.

Related Posts

ygg sea surpasses 10,000 scholarships in just six months of launch
Alt Coin

YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch

May 6, 2022
5 projects enabling smart contract development on bitcoin
Alt Coin

5 Projects Enabling Smart Contract Development on Bitcoin

April 29, 2022
bitcoin atm installed in mexico's senate building
Bitcoin

Bitcoin ATM installed in Mexico’s Senate Building

April 27, 2022
cross chain services play a crucial role in facilitating continued adoption of defi applications
Alt Coin

Cross-Chain Services Play a Crucial Role in Facilitating Continued Adoption of DeFi Applications

April 26, 2022
green gaming
Business

Everything You Need to Know About Play-to-Earn on Algorand in 2022

April 21, 2022
axie infinity: what are the minimum android phone requirements to play on mobile
Alt Coin

Axie Infinity: What Are the Minimum Android Phone Requirements to Play on Mobile

April 21, 2022
Load More
Next Post
Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

Categories

  • Alt Coin
  • Bitcoin
  • Business
  • Ethereum
  • ICO
  • Litecoin
  • Mining
  • NFT
  • Ripple
  • Tech
  • Trading

What New here?

  • YGG SEA Surpasses 10,000 Scholarships in Just Six Months of Launch
  • Mintable Launches Industry Changing Gas Free Minting Service on Ethereum
  • 5 Projects Enabling Smart Contract Development on Bitcoin

Subscribe to Get More!

Loading
  • About Us
  • Contact Us
  • Privacy & Policy

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

No Result
View All Result
  • Home
  • Coin Market Cap
  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Alt Coin
  • Business
  • Trading
  • Mining

© 2018-2021 CoinNewsDaily.com by CoinNewsDaily Inc. Crafted with Love by iFtiDev

  • bitcoinBitcoin(BTC)$19,230.92-4.33%
  • ethereumEthereum(ETH)$1,029.63-7.35%
  • tetherTether(USDT)$1.000.36%
  • binancecoinBNB(BNB)$211.11-3.62%
  • rippleXRP(XRP)$0.312939-4.36%
  • cardanoCardano(ADA)$0.446549-4.38%
  • SolanaSolana(SOL)$32.05-6.88%
  • dogecoinDogecoin(DOGE)$0.064436-3.37%
  • polkadotPolkadot(DOT)$6.84-4.11%
  • daiDai(DAI)$1.00-0.01%
  • Shiba InuShiba Inu(SHIB)$0.0000103.13%
  • tronTRON(TRX)$0.063025-3.12%
  • leo-tokenLEO Token(LEO)$5.990.08%
  • litecoinLitecoin(LTC)$51.27-1.93%
  • matic-networkPolygon(MATIC)$0.443312-17.41%
  • FTXFTX(FTT)$23.65-5.64%
  • OKBOKB(OKB)$11.921.29%
  • chainlinkChainlink(LINK)$6.06-3.90%
  • CronosCronos(CRO)$0.111882-4.26%
  • stellarStellar(XLM)$0.106420-3.50%
  • cosmosCosmos Hub(ATOM)$7.10-0.84%
  • moneroMonero(XMR)$111.13-8.49%
  • algorandAlgorand(ALGO)$0.292249-3.67%
  • ethereum-classicEthereum Classic(ETC)$14.56-3.83%
  • bitcoin-cashBitcoin Cash(BCH)$100.45-5.01%
  • vechainVeChain(VET)$0.021767-4.69%
  • Internet ComputerInternet Computer(ICP)$5.15-4.43%
  • tezosTezos(XTZ)$1.39-6.44%
  • filecoinFilecoin(FIL)$5.22-4.70%
  • theta-tokenTheta Network(THETA)$1.15-6.74%
  • ElrondElrond(EGLD)$47.95-5.71%
  • bitcoin-cash-svBitcoin SV(BSV)$53.30-5.62%
  • eosEOS(EOS)$0.89-4.20%
  • paxos-standardPax Dollar(USDP)$1.00-0.01%
  • makerMaker(MKR)$853.27-8.94%
  • AaveAave(AAVE)$54.87-9.55%
  • huobi-tokenHuobi(HT)$4.84-3.68%
  • iotaIOTA(MIOTA)$0.257362-4.92%
  • zcashZcash(ZEC)$53.06-10.51%
  • neoNEO(NEO)$8.14-5.83%
  • basic-attention-tokenBasic Attention(BAT)$0.363264-4.35%
  • zilliqaZilliqa(ZIL)$0.036914-5.95%
  • wavesWaves(WAVES)$4.96-6.16%
  • havvenSynthetix Network(SNX)$2.17-15.35%
  • dashDash(DASH)$41.44-7.63%
  • KusamaKusama(KSM)$46.16-5.07%
  • PancakeSwapPancakeSwap(CAKE)$2.93-4.13%
  • Elrond ERDElrond ERD(ERD)$0.0259290.00%
  • nemNEM(XEM)$0.036898-5.85%
  • ethlendAave [OLD](LEND)$4.103.48%
  • CompoundCompound(COMP)$44.18-6.05%
  • qtumQtum(QTUM)$2.68-5.68%
  • bitcoin-goldBitcoin Gold(BTG)$15.15-6.23%
  • omisegoOMG Network(OMG)$1.75-4.49%
  • golemGolem(GLM)$0.228311-1.76%
  • ontologyOntology(ONT)$0.216741-5.90%
  • SushiSushi(SUSHI)$0.98-8.34%
  • yearn-financeyearn.finance(YFI)$5,246.21-8.31%
  • umaUMA(UMA)$2.35-7.53%
  • digibyteDigiByte(DGB)$0.009000-2.17%
  • UniswapUniswap(UNI)$2.4438.80%
Posting....