The following post has been guest-written by a member of the Huobi community who would like to share his views on what ‘updates’ really mean in the cryptocurrency space as we head towards what is being called Ethereum 2.0, as well as TRON 4.0.
Disclaimer: Information expressed in this post does not represent the views of Huobi. Additional information has been provided by Huobi related to Ethereum 2.0 and TRON 4.0.
Ethereum 2.0, or ‘Serenity’, is the next upgrade to the Ethereum blockchain. Ethereum 2.0 will be released in multiple “Phases” starting in 2020 with Phase 0. Each phase is set to improve the functionality and performance of Ethereum in different ways.
Phase zero of Ethereum 2.0, which is due in the coming months, will primarily be used as a test network for the new proof of stake consensus system. The majority of the economic activity and smart contracting will stay on the original Ethereum chain which will still exist in parallel to ETH 2.0 with one way peg, where ETH 1.o can be transferred into ETH 2.0.
Also set for launch in the coming months, TRON’s 4.0 update will introduce advanced privacy features zk-SNARKs in a smart contract for the first time. There are four key feature updates which include:
The TRONZ Smart Contract Privacy Protocol – The first smart contract privacy protocol supported by a Virtual Machine.
The TPOS Dual-Layer Consensus Mechanism combines the advantages of DPoS and PBFT thus reducing block confirmation times from 57 seconds to 3 seconds.
New TICP Cross-Chain protocol that will usher in a cross-chain era for the Tron ecosystem.
Financial institution and enterprise blockchain solution for the deployment of customized blockchain-based applications.
There seems to be a lot of confusion surrounding the meaning of the word update in crypto, we always hear about companies and organisations making updates, but what does it mean to update?
In this piece, I’m gonna take you through what it means to update and hopefully clear out some confusion.
An update means pr definition one of two things in this digital age
One: an update means giving information about the status of a certain something of interest to whoever is receiving the update, straight forward.
Two: the release of an updated software version.
So right about now you are probably wondering about how all this relates to crypto? I’m going to take you back in time a little to explain.
In 2017 the crypto market BOOMED both in prices and number of users, this was led by all the coverage in the media about mainly Bitcoin prices and use cases but also other crypto assets. The result being crypto getting to onboard a ton of new users from all ages and walks of life to invest in either Bitcoin or other crypto.
In that time 95% of altcoins were doing good price-wise but most of them were just ideas with potential, which meant that any update coming from key figures mainly thru social media platforms like Twitter is likely just information related to either development or early deals like announcing partnerships with non-crypto companies interested in seeing how this idea or project pan out in time. So this is what those new investors related the word update with.
Now fast forward to 2020 and we are starting to see a different weight to the word update. Why?
Because now many of those same altcoins that were just ideas in 2017 have developed into fully working products or software, and that also means new, improved, or fixed software is the subject of every incoming update. And since update now means actual working software being released to the users this also means an update is likely given a name or a number related to the number of updates that have been made to replace older versions of the same software.
The numbers on the update name usually refer to the progress made on the product software, smaller updates for bug fixes and readjustment usually gets smaller numbers, for example, 0.01 or 0.2 etc. The bigger updates are usually saved for implementations of new features and these updates get bigger numbers like 1 or 2 etc.
An example of this is Ethereum’s founder announcing the release of their 2.0 or Tron Foundations founder Justin Sun announcing the release of Tron 4.0 on July 7.
This is very positive for crypto in general, so next time you see a crypto company releasing an update applaud it because it’s a show of strength and progress for crypto.
Thank you for reading