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What is Ethereum DAG (Ethereum Go)?

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What is Ethereum DAG? According to official sources, Ethereum DAG is a decentral

What is Ethereum DAG (Ethereum Go)?

What is Ethereum DAG? According to official sources, Ethereum DAG is a decentralized autonomous organization (DAO) based on blockchain. In this organization, participants vote on protocols and make decisions on the next steps. After a proposal is made by a user, the system will make decisions based on everyone’s opinions, such as whether to support or not. These decisions are made through community voting. However, since most nodes are currently in the testnet stage, they cannot fully control the selected contracts.

The so-called “smart contract or DAO” is a collection of individual smart contracts that write the rules, processes, and operations of the entire system on the chain, and can be freely combined into a new code library.

Ethereum Go

Editor’s note: This article is from Colorful Cloud Blockchain (ID: cybtc_com) and authorized by Odaily Planet Daily.

Ethereum has developed into a decentralized technology. It is not only one of the most powerful and scalable consensus protocols on the blockchain, but also a place where people can freely trade and transfer assets, providing security for various applications.

This morning, Ethereum co-founder Vitalik Buterin announced his second work plan, the Eth2 roadmap. He believes that ETH2.0 is expected to experience significant growth in the next few years, and this goal may take some time to achieve. At the same time, Vitalik also revealed that Ethereum is entering the “merge era”, which may bring some significant changes.

Firstly, in the late first quarter of 2020, the Ethereum Foundation will launch the mainnet, which means that all proof-of-stake chains will go live on the Ethereum network before the second half of 2021. The goal of this stage is to enable Ethereum users to execute complex tasks through smart contracts and receive rewards (such as trading with NFT). Once the merge is deployed on the mainnet, it is seen as a very interesting path: “After the merge is completed, we hope Ethereum can run as fast as it does now.” How long will the “merge” last? It is currently in the early stages of a bull market. However, in early 2019, the cryptocurrency market suddenly plummeted by more than 50%, with the price of Bitcoin falling from $10,000 to below $30,000, leading to increasing concerns among investors about further price declines. “If no action is taken, I would rather invest in investment tools that do not have enough funds.”

However, according to Vitalik’s introduction, due to the fact that most DeFi applications in the Ethereum ecosystem rely on Ethereum, they eventually had to choose to migrate their tokens to another more popular, useful, and fairer network—Ethereum Go.

In order to make these new projects consistent with Ethereum, developers decided to adopt a different approach. First, developers created a proposal called “EIP-1559” to address the high gas costs on Ethereum. This approach allows anyone to participate in network mining without paying gas fees to miners. Secondly, developers will establish a new set of solutions to help users better manage their network loads. Although Ethereum Go introduces a new feature, the “block producer incentive measures,” they do not change the data availability and efficiency issues on the Ethereum blockchain.

Finally, the Ethereum team has proposed a mechanism that can facilitate community governance and voting on Ethereum improvement proposals.

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