We live in a unique period of social, political and economic turmoil. As the decentralized financial infrastructure grows, generates billions of dollars in value and creates thousands of companies, we need to become aware of the volatility around us. The systems, protocols, and incentives we are creating now may be less vulnerable to oversight, abuse of power and disinformation.
Ethereum 2.0’s design has a number of attractive qualities that make it exceptionally well-suited to operate reliably in the turbulent waters in front of you as a neutral infrastructure rather than a biased platform. Individuals, businesses, and governments can be confident that Ethereum 2.0 will continue to operate in the event of individual or government attacks. It is a solid foundation on which to build your economic and financial infrastructure.
Related: Ethereum 2.0: Less is More … and more is coming
The characteristics of Eth2 are particularly important when viewed in a broader socio-economic context:
Approximate consensus management.
Reliable and effective in the face of censorship.
Reliable funds for a decentralized economy.
It expands the possibilities and provides an opportunity for assertiveness.
Eth2 is reliably neutral
Ethereum co-founder Vitalik Buterin wrote a compelling post proposing credible neutrality, or “fundamental commitment to justice,” which should be the guiding principle when developing the protocol:
“Be aware that what is required here is not only impartiality, but reliable neutrality. In other words, it is not sufficient that the mechanism is not designed in a way that favors certain people or results over others; it is also important that the mechanism can convince a large variety of people that the mechanism is At least these basic measures are taken to be fair. ”
He continues: “Mechanisms such as the blockchain, political systems, and social media are designed to facilitate collaboration between large and different groups of people. For the mechanism to truly function as a common pillar, each participant must be able to see that the mechanism is operating with integrity, and each participant must be able. On seeing that everyone else can see that the mechanism is working. Fair, because all participants will make sure that others do not leave the mechanism the next day. ”
Today, if there is one thing people tend to agree with (at least in the United States), it is that “the economic system unfairly prefers power.” To avoid this fate and remain reliably neutral, Eth2 follows in Ethereum’s footsteps and eschews chain management in favor of technical management based on rough consensus.
On the topic: Shrinking Opportunities: Why DeFi can restore confidence in financial services
This design solution has two great features:
Eth2 has rough consensus (finding general agreement, not a simple majority rule) and a lack of network management (leaving the wealthy rule). This makes Eth2 difficult to track control. By design, it is difficult for organizations to make Eth2 prefer or censor others.
Maintaining community cohesion is one of the broad consensus priorities. Raw consensus largely avoids controversial or controversial changes whenever possible, as they are difficult to agree on. This allows for a rough, unanimous decision making on mainly technical issues that are based on facts and logic and aim to minimize disagreement.
The rough consensus applies not only to the primary developers, but to society as a whole. There have been many times in the history of Ethereum where the community commented on important issues affecting the direction of Ethereum. Working Guide, or ProgPoW, is the latest example: The core developers have reached rough agreement on implementation, but the community hasn’t done so, and so has not been implemented.
In an increasingly polarized world, Eth2 cannot prioritize or harm any individual, organization or group because it has no mechanism for doing so.
Eth2 is reliable and efficient when it comes to censorship
Cypherpunks have always been concerned about government censorship but recently it has shown that censorship can also come from individuals, companies, and institutions. Eth2 is starting to support a completely parallel financial system, so it is more important than ever that Eth2 continues to operate in the face of this type of attack.