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Ethereum And Filecoin Devs Will Create Next-Generation ASIC

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Ethereum Foundation and Filecoin will finance an initiative to create specialized hardware for Ethereum 2.0. Ethereum Foundation researcher Justin Drake during the Devcon conference in Prague told this. He has provided public with some technical information about new ASICs maintaining the Ethereum-technology preparing for start under the name Beacon chain.

The solution consists from a random number generator and will become an element of the new stage of Ethereum 2.0 network development on the Proof-of-Stake (PoS) consensus algorithm.

It is known that the term "ASIC" generally is associated with the specialized hardware for production of cryptocurrency. However in Ethereum 2.0 this decision will be involved in a bit different process which isn't demanding the intensive calculations which are usually connected with considerable capital expenditure for the hardware.

The new ASIC devices will perform a less capital-intensive operation, the so-called Verifiable Delay Function. The latter will provide a mix of validators that will come to replace the miners in the new Ethereum system. Mixing will eliminate the possibility of combining organizations and individuals in order to seize control of the network.

According to Drake, preliminary project cost is from $20 to $30 million. In particular, $15-25 million are necessary for research and development (R&D), and $5 million — on production about 5 000 devices.

Ethereum Foundation and the Filecoin project which has collected more than $250 million during ICO will divide among themselves equally costs of R&D. Also the organizations intend to raise a part of funds from third-party investors.

We will remind, a few days ago Vitalik Buterin announced transition of an ecosystem to a stage of Ethereum 2.0 which will receive the name Serenity. The upgrade will be preceded by activation of Casper and transition to an algorithm Proof-of-Stake, a sharding, updating of the virtual machine, change of cross-contract logic and economy of the protocol.

According to Vitalik, as a result of these innovations Ethereum network will become faster and safe, less power-intensive, and its capacity will process 1000 transactions per second.