Ethereum evolution: from the Hash Pay-to-pubkey to the poor stake test

Ethereum, one of the most successful blockchain platforms existing, has undergone significant transformations on its history of two decades. One of these fundamental changes was the transition from pay-to-pubkey (P2PK) to Pay-to-pubkey-Hash (P2Pkh). In this article, we will deepen the story behind this transition, which has made it and because it has such an impact on the scalability of Ethereum.

The first days of the blockchain

The story of Ethereum begins with the release of its initial version, 0.1, in July 2015. This first version was designed by Vitalik Buteter, one of the co-founders of the platform. Initially, Ethereum used a pay-to-pubkey protocol (P2PK) for transactions, in which users could serve and receive cryptocurrency using their public addresses.

The rise of the test of work (Pow)

As Ethereum grew up in popularity, its developers recognized that the P2PK protocol was becoming increasingly slow and highly energy intensity. In 2016, Vitalik Burterin introduced the test of work (POW), a consent mechanism in which miners compete to resolve complex mathematical puzzles. This innovation allowed the scalability of Ethereum and facilitated the growth of its network.

Evolution to Proof-Of-Stake (POS)

However, as the number of transactions on Ethereum, Pow proved inefficient. This led Vitalik Boterin to explore alternative consent mechanisms. In 2017, it proposed Proof-Of-Stake (POS), in which validators were chosen based on the amount of cryptocurrency that hold instead of solving complex mathematical puzzles. While this approach aimed to reduce energy consumption and make the network more sustainable, it also had some limitations.

The transition to pay-to-pubkey-Hash (p2pkh)

In 2017, Vitalik Burein announced that Ethereum would adopt a new consent protocol called “Eth2” (also known as P2Pkh). This transition has been designed to improve scalability and reduce the consumption of energy associated with POW. The main changes included:

• New mining difficulty settings : Eth2 has introduced dynamic mining difficulty settings, allowing miners to regulate the difficulty level based on network conditions.

• Taxation of the improved block : Eth2 enabled the smaller block validation and reduced the number of transactions that could be processed before a new block was created.

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Because p2pkh was chosen

The decision to adopt P2Pkh compared to the POW was largely guided by the need for better scalability, energy efficiency and reduced transaction commissions. Turning to a test mechanism, Ethereum aimed to create a more sustainable and ecological network.

Impact on the scalability of Ethereum

The transition from P2PK to P2PKH has a significant impact on the scalability of Ethereum. Although the transition has not been without challenges, it allowed the platform to manage a huge increase in the volume of transactions and data transfer speeds.

In conclusion, the evolution of Ethereum from Pay-to-pubkey (P2PK) to Pay-to-Pubkey-Hash (P2PKH) has marked a significant turning point in the history of Blockchain. The adoption of P2Pkh has improved scalability, the reduction of energy consumption and has allowed faster transactions processing times. While Ethereum continues to innovate and expand its ecosystem, it is essential to understand the historical context underlying this transition and its impact in progress on the platform.

References:

• Vitalik Boterin, “Ethereum 2.0: The Road to Scalable Web 3.0”.

• Ethereum Team, “Eth2: the next chapter of the evolution of Ethereum”.

Note: This article is a summary of the story behind the transition from P2PK to P2PKH in Ethereum. If you like to expand me on any specific point or provide an additional context, do not hesitate to ask!