Other projects audited by this company are YFI and SushiSwap.
Vitalik Buterin, the creator of Ethereum, said that he expected the launch during 2020.
According to Quantstamp, a company dedicated to the audit of smart contracts, Ethereum 2.0 is almost ready for launch, although they did not give more details. The company reported this after completing an audit of Teku, the client for this new version of Ethereum by ConsenSys.
“Ethereum 2.0 is on track to enter phase 0 very soon,” were the words of Quantstamp CEO Richard Ma. He added that the Teku audit took “countless hours,” in which work teams coordinated, tested, and worked with audit firms to “ensure that the Ethereum 2.0 foundation is ready for delivery.”
On Teku, Richard Ma called its code “of the highest quality.” He added that the issues Quantstamp is able to spot were quickly resolved by the Teku development team.
These issues include a bug that could cause client synchronization failures. Also, an unlimited incoming message queue opened the possibility for DDoS attacks on individual nodes.
What does Quantstamp “almost ready” mean?
Teku will not be the only client that Ethereum 2.0 has. Among others, Nimbus, Lodestar, Lighthouse, and Prysm are also in development. Prysmatic Labs, the developer company of the last of the mentioned clients, assured that they are working to solve some details and launch it in November 2020.
But Prysm also received an audit by Quantstamp in July this year. Back then, Richard Ma said, as he did now with Ethereum 2.0, that the client was ready to go.
YFI and SushiSwap: Dubious Protocols Got Quantstamp Approval
Quantstamp defines its mission as “protecting the decentralized Internet.” On their website, they claim to have security experts who perform rigorous auditing processes in “blockchain implementations to prepare them for the launch and future iterations.”
Among the projects that Quantstamp audited was SushiSwap. The audit took place days before this decentralized finance protocol (Defi) left UniSwap and momentarily took away much of its liquidity; its anonymous founder sold all of its Sushi tokens causing, a decline in its price.
Sushi’s audit received limitations due to technical issues, and unlike Teku, the Quantstamp team made no further comment on the project or related issues.
Quantstamp also, in July this year, intended to do an informal audit of Yearn Finance, another Defi protocol. It became famous when its YFI token, of which 30,000 are issued units and which, according to its creator Andre Cronje, “has no value”, rose to USD 41,000.
Cronje is currently under legal action. The reason is the promotion of an experimental project within its platform without clarifying that it was incomplete. The equivalent of USD 15 million got locked in a smart contract due to an alleged hack.
Ethereum 2.0: A reality in 2020?
Several years passed since the announcement of the soon release of Ethereum 2.0, but until now an exact date or official estimate is still a mystery. Justin Drake, a researcher at the Ethereum Foundation, who claimed that the new blockchain would be available in early 2021, more recently admitted that he does not know when it will be ready.
Now the signs are more evident, and from various sources, such as the auditing companies mentioned here, the countdown to the launch of Ethereum 2.0 is coming to an end.
The launch of the initial phase of Ethereum 2.0 is one of the most anticipated events by the community that was built around this network. One of the main differences from the current version is the change in the consensus algorithm.
While Ethereum 1.0 uses proof of work (PoW), version 2.0 will employ proof of stake (PoS). Among other advantages, this new blockchain would allow increasing the number of transactions processed to 100 per second. Ethereum currently supports 14 transactions per second.
By: Jenson Nuñez
