Cryptocurrency exchange Ethereum (ETH) is purportedly half-way through the first phase of ETH 2.0, as a live testnet of the iteration is underway. Hence, a wire protocol dubbed Hobbits has been introduced to initially assist ETH 2.0 clients testing the network.
With a wire protocol, on ETH 1.0 for instance, “[any information] that’s broadcasted eventually reaches everyone,” ETH founder Vitalik Buterin asserted, yet the situation isn’t the same because ETH 2.0 allegedly expects “more total messages than any single node can download.”
Thus, Hobbits is to act as a test wire protocol for transmitting information in between nodes, as blockchain startup Protocol Labs is completing implementation of “Libp2p,” the official algorithms to be used on ETH 2.0.
Led by blockchain startup Protocol Labs, Libp2p protocol will be built on top of “gossipsub,” an algorithm that gives it an edge over congestion and overflooding of messages, as affirmed by Jonny Rhea, a protocol engineer at blockchain venture company Consensys.
Plus, Libp2p is modular, which means it allows a node to send a block, or transaction history, separately to multiple peers; then those peers can probably send the block to other peers, unrestricted by the initial node.
The famous genius behind ETH, Vitalik Buterin, has previously held that ETH token value should be bumped up higher to reduce risks posed by assets bordering zero, as reported by The Crypto Sight.