At the annual Ethereum [ETH] developer’s conference Devcon4, held in Prague from 30th October to2nd November, Vitalik Buterin, co-founder of Ethereum, spoke about how the Ethereum 2.0 will revolutionize the token’s blockchain. He said that with its implementation, transactions will become considerably faster when compared to its predecessor.
In his keynote address from DevCon 4 in Prague, Ethereum creator Vitalik Buterin tracks the history of ideas – some integrated and others abandoned – that led to where the platform is today, and looks ahead to Ethereum 2.0.
“Ethereum 2.0 is this combination of a bunch of different features that we’ve been talking about for several years, researching for several years, actively building for several years, that are finally going to come together into one coherent whole. And these features include proof-of-stake, Casper, scalability, sharding, virtual machine improvements (EWASM), improvements to cross channel contract logic.
The frontman of ETH said that the new blockchain technology will be significantly smaller in size and that validators will be able to run a full node under just 1GB. This effectively means that the new model will involve only one synchronous confirmation, wherein the transactions will include hundreds of validators, instead of one. This restricts the payment process to 16 seconds.
The update has the potential to bring in 1,000x scalability, which will increase Ethereum’s transaction capability to 14,000 per second, an astronomical rise compared to the current 14 transactions per second. However, before releasing the update, developers will make some final tweaks to stabilize protocol specifications and cross-client test-nets.
Ethereum 2.0 will be called ‘Serenity’
Vitalik goes on to cite that Ethereum’s work on solving Casper, a mining-based proof-of-work algorithm, was met with many hurdles, which they’ve been working on since 2015.
He also elucidated the features of Ethereum 2.0, which he calls “Serenity”, and said that it’ll be more secure, and capable of handling thousands of transactions per second while consuming lesser energy. He said:
“Serenity is the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”
Ethereum’s scalability is critical to maintain dominance in the blockchain market, with their smart contracts and decentralized applications. Hence, the network must be upgraded to increase transaction speed and facilitate lower transaction costs.
The privacy concern
The whole point of crypto, which is building a decentralized network that doesn’t rely on a central authority but it’s users to secure it and validate transactions. When anything comes at the cost of Decentralizationin the crypto space it is not worth it, even scalability.
Other Blockchain platforms like Cardano and EOS have increased their capabilities in comparison to Ethereum, which has resulted in more developers moving on to their platform. But, considering Eos is operating on only 21 nodes, it is not decentralized.
Buterin also discussed ETH’s privacy. He stated that there is an interest in updating the blockchain to Starks. Starks is a cryptographic mechanism that is used to allow aggregation of transactions in a trust-less manner.
Will Ethereum 2.0 bring in the revolution the Crypto industry is awaiting i.e Being decentralized while being 1000X scalable. We will see in the coming months.