Vitalik on Ethereum’s Development Says, We Are 50% of The Way There
During the two-hour-long Bankless podcast episode, Ethereum co-founder discusses his plans to make Eth2 a success.
Butalik commented that to achieve ultimate scalability and decentralization, Ethereum needs to be smarter and more flexible in terms of blockchain data so that more people can manage and use it.
In early December, Buterin published an article entitled “The End Game”, which eventually found all the blockchains when listing tools that would allow for future decentralized and anti-censorship block authentication.
The first phase is called the merger and it marks the complete transition from proof-of-work to proof-of-stake in the first half of 2022. Part Two, also known as Surge, plans to offer Ethereum increased scalability with greater bandwidth. Exit, especially in zk-Rollups. According to Buterin, who builds the Ethereum network, the most important innovations are mergers and surge.
When asked to assess the progress Ethereum has made over the past six years buterin said that;
“We are 50% right there” due to the increase in beacon chains, London hard forks, and non-fungible tokens. But there is still a long way to go.
Once the merging and surging have taken place and full shading has been implemented, it is 80% complete. According to Buterin, the roadmap is expected to take six years to complete, leading to 100% optimization.
The next steps will be the edge, enabling more users to run the nodes and “democratizing access to maximum participation for anyone and anyone who wants to check the validity of the chain,” Buterin said. At the bottom of the edge are the cleaning and splurge steps, respectively, indicating the removal of historical data and the addition of various updates.
Buterin summarizes his ideal example for Ethereum 2.0, which does not sacrifice decentralization for scalability:
“Leave the past behind and create Ethereum that becomes simpler and simpler over time.”
Reiterating the need for layer-to-scaling solutions and lower transaction fees, Buterin Etherum acknowledged that “the Layer-One system is not yet ready for direct mass adoption”. However, he noted the “amazing” progress that Ethereum saw in Layer-to-Scaling last year and that the community behind it was “ready to continue fighting for it.”
In addition to scalability, security and security measures around the upgrade are another theme that Buterin emphasizes. The blockchain building was compared to the city development. Just as the police and the army work to protect their city or country, blockchain users act as security guards to monitor attackers. As cities expand or blocks are added to the network, more security is needed to maintain it.
Currently, according to Buterin, Ethereum blockchain data runs at a speed of 2.6 megabytes per second. He commented that once Ethereum gets the ability to add more bandwidth and increase the user base, “more defenders will be able to run the nodes and check if everything is working properly”.
Ethereum’s native token, Ether (ETH), is the world’s second-largest cryptocurrency by market capitalization, with $454 billion market capitalization currently, completing its journey as one of the largest shares.