‘We are 50% of the way there,’ says Vitalik on Ethereum’s development

Listeners have been guided through five parts of the Bankless Podcast’s latest episode. Vitalik Buterin outlines the steps necessary for Ethereum to thrive and survive.

Butalik stated that Ethereum must be more flexible and lightweight in order to allow for maximum scalability and decentralization.

Buterin published another article entitled “Endgame” at the beginning of December. He argues that all blockchains will eventually converge in the future and lists the tools that would enable block verification to occur in a decentralized, censorship-resistant manner.

The merge is the first step. It refers to the complete transition from proof-of work to proof-of stake. This will take place in the first half 2022. The surge is the second part of the Ethereum upgrade. It will give Ethereum more scalability and massive bandwidth, as well as increased throughput on zk rollups. According to Buterin, the two most important upgrades to the Ethereum network are the merge and the surge.

Buterin stated that Ethereum has made 50% progress in six years. This is thanks to the London hard fork, the Beacon chain launch, and the rise of NFTs. There is much more to do.

After the merger and surge are completed and full sharding implementation has been completed, it is supposedly 80% complete. According to Buterin, the roadmap will take six more years to complete and lead to 100% optimization.

Buterin said that the next phase will be the verge. This will allow more users to run nodes, and “democratize access to the widest number of participants possible for anyone and everybody who wants to verify validity of the chain.” The purge and splurge are following the verge. These phases refer to the removal of historical data and the addition or modification of miscellaneous items.

Related: Vitalik Buterin predicts DeFi in Ethereum white paper but misses NFTs

Buterin described his ideal Eth2 scenario that does not sacrifice decentralization in order to scaleability.

“Leave the past behind and create an Ethereum that is simpler and more simple over time.”

Buterin acknowledged that Etherum “is not yet the layer one system that is ready to be adopted by direct mass adoption”, while also highlighting the need for layer two scaling solutions and lower transaction fees. Buterin does note the “amazing progress” Ethereum has made in layer-two scaling over this past year, and the support of the community that “willingly continue fighting for it.”

Buterin also stressed the importance of scaling and security. He likened blockchain building to the creation of a city. As the police and military defend their country or city, blockchain users are the security guards looking out for potential attackers. As cities grow and new blocks are added to the chain, more security is required.

According to Buterin, Ethereum currently runs on 2.6 megabytes per seconds of blockchain data. Buterin stated that Ethereum will have the ability to increase bandwidth and user base and that “the more defenders” will be able run nodes to ensure everything is working as it should.

Related: Why Ethereum can reach $5,000 in Q1

At $454 billion, Ethereum is the second-largest cryptocurrency by market capitalization. This makes its path to completion high-stakes. Below is a copy Of the roadmap That Buterin shared to Twitter Last Month.

Happy birthday beacon chain! Here is an updated roadmap diagram showing where Ethereum protocol development stands and what’s next. Although it’s not perfect, this diagram covers most of the essential stuff. pic.twitter.com/puWP7hwDlx
— vitalik.eth (@VitalikButerin) December 2, 2021
https://cointelegraph.com/news/we-are-50-of-the-way-there-says-vitalik-on-ethereum-s-development

Charles Griffin

Charles Griffin – Business and Transportation I am Charles Griffin with more than 10 years of experience in the Stock market industry, I am energetic about Finance and Business news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of Magnewspress.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Business News category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.  

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