The co-founder of Ethereum, Vitalik Buterin, revealed his plans for Ethereum 2.0 in a two-hour edition of the Bankless podcast.
Buterin and his colleagues want to increase scalability and decentralization significantly. Ethereum’s creator said that his project needed to be “lighter” in terms of blockchain data so that more people could manage and use it.
The first step of the reform is to make sure that the proof-of-work algorithm is completely changed to the proof-of-stake algorithm so that everyone can use it. This part will be done in the first half of 2022. The second is that Ethereum’s scalability will be increased. After this, the project’s blockchain will process more transactions in less time.
When asked how he would rank the ethereum team’s growth over the last six years, Buterin stated that developers had come halfway. He boasted about the Beacon network’s debut and the London hard fork.
Additionally, Buterin stated that the entire Ethereum 2.0 road plan has been written for the next five years.
A key element of the next phase is the “democratization of access… for anybody who wished to check the accuracy of the chain.”
According to Vitalik, Etherum “is not yet a first-layer technology that is ready for direct, broad adoption”. Simultaneously, he emphasized the importance of Layer 2 scalability and lower transaction fees. In this context, he also mentions Ethereum’s “amazing” growth over the last year.
Buterin also highlighted security and its procedures connected to updates with scalability. He equated developing blockchain to building a metropolis. Like the police and military, blockchain users are security guards hunting for attackers. More protection is required when cities grow or blocks are added to the network.
When it comes to the smart contract market or NFT, Ethereum is the most popular blockchain today. By market capitalization, Ethereum’s cryptocurrency, ether, is the second most valuable cryptocurrency on the market. Today, you must spend $ 3,813 for 1 ETH. This is up 1.59 per cent from the previous day.
Read Also: Jamaica’s Central Bank Completes CBDC Trial
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.