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Since Ethereum was launched in 2015, the biggest challenge it has faced is downsizing. The open source, decentralized public computing platform has struggled to overcome this problem over the years. In the beginning, Ethereum presented itself as the computer of the world. It has not been a long time since it was developed that it started getting traction from every part of the industry. The more people used the system, the more obvious the lack of scalability became.
The ultimate sizing solution
The Ethereum network is based on a consensus mechanism of proof of work. Shortly after the start of the project, contributors saw that the consensus mechanism was not able to sustain the Ethereum fork. Thus, they began to explore new ideas in an attempt to solve the problem of scalability.
Price Ethereum (ETH) today – BTC / USD
During Devcon4, one of the most important events for the community of Ethereum, the showrunner of CNBC Africa and the writer of cryptocurrencies, Ran NeuNer spoke with many experts in the field of the future. Speaking with Justin Drake, a renowned Ethereum researcher and scalability expert, NeuNer has managed to capture some aspects of the upcoming update that will change the game for Ethereum – Serenity.
Ethereum 2.0 – Serenity Is The Future Of Blockchain
Many in the cryptographic space were skeptical about the long-awaited Ethereum 2.0. On several occasions, people on encrypted Twitter referred to this update as a keyword. Drake, during the session with NeuNer, spoke about Serenity in detail. In his words:
"Serenity is a combination of different ideas, part of this is to pass the test game from the job tests, another significant part of it is the sharding, Sharding will kick off the maximum scalability as we have a thousand of fragments rather than just one ".
Sharding will be a turning point for Ethereum. This fact can not be challenged. However, not everyone in the Ethereum community is as enthusiastic as the developers. The most common accusation is that the project takes too much time. Drake said he recognized that they were slow and the reason was that mistakes were made along the way. He also said that they made the mistake of over promising and underestimating how complex things are.
While we do not expect much in the short term, Drake said the Serenity project is doing well and that researchers are creating better projects over time. According to him, the project is moving fast. He said that the main reason why there were delays in the past is that the developers wanted to make sure that Serenity was compatible with previous versions. However, he noted that the serenity phase 0, which is the Beacon chain, will be released in 2019. In 2020, Serenity phase 1 will be released and in Serenity phase 2 will be released in 2021.
While these are the deadlines set by the network, some community members are not sure they will deliver at the expected time. Nevertheless, there are those who still believe that Ethereum will always be the number one among decentralized calculation networks.
Price analysis of Ethereum (ETH)
At the time of writing, ETH, the native token that powers Ethereum's blockchain, was trading at $ 209.54. This shows that it is down by 0.80% compared to the US dollar and down 0.51% compared to Bitcoin. The 24-hour trading volume is $ 1,439,092,405 and the market capitalization is $ 21,617,911,086.
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