Ethereum developer: serenity is moving very fast, dripping by 2020

The scale titles of Ethereum

Ethereum, officially launched in 2015, was praised for the first time as a decentralized, open source and public platform that would allow blockchain processing and data processing en bloc. And as such, the project, which advertised its blockchain as a so-called "world computer", quickly gained traction from every corner of the crypto industry. In a testament to its rapid rise to the fore, Ether, the native digital resource of the Ethereum ecosystem, quickly surpassed most of the altcoins to position itself firmly in the top 10 of the encrypted market.

But while the network ecosystem swelled, seeing an influx of active users and daily transactions (think of CryptoKitties), it became clear that the consent mechanism of Proof of Work (PoW) of Ethereum, partially supported by the SHA256 system of Satoshi Nakamoto, did not stand the test of time.

This looming problem, of course, was predicted by the more specific contributors of the project, leading many cryptocentric developers and researchers to spend hundreds of hours solving the most pertinent problem of the network: scalability.

Taking to Devcon4, the most important event on the calendar of Ethereum, Ran NeuNer, the showrunner for the show Crypto Trader of CNBC Africa, spoke with Justin Drake, a researcher for the Ethereum network and its protocols, on the problems of scalability .

Ethereum 2.0 – The future of the blockchain

"Ethereum 2.0" is probably a word of order that you, a cryptic enthusiast, have heard incessantly throw by many on Twitter Crypto. But what is it and what does it mean?

Well, as explained by Drake, 2.0, nicknamed "Serenity" more:

"It contains several new radical ideas, part of which is around a passage from Pole Test (POV) away from POW, and the other big idea is sharding, so scalability: having a thousand fragments compared to only one fragment. "

For those who are unaware, the term sharding is a technical term used to describe the subdivision of digital data sets into so-called "shards". In the case of decentralized networks, developers propose that sharding can be used to make consensus mechanisms more efficient, allowing for greater transactional / data throughput.

However, while sharing is undoubtedly a turning point, many have criticized developers and the project community for being slow. Drake focused on this, arguing that there were "errors" and "overly promising", marking delays to misrecognities and "underestimating the complexity of things".

Although these statements paint an obscure image for the short- and medium-term future of Ethereum, Drake went on to add that "in reality" research for Serenity has evolved well, adding that researchers have continued to propose better projects and best. In short, Drake noted that "they are moving extremely fast".

But, although there may be a silver coating, NeuNer stressed that there were undoubtedly delays, such as the multi-month one seen recently with Ethereum Constantinople, an important step towards Serenity. Drake attributed these delays to developers' plans to make Serenity compatible with Ethereum 1.0, which would require developers to implement scalability solutions in the legacy chain.

Now, however, the Ethereum development team has moved away from this goal, starting from scratch with a new blockchain protocol. While this may allow Ethereum to grow further in the future, Drake noted that this new environment has made the developers / researchers excessively ambitious, again, a delay.

However, the prominent crypt savant explained that the phase 0 of serenity (Beacon Chain) will arrive in 2019, a year before the first phase of Serenity (subdivision of data), and then Phase 2 (EVM) by 2021.

The ascension of the project to its next phase, as revealed by Buterin, could eventually facilitate "a pure consensus of the PoS, faster times to synchronous confirmation (8-16 seconds), economic purposes (10-20 minutes)" and, above all, a 1,000 x increase in scalability, which will probably solve most of the short and medium term shortcomings of Ethereum.

But for now, Ethereum supporters and supporters will have to play the game on hold, as some of the project's skeptics fear that deadlines will not be met and / or will be rejected. Mike Dudas from the Block recently said:

Title Image Courtesy of Kevin Ku on Unsplash