At the annual Ethereum [ETH] The Devcon4 developer conference held in Prague, Vitalik Buterin, co-founder of Ethereum, talked about how Ethereum 2.0 will revolutionize the token blockchain. He said that with its implementation, transactions will become significantly faster than its predecessor.
The ETH frontman said that the new blockchain technology will have significantly smaller dimensions and that the validators will be able to run a complete node with just 1 GB. This means that the new model will only involve a synchronous confirmation, in which the transactions will include hundreds of validators, rather than one. This limits the payment process to 16 seconds.
The upgrade has the potential to introduce 1,000-fold scalability, which will increase Ethereum's transaction capacity to 14,000 per second, an astronomical increase over the current 14 transactions per second. However, before releasing the update, developers will make some final changes to stabilize protocol specifications and cross-client test networks.
He goes on to quote that the work of Ethereum on Casper's resolution, a mining-based work-testing algorithm, has encountered many obstacles, which they have been working on since 2015.
He also clarified the characteristics of Ethereum 2.0, which he calls "Serenity", and said it will be safer and able to handle thousands of transactions per second while consuming less energy. He said:
"Serenity is the world's computer as it is, and not a 1999 smartphone capable of processing only 20 transactions per second."
The scalability of Ethereum is essential to maintain dominance in the blockchain market, with their smart contracts and decentralized applications. Thus, the network needs to be updated to increase transaction speed and facilitate lower transaction costs.
Other Blockchain platforms like Cardano and EOS have increased their capabilities compared to Ethereum, which has led more developers to switch to their platform.
Buterin also discussed the privacy of ETH. He claimed that there is an interest in updating the blockchain at Starks. Starks is a cryptographic mechanism that is used to allow the aggregation of transactions reliably.
Written by Syed Suhaib
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