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In 2014, the first vision of what Ethereum it would come to be presented at a small meeting in Berlin called DevCon 0.
Fast forward 4 years later, and Ethereum became the second highest cryptocurrency by market capitalization, and is the most popular blockchain among developers. With 94 of the first 100 blockchain projects built on Ethereum, there is no doubt about the domain of Ethereum as a blockchain platform.
However, Ethereum has encountered some problems regarding the downsizing of their network.
To remain at the top as the main blockchain network for the development of smart contracts and decentralized applications, the Ethereum blockchain needs to be scaled up. The network needs to be updated to increase transaction speed and reduce transaction costs.
Blockchain platforms as EOS, NEO and Cardano have increased the skills compared to Ethereum and have therefore chosen some developers.
If the Ethereum foundation does not improve the downsizing of the Ethereum blockchain, it may lose its place as the main platform.
Ethereum scaling solutions
Ethereum has seen its fair share of proposals resizing solutions with people like sharding, Casper, Plasma and the Raiden Network.
However, these downsizing solutions have everyone runs to the checkpoints and it will not be implemented soon enough.
Although Ethereum's initial scaling solutions are taking longer than expected, the face of Ethereum and co-founder of the project, Vitalik Buterin, has announced the next phase of its evolution: Serenity.
DevCon 4 Serenity Announcement
The announcement of the new Ethereum scaling blockchain solution called "Serenity" was revealed at DevCon 4 on October 31st.
Before the announcement, Buterin said:
[Serenity] it is the realization of all these different strands of research on which we have spent our time in the last four years. This includes Casper, not only Casper hybrid, 100% organic, genuine, pure Casper.
He also mentioned other scaling solutions and developments including sharding, eWASM and other improvements before announcing:
Serenity is a new blockchain in the sense of being a data structure, but it has a link to the Proof-of-Work (PoW) chain. The Proof of Stake (PoS) chain would be aware of the blocking hash of the PoW chain, you will be able to move eth from the PoW chain to the PoS chain.
So it's a new system, but it's a connected system and the long-term goal is that once this new system is fairly stable, then basically all the applications on the existing blockchain can be merged into a contract on a fragment of the new system that would be an EVM interpreter written in eWASM.
Serenity, further explained
Serenity is basically the creation of a new blockchain that will be fully compatible with the existing Ethereum blockchain. Once this new blockchain has been tested and tested, all the pieces and data from the existing blockchain will be folded over a fragment of the new chain.
The new chain will have significantly smaller dimensions. Instead of needing 8 GB to run a complete node, the validators will only need less than 1 GB to run the node.
Another important aspect of this resizing solution is the confirmation times.
With the current Ethereum model, we can see transactions sometimes requiring hours to be confirmed. According to Buterin, the new model will solve this problem with a synchronous confirmation, in which the transactions will be included not only by a validator, but by hundreds.
This could allow traders like coffee shops to accept Ethereum payments in less than 16 seconds.
If Serenity succeeds, it could help pave the way for mass adoption of cryptocurrencies, as well as better decentralized applications for hosts and smart contracts.
However, we have already heard this kind of promise from Buterin. The pressure is on him and the Ethereum Foundation deliver.
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