The solution will presumably be called "Ethereum 1x", but developers are reluctant to share more details as it is still too early, people familiar with the issue have told CoinDesk. Among others, co-founders Vitalik Buterin and Joseph Lubin were present.
The report suggests that at least three private development work groups have already been formed. One will focus on building a new mechanism to execute smart contracts (which will replace the Ethereum virtual machine), another to discuss changes to the costs of smart contracts and another to simulate and compare these changes.
Minutes from private meetings suggest that developers are firing new concept tests in the near future. In addition to that, there are also plans to host a research conference to advance research and encourage new contributors to join the effort.
Among other things, the minutes show that the groups are trying to work on the new update in an inclusive and transparent way, perhaps in an attempt to avoid criticism that the governance of Ethereum is somewhat centralized.
Interestingly, the notes suggest that Buterin is not convinced of the need to introduce "irrational changes" on Ethereum. The minutes further suggest that Buterin feels "uncomfortable [with] institutional private calls e [is] absolutely against [a] private forum. "
The scale problems of Ethereum
Although Ethereum has been built as a platform for decentralized apps, Buterin has admitted in the past that developers looking to create apps that require the processing of a large volume of transactions are practically bogus, until a solution occurs of better scalability.
In fact, the developers of Ethereum have worked on various improvements, including sharding and a new consensus mechanism (more commonly called Proof-of-Stake).
More recently, Buterin revealed that Ethereum worked on a new protocol called Serenity, which could scale the network by a factor of 1000.
It remains to be seen how much they are able to put in place those proposals once implemented.
Published November 23, 2018 at 3:53 pm UTC