Ethereum 2.0 will arrive soon and could increase the capacity of the Ethereum network to process transactions a thousand times.
This was the message of Vitalik Buterin, the co-founder of Ethereum that more than any other represents in the public's mind the second largest blockchain in the world, shared with an audience in Prague this week. Now called Serenity, the update formerly known as Ethereum 2.0 promises to make the network faster, safer, less energetic and able to handle thousands of transactions per second.
Serenity, said Buterin, is "the world's computer as it really is meant to be, and not a 1999 smartphone capable of processing only 20 transactions per second".
In a highly technical speech at Devcon, the annual Ethereum developer conference, Buterin recounted the tortuous path taken by efforts to upgrade the network. From time to time Buterin and his colleagues were forced to recalibrate their development timing, as they mingled with distractions like the infamous DAO attack, which led to a network division that Buterin compared in his speech to the Hindenburg disaster. They also found themselves looking for too complicated alleys like "super-quadratic sharding".
"The world computer as it really is meant to be, and not a 1999 smartphone capable of processing only 20 transactions per second."
The road to the stake demonstration began in 2014, Buterin said, but today Ethereum still uses a labor-testing mechanism to reach the network's consensus and confirm transactions, as does the bitcoin.
Finally, Serenity will see that Ethereum will pass from the test of labor to the test of the stake, a model in which the people and organizations that hold the ether "will put their coins into play" to maintain the network and gain blocking premiums for to do it . In 2018, the main developers of Ethereum decided to abandon the half measures of the hybrid model they were working on and instead started on a path that initially would have required more time, but would provide "a blockchain proof-of-stake and shared with the properties we are looking for, "said Buterin. (Sharding is a way for computers in a blockchain to share the work of verifying data on the network, thus increasing overall efficiency).
The development of Ethereum will not end with Serenity. Issues related to transaction fees and governance remain, said Buterin. He and other major developers have already begun to outline future changes to the pole test model, along with other technical improvements.
After Buterin left the stage, another speaker spoke of "onboarding the next one million developers" to the Ethereum network – a massive expansion of the already large Ethereum tent. Such a dramatic increase in the number of people involved in building the network is necessary, the leaders say, because the blockchain achieves what it sees as a revolutionary potential.