The second version of Ethereum is half ready
Vitaly Buterin, who is the co-founder of Ethereum, talked about the second version of the cryptocurrency, which is already 50% ready today, when he took part in the Bankless podcast.
Based on the information in the blockchain, Buterin highlighted the main aspects that will help in the decentralization and scalability of Ethereum. It needs to become simpler and more flexible so that more users can launch full Ethereum nodes. This, in turn, will bring the network closer to maximum decentralization. As of today, the network has a bandwidth of 2.6 MB of data/sec.
At this stage, the team of the new project is at the stage of merging. It is planned to fully switch to the Proof-of-Stake (PoS) consensus already in the 1st half of 2022. After that, the company will raise the bandwidth and scalability in the Ethereum network. For these purposes, zk-rollups will be used. According to Buterin, these are the key points in the development of the project. So far, he noted that the work on the new series is only 50% done.
When the first two stages are completed, the team of specialists will begin full-scale sharding, that is, the division of the Ethereum blockchain into a large number of parallel chains. This is no less a priority stage. It will be possible to consider the completion of the project at 80%.
There will be several more stages at the completion stage. This is updating and outputting historical data outside the main network, so that in the future each user can become a network validator. According to Buterin, at the moment Ethereum does not have the opportunity to become a level 1 network to fully accept. In this regard, she is not going to leave the second level yet. Indeed, over the past few years, solutions for scaling the main network have come a long way.
Vitaly Buterin concluded by saying that the past should be left in the past, and it is better to create Ethereum in such a way that it gradually becomes as simple as possible.
Back in early December last year, Vitaly Buterin published a large article called “Endgame”. It was about how Buterin sees the Ethereum 2.0 roadmap.
