Andrew Keys, the co-founder of Blockchain tech company ConsenSys, says that Ethereum would be able to complete its core protocol upgrade by the end of 2020. However, the majority of industry players only reacted with cold shrugs, given the current status of Ethereum 2.0’s development.
Also dubbed Serenity, this significant upgrade aims to move Ethereum Blockchain away from a proof-of-work (PoW) system to a proof-of-stake (PoS). According to Keys, the year 2020 will witness Ethereum unlocking several significant milestones. From being able to move smoothly from the upgrade’s Phase 0 to Phase 1 to launching shard chains and down to turbocharging the network’s layer two solutions, Keys believes that Ethereum would achieve 2.0 levels of scalability at layer one before this year ends.
The real status of Ethereum’s layer-two technology
Istanbul, the 8th and last hard fork to take place before Ethereum’s Serenity, had gone live last December. The process brought significant adjustments and improvements to the network. As specified on Ethereum Improvement Proposals (EIPs), the Istanbul upgrade paved the way for enhanced interoperability between the network and the Zcash (ZEC) Blockchain. Furthermore, the hard fork also resulted to the optimizations of Aztec and ZEther’s cryptography procedures.
According to reports, Aztec Protocol has the main objective of introducing private transactions within the network. To achieve this goal, Aztec employed SNARK’s zero-knowledge technology. Notably, it is the same technology that safeguards Zcash’s network transactions.
Meanwhile, Matter Labs is looking to adopt SNARKs to enhance scaling capacity. SNARK’s Zk Sync technology enables the removal of transactional computations off the chain.
As for Plasma, ConsenSys CEO Joseph Lubin said that this protocol would focus on building sidechains for particular use cases. He further explained that Plasma would enable developers to move some of their their decentralized platforms that are stuck within Ethereum’s layer two ecosystem.
However, no matter how promising these technologies sound, they must be completed and rolled out before Ethereum could take credit. Yet, based on the latest announcement of progress, only the Aztec protocol is ready to launch in the near term.
It’s worth noting that Ethereum targets to launch Serenity in the first quarter of 2020. As part of the preparation for what would be one of the world’s most historic upgrades, the founder of Ethereum had published a series of articles. These documents provided answers to the long list of questions and unknowns about the Ethereum 2.0 network.
Buterin’s blogs had impressed many Blockchain analysts and spectators. Today, his works are hailed as one of the most popular reads in the crypto community.