Vitalik Buterin shares vital information about how the team plans to make the network better than the Bitcoin (BTC) Blockchain. In a Wednesday tweet, Buterin briefly explained six steps that would drive the system forward amidst the global crisis brought by the coronavirus pandemic.
It was in 2013 when Buterin first revealed the concept behind the Ethereum Blockchain. The system was formally launched in 2015. Quickly, it became notable in the industry as a decentralized Blockchain that enables developers to build decentralized applications (DApps) and smart contracts upon it. Ether (ETH), the network’s native asset, is currently the second-largest crypto in terms of market cap.
Roadmap for 2020 and Onwards
The industry is currently waiting for the completion and launch of Ethereum’s Serenity. Also dubbed Ethereum 2.0, this revamped Blockchain would come with a new Ethereum Virtual Machine (EVM), rewards mechanisms, and others. But the most talked-about development is the bold plan to make the switch from Proof of Work (PoW) to Proof of Stake (PoS). According to Buterin, this move would make attackers think twice before hitting the network.
The roadmap for 2020 somehow shows that Ethereum is now in the final stage of development. According to ConsenSys, a Blockchain software tech company, Serenity is the ultimate iteration of the network’s evolution. Once launched, Ethereum users are guaranteed to enjoy a better, faster, and more scalable network. However, Buterin admitted that the journey wouldn’t be easy.
In his tweet, Buterin shared the significant upgrades that the ecosystem would undergo as well as the target launch date for each one. Phase 0 primarily focuses on the creation of a Beacon chain. It would feature a PoS consensus mechanism which will operate alongside the Blockchain’s current PoW system to maintain the chain’s continuity. The Beacon chain is designed to be simpler and thus would not offer support for smart contracts. Notably, this stage should be completed by the first quarter of this year.
Phase 1, on the other hand, aims to promote massive adoption for Ethereum. Last year, Buterin revealed that the network’s scalability is one of the reasons why the system struggles to gain traction. Thus, Buterin suggested the addition of 64 shard chains to the Beacon chain. The transactions would be divided across several shards, which can effectively increase the number of transactions Ethereum can process at a time. Notably, there are plans to add more shard chains as the network grows and expands.
Phase 2 would focus on the introduction of Ethereum-flavored WebAssembly (eWAS). Currently, Ethereum Virtual Machine (EVM) allows smart contracts to be executed without a trace of history on the Blockchain. Notably, with the introduction of eWAS, the problem associated with the sequential execution of transactions would be eliminated. Furthermore, it would provide support for smart contracts, accounts, and states on the upgraded Blockchain. The works are currently ongoing, and the team targets to complete developments by 2021.
Phase 3 is notably for continued improvements. Despite all the preparations for Ethereum 2.0, Buterin admitted that just like any other system, the network would still need maintenance as well as updates. He noted that there would always be new and growing demands, and Ethereum must always be poised to meet them.
In conclusion, Buterin emphasized that Ethereum 2.0, with all their works focused on improving its scalability, would be the more superior option compared to Bitcoin in the next five to ten years.