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‘We’re halfway there,’ says Vitalik, referring to Ethereum’s progress

The Ethereum co-founder Vitalik Buterin discussed his hopes to make Eth2 a success in a two-hour Bankless podcast episode.

  • According to Buterin, the merging and the surge are the most critical changes to the Ethereum network.
  • It will be 80 percent complete once the merging and surge are completed, as well as full sharding implementation.
  • Buterin acknowledged that Etherum is “not yet the layer-one system that is ready for immediate mass adoption,” and emphasized the importance of layer-two scaling solutions and lower transaction fees.
  • He equated blockchain development to the growth of a metropolis.
  • According to Buterin, Ethereum currently uses around 2.6 gigabytes of blockchain data each second. “

On the latest Bankless podcast, Vitalik Buterin guided listeners through a five-part roadmap outlining the measures needed for Ethereum to live and prosper.

Butalik argued that Ethereum needs to be more agile and lightweight in terms of blockchain data in order to reach ultimate scalability and decentralization, so that more people can manage and use it.

Buterin also published an article titled “Endgame” in early December, in which he argues that all blockchains will eventually converge in the future, as well as a set of technologies that would enable for decentralized and censorship-resistant block verification.

The merging is the first step, which refers to the complete transfer from proof-of-work to proof-of-stake, which will take place in the first half of 2022. Part two, dubbed the surge, aims to boost Ethereum’s scalability, bandwidth, and throughput, especially on zk-rollups. According to Buterin, the merging and the surge are the most critical changes to the Ethereum network.

When asked to assess Ethereum’s accomplishments over the last six years, Buterin said that “we are half way there” thanks to the launch of the Beacon chain, the London hard fork, and the rise of NFTs. However, there is still more to be done.

It will be 80 percent complete once the merging and surge are completed, as well as full sharding implementation. According to Buterin, the plan, which is expected to take another six years to complete, would result in 100 percent optimization.

The verge, which allows more people to host nodes and thus “democratizes access to the biggest number of participants conceivable to anybody and everyone who wants to verify the validity of the chain,” is one of the next phases, according to Buterin. The purge and splurge phases follow the verge, and allude to the removal of past data and the installation of various enhancements, respectively.

Buterin acknowledged that Etherum is “not yet the layer-one system that is ready for immediate mass adoption,” and emphasized the importance of layer-two scaling solutions and lower transaction fees. He does, however, praise Ethereum’s “fantastic” development in layer-two scaling over the past year, as well as the community that is “ready to continue fighting for it.”

In addition to scalability, Buterin stressed the need of security and the safeguards in place during updates. He equated blockchain development to the growth of a metropolis. Just like the police and military labor to protect their city or country, blockchain users serve as security guards on the lookout for intruders. The more cities or blocks are added to the chain, the more protection is required.

According to Buterin, Ethereum currently uses around 2.6 gigabytes of blockchain data each second. “The more defenders will be able to run nodes and check that everything is working correctly,” he asserted if Ethereum has the potential to add more bandwidth and expand its user base.

With a market value of $454 billion at the time of publication, Ethereum is the world’s second-largest cryptocurrency by market capitalization, making its completion a high-stakes undertaking.

‘We’re halfway there,’ says Vitalik, referring to Ethereum’s progress

Staff Writer

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