The co-founder of Ethereum Vitalik talks about the ETH development and discussed the plans to make ETH 2 succeed so let’s read more today in our ethereum latest news.
Vitalik Buterin talked through the five-part roadmap on the latest Bankless podcast where he noted the needed steps for Ethereum to thrive and survive. In order to achieve scalability and decentralization, Vitalik claimed that Etheruem has to become more agile and lightweight in terms of blockchain data so that more people can manage to use it. At the start of December, Buterin published an article titled “Endgame” where he makes the case that the blockchains will converge in the future while listing the tools that will allow for block verification to happen in a decentralized way. The first step is called the merge referring to the full transition from the proof of work to proof of stake that will happen during the first half of 2022. Part two will give Ethereum increased scalability and bigger bandwidth. The merge and the surge parts are the biggest upgrades according to Buterin in order to build the Ethereum network further. Vitalik talks about ETH development often and when asked about its progress, he said “we are 50% of the way there.”
Happy birthday beacon chain!
Here’s an updated roadmap diagram for where Ethereum protocol development is at and what’s coming in what order.
(I’m sure this is missing a lot, as all diagrams are, but it covers a lot of the important stuff!) pic.twitter.com/puWP7hwDlx
— vitalik.eth (@VitalikButerin) December 2, 2021
Once the merge and surge phases go thorugh, then it will be 80% complete. The roadmap is estimated to take another six years to complete and will lead to 100% optimization. The next phases include the verge that will enable users to run nodes and democratize the access. Buterin summarized:
“Leave the past in the past and create an Ethereum that actually becomes simpler and simpler over time.”
The co-founder of Ethereum Buterin admitted that Ethereum is not yet a layer one system that is ready for a mass adoption level. He noted that there’s some amazing progress that Ethereum has seen in the layer two scaling over 2021 and the community behind it is willing to fight for it. Right now, Ethereum runs on 2.6 megabytes per second on the blockchain data and claimed that once Ethereum has the ability to add more bandwidth and increase the user base, more defenders will run nodes and will verify the processes.
Ethereum stands as the world’s second-biggest crypto in terms of market cap with a $454 billion market cap.