Buterin Envisions Ethereum 2.0 By 2030
Despite the recent unexpected recession that affected not only crypto markets but even larger the traditional financial markets, the young founder of Ethereum, Vitalik Buterin is calm and envisions the future that lies ahead, instead of panicking with the current version of physical reality. A reality that looks more like a surreal level of propaganda combined with a double-threat for mankind, one from the infamous COVID-19, and another generated by the bear market that reminds us of the year 2008, if not the great depression that undertook the U.S. during the early 1900s.
In a recent tweet, Buterin shared his vision of the Ethereum blockchain after the upcoming Ethereum 2.0 update and for the next decade.
In addition, the tweet included a data sheet describing tasks to be accomplished and added to the network “whenever ready”, or simply in an undefined order.
While most of us expected this update which comes as no surprise, there were also those who were not only dissatisfied but expressed negativity towards the Ethereum 2.0 transition.
Nevertheless, Buterin explained further why this new update was meant to be a more efficient solution for everyone even if some old protocols would have to change and adapt to the new version.
Why Ethereum 2.0 is better, according to Vitalik Buterin:
- Sharding and ZKPs (zero-knowledge proof) ensure verification cost much cheaper than personally re-computing every tx (transaction)
- PoS (Proof-Of-Stake) over PoW (Proof-Of-Work)
- Stateless verification
- Supports arbitrary smart contracts (like ETH today)
- Supports strong privacy at L2 (layer 2)
- 12s block time, each block equivalent to many confirmations
If you’re not familiar with the term, ZKP is a protocol used by ZCash, which essentially allows users to perform secure and provable transactions without necessarily revealing their identity. Blockchain history is still transparent to the public.
Proof-Of-Stake is a consensus mechanism that is in contrast to the traditional Proof-Of-Work consensus utilized by Bitcoin and other first and second-generation blockchains, that consume extremely high levels of electricity in order to operate with integrity. In a nutshell, Proof-Of-Stake will enable faster transaction times, and for a lower fee.
But probably the most important aspect of Ethereum 2.0 would be the fact that it is tailored to be a better, more efficient, well-written code, one that Vitalik believes will never require an update equivalent to eth1->eth2. Instead new updates and/or functions could be easily implemented directly into the blockchain in a modular fashion.
That reminds me of Microsoft’s strategy a lot, where Windows 10 users enjoy regular online updates instead of having to purchase and get used to a whole new version of Windows every 4-5 years.
The way I see it, Buterin is not worried about the current technopolitical propaganda but aims towards the future of what he started, showcasing restrain and strength alongside vivid ambition towards what we refer to as the future.
From an investor’s perspective, Ethereum has a lot of folds towards its previous ATH and things ain’t gonna stop there if we’ll ever surpass the old standards, while Bitcoin can fold less than four times to engage its ATH area.
Do you think that Ethereum 2.0 is a huge leap towards a new crypto-era where both governments and netizens could be settled? Would you suggest that Buterin’s focus should be on Coronavirus at this time, or is he actually doing the right thing?
Let me know your thoughts in the comments section below or feel free to hit me at @rosspeili