Vitalik Buterin, the co-founder of Ethereum announced at Devcon, the annual Ethereum developer conference that Ethereum 2.0 will be released soon and the update will enable the Ethereum network’s process transactions capacity to increase by a thousandfold.
Addressing the audience during the Devcon in Prague, Buterin elaborated about Ethereum 2.0, now called Serenity. He stressed that it will be faster, more secure, less energy-intensive, and capable of handling thousands of transactions per second. According to him, Serenity is “the world computer as it’s really meant to be and not a smartphone from 1999 that can process only 20 transactions a second.”
During the highly technical talk, Buterin reiterated the strenuous efforts that the network’s latest upgrade involved. His team had to recalibrate their timeline for development, as distractions like the infamous DAO hack, hindered their pace. The hack led to a network split, that the co-founder compared with the Hindenburgdisaster. Along with it, they had to battle against some overly complicated dead ends such as “super-quadratic sharding.” He stated:
“The world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”
While the proof-of-stake initiated in 2014, Ethereum like bitcoin uses a proof-of-work mechanism for achieving network consensus and confirming transactions, till date. The Serenity will enable the network to finally make the switch from proof-of-work to proof-of-stake. The latter is a model, which allow ether holders to “stake” their own coins in order to maintain the network. In doing so thee users will earn rewards.
Buetrin said that in 2018, Ethereum’s core developers decided to quit the half-measures of the hybrid model they have been working on in favor of a process that will definitely take longer but would deliver “a proof-of-stake and sharded blockchain with the properties that we’re looking for.”
Speaking about their plans further than Serenity, Buterin mentions that they will get into resolving the issues of transaction fees and governance. The team of developers has already started planning future tweaks to the proof-of-stake model, along with other technical improvements.