Vitalik Buterin talks about Ethereum 2.0 again: Looking forward to the development path in the next 5 to 10 years, Ethereum will be better than Bitcoin

Vitalik Buterin is not letting the spread of the coronavirus and market chaos hinder the development of Ethereum 2.0. On Wednesday, the Ethereum co-founder took to Twitter to look ahead to the prospects of Ethereum 2.0 in the next 5 to 10 years.

(Image source: Decrypt)

Ethereum is the second largest blockchain platform after Bitcoin by market capitalization. Ethereum is currently undergoing a huge change, and it will expand further and support more users in the coming years.

This is my rough idea of ​​what Ethereum 2.0 will look like in the next 5-10 years.

The roadmap below reflects my own views, others (including me in the future) may have different views! Details will be adjusted as we discover new information or technology.

But this is not easy to do.

The long road to Ethereum 2.0

For the cryptocurrency field, which is developing and changing rapidly, 5 to 10 years is equivalent to a lifetime of practitioners. But Buterin believes that this is worth it, not only to improve the scalability of Ethereum, but also for security.

The biggest change in Ethereum is the shift from proof of work (PoW) to proof of stake (PoS). This will change how new Ethereum blocks are generated and how the network operates. Buterin believes that switching to a proof of stake mechanism will make it more expensive for outsiders to attack the Ethereum network.

Buterin presented his thinking on Ethereum in the form of a roadmap. Half of the roadmap focuses on the current state of Ethereum, focusing on how it can continue to improve, and the other half focuses on Ethereum 2.0.

Phase 0 prepares the blockchain for switching to the proof-of-stake mechanism, and Phase 1 is when the network actually makes the switch. Currently, Ethereum enables a technology called rollups, which can help Ethereum support more transactions.

The main task of Ethereum 2.0 is to expand capacity

Ethereum 1.0 and the new PoS blockchain will soon be merged into one blockchain (where all past transactions will be stored).

Then, we will discuss the main tasks of Ethereum 2.0. For example, it will introduce advanced cryptography, including cryptography that is resistant to quantum attacks. Ethereum will also introduce other tools so that the network can provide more functions for users.

In his tweet on Wednesday, Buterin was also careful to emphasize that the roadmap could change as new technology or information becomes available, adding that it only represents his own opinion.

Buterin also emphasized that in order to ensure a smooth transition of the network to phase 2.0, developers should pay attention to the compatibility of Ethereum. At the same time, developers should also conduct more practical research and development instead of talking about unrealistic ideals all day long.

Responding to criticism that Ethereum’s complexity is hampering its ability to scale, Buterin insisted:

Many changes on Ethereum are actually going in the direction of reducing complexity. But these are not shown on the roadmap.

Six ways Ethereum 2.0 hopes to be better than Bitcoin

Some people questioned how Ethereum 2.0 could be better than Bitcoin, and Buterin expressed his views on this.

Oudekaas responded to @VitalikButerin:

How is this better than Bitcoin, which was designed in 2009? Has the world gone mad? This is like changing a round tire to a square one. The complexity of Ethereum is beyond measure and the entire project should be ended immediately. It is a complete waste of time and resources.

Vitalik Buterin:

1. Sharding and zero-knowledge proofs (ZKPs) ensure that verification costs are much lower than recalculating each transaction personally

2. PoS and PoW are not the same thing

3. Stateless Authentication

4. Supports arbitrary smart contracts (like Ethereum does today)

5. Second layer network supports strong privacy

6. 12-second block time, each block is equivalent to multiple confirmations

At the top of the list are sharding, a method of splitting up a blockchain to reduce the load on the network, and zero-knowledge proofs, an experimental privacy-preserving technology that makes it easier to send cryptocurrency anonymously.

Buterin said that these two factors will make the Ethereum network cheaper to use, especially compared to Bitcoin, and that these technologies will help Ethereum accommodate more transactions. He insisted:

The main task of Ethereum 2.0 is to expand capacity.

Buterin concluded by reiterating that proof of stake would be a better consensus mechanism. But for a 5-10 year development roadmap, this is easier said than done.

This article was translated with permission from DecryptMedia.com