Vitalik Buterin reveals his vision of the next 10 years for Ethereum 2.0

Vitalik's proposal could turn Ethereum staking into a $ 160 million industry

Vitalik Buterin - Co-Founder of Ethereum (ETH), has just announced the vision in the next 5 and 10 years of the project, despite the crises related to Corona virus and the stagnation of the cryptocurrency market affecting. Ethereum 2.0 developments.

Ethereum is currently the second largest blockchain after Bitcoin (in terms of market capitalization). With future development plans, the project is expected to expand and can support more users in the future.

The long way to Ethereum 2.0

“Here's my five to 10 year vision for ETH2. This roadmap is my perspective, some other developers may have a different perspective. Details can change once we analyze and find new technology. ”

5 to 10 years is a long time, especially for a volatile market like cryptocurrencies. However, Buterin stresses this is worthy of not only because of scale but also for safety.

The roadmap presented by Vitalik shows what the entire ETH network will grow. Half of the plan is similar to what Ethereum is deploying to ensure sustained development. The rest is a plan for ETH 2.0.

Phase 0 of the blockchain will prepare for the transition to PoS. Phase 1 will officially carry out the conversion. And at this point, the system will allow rollups to work, enabling Ethereum to serve more users.

"ETH 2.0 will only handle scale problems" - Vitalik Buterin

In the Wednesday tweet, Buterin also carefully emphasized that the new roadmap will only focus on new technologies.

Buterin emphasizes increasing the focus on flexibility, ensuring an efficient shift to ETH 2.0. Responding to "the complexity of ETH is delaying the ability to scale up," Buterin said that "many of the current changes are aiming to reduce complexity."

6 ways ETH 2.0 can improve Bitcoin

When asked if ETH 2.0 could be better than Bitcoin, Buterin gave 6 key points

  • Sharding and ZKP will ensure lower and cheaper authentication costs per transaction.

  • PoS, not PoW.

  • Out-of-state authentication.

  • Support more smart contracts (similar to the current ETH).

  • Has a high level of personal safety (L2).

  • Block time is 12 seconds.

Accordingly, headed by the story of sharding and Zero Knowledge Proof (or ZKP). Sharding is a way of splitting the blockchain system apart, making it lighter and easier to operate. ZKP is a new security technology that makes sending anonymous transactions more convenient.

Buterin confirms that these two factors make the network a lot more cost effective, especially if compared to Bitcoin. He also said that PoS is the superior system when built. However, with this 5 to 10 year roadmap, the road is still very arduous and hard to say.

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According to Coin68 / Decrypt
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Nguyen Diep

My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently

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