Ethereum’s Creator Vitalik Buterin Gives Fresh Outline Of Ether 2.0 Blockchain Upgrades

Vitalik Buterin Gives The Outline Of Ethereum 2.0 At San Francisco Event

In a recent Ethereum event in San Francisco, Vitalik Buterin spoke about Ethereum 2.0 and the importance it holds for the Ethereum blockchain and the timeline of its release.

According to Buterin, the Ethereum 2.0 platform includes a blend of various concepts and can also be referred to as a “catch-all term”. Buterin further mentioned that these new concepts are a part of the roadmap which will drastically overhaul the entire Ethereum blockchain. Reportedly, ethereum’s team has been developing the project of Ethereum 2.0 for the past few years.

Ethereum’s team has been focusing on a concept such as the PoS or the Proof of Stake protocols known as Sharding and Casper. Further, the latest version of the Ethereum platform will be equipped with a wide array of improvements such as improved economics protocol, abstraction etc. Vitalik added that he has recently written a paper on the concept of protocol economics.

Buterin said: “Ethereum 2.0, is basically the kind of new version of Ethereum that will take all of these different improvements and put them together and essentially create what we believe is the best possible design for a general purpose blockchain.”

While remembering the amount of time it took for Vitalik to write Ethereum 1.0’s White Paper, he states that Ethereum 2.0’s timeline is almost on similar lines. Buterin said that currently, they were significantly ahead of the timeline mentioned in the white paper. Buterin mentioned examples from individual projects such as the Prysm of the Prysmatic labs, Parity of ConsenSys, Lighthouse by Sigma Prime etc.

Buterin asserted that their team will also work on the Testnet protocols for formal verification, auditing protocols, protocols for auditing of codes and the implementation, which will incorporate into the release of Mainnet.

He later compared the Ethereum ecosystem with that of Bitcoin’s. He stated that they did not want to have failures of development and centralization, faced by the Bitcoin ecosystem due to a single implementation.

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