Vitalik Buterin Provides Information About Ethereum And The Current State Of The ETH Network

Vitalik Buterin Provides Information About Ethereum And The Current State Of The Network

At the first Ethereum Supermeetup that was hosted at Token2049, Vitalik Buterin, the co-founder of Ethereum (ETH), provided information about Ethereum and how it is evolving in the market.

Buterin Provides Information About Ethereum

Ethereum is the second largest blockchain network and cryptocurrency in the market after Bitcoin (BTC). If there is something affecting Ethereum it could clearly have an effect on other digital asset and the whole crypto market.

Since 2015, when ETH was launched to the market, new solutions and consensus mechanisms were proposed, and some of them could be implemented on the Ethereum network. One of them is transforming Ethereum in a Proof of Stake (PoS) network.

However, it is not easy to implement a PoS network after operating on top of Proof of Work (PoW). Moving towards PoS would help Ethereum scale, improve its decentralization and bolster transactional throughput. The whole process is clearly complicated and is not specifically clear.

During the event, Buterin explained that Serenity will be helping the network have some technical improvements needed that would allow the network to keep expanding. With Serenity, it will be possible for Ethereum to implement PoS and sharding, among other things such as improvements to the Virtual Machine, Merkle Trees and more.

The main intention behind it is to create a next-generation blockchain that will be faster and more scalable than the current network. At the moment, Ethereum has yet to start implementing phase zero related to the Serenity integration. Nonetheless, Buterin explains that they are working on it. As reported by Newsbtc, phase zero will be primarily centered around staking and that it could get launched by development firms.

At the same time, he mentioned that there are a series of protocols between 1.0 called Ethereum 1.x, and Serenity 1.x. With this, the network will be able to move into full staking, sharing and more.

At the moment, there are some stateless clients that could allow nodes on the Ethereum network to store fewer data.

About it, Buterin said:

“For all the scalability issues, efficiency issues that people have, there are generally multiple efforts that are flying under the radar to improve that.”

Vitalik Buterin has also talked about the improvements that are being performed on Etheruem’s layer two. Meanwhile, Bitcoin developers continue to work on the Lightning Network (LN) and how it can help Bitcoin improve its scalability.

Todays-Bitcoin-BTC-Price-Prediction-Plus-ETH-XRP-and-BCH-Chart-Analysis

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Carl T
Carl T
Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,466FansLike
2,795FollowersFollow
4,237FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitfinex Offers $400M Reward For Info on 120k BTC Stolen in 2016; Hackers Can Collect Too

On August 2, 2016, Bitfinex experienced one of the biggest crypto heists of all time, as hackers exploited the system, running off with approximately...

Crypto Trading Platform, 2gether, Unable To Refund $1.4M Hack; Offers Its Native Tokens

Spanish cryptocurrency trading app, 2gether announced on Sunday the platform faced a hack on July 31 on its investment coffers losing €1.183 million ($1.4...

Venture Fund to Invest Majority of $100 Million Raised Fund in DeFi Protocols

San Francisco-based venture fund Electric Capital has raised $100 million from university endowments and other non-profits and it will be using this to invest...

Filecoin to Begins its Incentivized Testnet This Week Ahead of Project Launch Next Month

Crypto project Filecoin which proposes to create a peer-to-peer storage system, will begin its incentivized testnet this week. This testnet will allow users to...

Ethereum 2.0 Final Testnet, Medalla, Rolls Out; Is A 2020 Launch Now In Sight?

The Ethereum 2.0 Phase 0 Medalla public testnet finally went live on August 4, 2020 at around 1AM GMT giving hope of a possible...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today