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