By Shelly Melancon (Switzerland)
The latest podcast series of bankless featured an interview with Ethereum founder Vitalik Buterin. During the interview, the Ethereum founder revealed the plans and steps the network is taking towards switching to ETH 2.0.
Completing The Transition
Buterin reiterated Ethereum’s need for enhanced agility and lightweight blockchain data to become more scalable and decentralized. A few weeks ago, the Ethereum founder also revealed the network’s schedule in switching to a PoS blockchain.
Buterin remarked that there is a need to bridge the network’s current PoW system with the intended PoS system. He also stated the tools to enhance decentralized blockchain verification without severe censorship.
Why The Bridge Is Important
According to Buterin, bridging Ethereum’s network with the beacon PoS system will complete the switch from a PoW to a PoS system. The completion of the change marks the first crucial stage of the network’s plans this year. Buterin further revealed that the network plans to rollout shard chains but won’t until it finalizes the transition.
After the transition and the shard chain rollout, Buterin revealed that the next step will be to scale Ethereum massively, a stage that has been tagged “the surge.” The surge will bring about enhanced bandwidth, ZK-rollups, and other throughputs. The network considers the Merge and Surge as two vital aspects of accomplishing the network’s plans this year.
Also read:When asked about whether he has accomplished his vision for the 6-year old network, Buterin responded that he is halfway there at the moment. Buterin highlighted that the launch of NFTs and their rising popularity, the beacon chain, and the hard fork have contributed to the growth of the network.
The Ethereum founder remarked that it would take the next five years to complete the upgrades, which will optimize the network to 100%. He further stated that the developers would work towards fully implementing the shard chains once those two stages are completed. Thus, making the upgrade to be 85% complete.
The Ethereum CEO remarked that his ideal situation would be that Eth 2.0 scales the network without sacrificing decentralization. He also said that after the surge, merge and shard, the next stage is called the Verge. The completion of this stage will increase the ability of users to implement node operations.
A Layer-2 Scaling Solution Is The Best For Mass Adoption – Buterin
When asked about the plan for mass adoption of the network, Buterin emphasized that Ethereum isn’t ready for that level right now, adding that the network would require a layer-2 scaling solution and a significant drop in trade charges to achieve mass adoption.
However, he stated that the network had made significant progress towards its layer-2 solution in the last few years. He also commended the Ethereum ecosystem for their willingness and doggedness in making it happen.
Buterin also revealed how they make the network more secure. He said, “currently, our blockchain community act as the security guards to the blockchain. More importantly, the increase in bandwidth will enable them to run additional nodes to verify that the network is protected properly.”
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