‘We are 50% of the way there,’ says Vitalik on Ethereum’s development


Vitalik Buterin walked listeners through a five-part roadmap on the latest Bankless podcast where he outlined the steps needed for Ethereum to survive and thrive.

In order to achieve ultimate scalability and decentralization, Butalik asserted that Ethereum needs to be more agile and lighter in terms of blockchain data so that more people can manage and use it.

In early December, Buterin also published an article titled “Endgame” where he argues that all blockchains will eventually converge in the future, while listing tools that would allow block checking to take place in a decentralized and censorship-resistant manner.

The first stage is called the merger, referring to the complete transition from proof of work to proof of stake, which will take place in the first half of 2022. The second part, called the push, plans to give Ethereum increased scalability. , massive bandwidth and throughput, especially on zk-rollups. The merger and scale-up are the most important improvements, according to Buterin, for building the Ethereum network.

When asked to assess Ethereum’s progress so far over the past six years, Buterin asserted that “we are at 50% of the way we have come” with the launch of the Beacon Chain, the London hard fork and even the rise of the NFTs. But there is still a long way to go.

Once the merge and surge is complete and the sharding implementation is complete, it will be assumed to be 80% complete. The roadmap, which is expected to take another six years, will lead to 100% optimization, according to Buterin.

The next phases include the dot, allowing more users to run nodes and essentially “democratizing access to as many participants as possible for anyone who wants to verify the validity of the string,” Buterin said. After the edge are the Purge and Madness phases, respectively referring to the elimination of historical data and the addition of various upgrades.

Related: Ethereum White Paper Predicted DeFi But Missed NFTs: Vitalik Buterin

Buterin summed up his ideal scenario for an Eth2 that doesn’t sacrifice decentralization for scalability:

“Leave the past in the past and create an Ethereum that gets simpler and simpler over time.”

Buterin admitted that Etherum is “not yet the Layer 1 system ready for direct mass adoption,” while reiterating the need for Layer 2 scaling solutions and lower transaction costs. He does note, however, the “incredible” progress Ethereum has seen in scaling layer two over the past year and the community behind it that is “willing to keep fighting for it.”

In addition to scalability, another theme Buterin has focused on is security and security measures around upgrades. He compared building blockchain to developing a city. Just as the police and military strive to defend their city or country, blockchain users act as security guards watching out for attackers. And as cities expand or blocks add to the chain, the more security is needed.

Currently, Ethereum runs on about 2.6 megabytes per second of blockchain data, according to Buterin. He asserted that once Ethereum has the ability to add more bandwidth and grow the user base, “more advocates will be able to run nodes and verify that everything is going well. “.

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Ethereum is the world’s second largest cryptocurrency by market cap, at $ 454 billion at the time of publication, making its journey to completion one of the high stakes. Below is a copy of the roadmap that Buterin posted on Twitter last month.