In the latest Bankless podcast, Vitalik Buterin introduced a five-part roadmap to the audience, where he outlined the necessary steps for Ethereum’s survival and prosperity.
In order to achieve ultimate scalability and decentralization, Butalik claims that Ethereum needs to be more agile and lightweight in terms of blockchain data so that more people can manage and use it.
In early December, Buterin also published an article called “Endgame” He argued that all blockchains will eventually converge in the future, and Checklist Tools that allow block verification in a decentralized and censorship-resistant manner.
The first step is called consolidation, which refers to the complete transition from proof of work to proof of equity, which will take place in the first half of 2022. The second part is called the surge, which plans to provide Ethereum with higher scalability, huge bandwidth and throughput, especially on zk-rollup. According to Buterin, mergers and surges are the most important upgrades for building the Ethereum network.
When asked about the progress Ethereum has made in the past six years, Buterin asserted that “we have completed 50%” thanks to the launch of the Beacon chain, the London hard fork and even the rise of NFTs. But there is still a long way to go.
Once the merger and surge are completed, and there is a complete sharding implementation, then it should be 80% complete. Buterin said that the roadmap is expected to take another 6 years to complete, and it will lead to 100% optimization.
Buterin said that the next phase includes the edge, enabling more users to run nodes, and essentially “allowing as many participants as possible to democratize access to anyone who wants to verify the validity of the chain.” Followed by the cleanup and squander phases, which refer to the elimination of historical data and the addition of miscellaneous upgrades, respectively.
Buterin summarized his ideal Eth2 solution, which does not sacrifice decentralization for scalability:
“Let the past become the past and create an Ethereum that actually becomes simpler over time.”
Buterin acknowledged that Ethereum “is not yet a first-tier system that can be directly adopted on a large scale,” while reiterating the need for a second-tier scaling solution and lower transaction fees. However, he did notice that Ethereum has made “amazing” progress in the second layer of expansion in the past year, and the community behind it is “willing to continue fighting for it.”
In addition to scalability, another theme that Buterin emphasized is security and security measures around upgrades. He likened blockchain construction to the development of a city. Just as the police and the army defend their cities or countries, blockchain users also play the role of security guards to monitor attackers. As cities expand or blocks are added to the chain, more security is needed.
According to Buterin, Ethereum currently runs on 2.6 megabytes of blockchain data per second. He claimed that once Ethereum can add more bandwidth and increase its user base, “more defenders will be able to run nodes and verify that everything is normal.”
In terms of market capitalization, Ethereum is the second largest cryptocurrency in the world. exist At the time of publication, it was $454 billion, making it one of the high-risk projects. The following is a copy of the roadmap that Buterin posted on Twitter last month.
Happy birthday to Beacon Chain!
This is an updated roadmap to illustrate where the Ethereum protocol will be developed and in what order.
(I’m sure this misses a lot, like all charts, but it covers a lot of important things!) pic.twitter.com/puWP7hwDlx
-vitalik.eth (@VitalikButerin) December 2, 2021