‘Get Ready for Ethereum 2.0,’ Says Vitalik as DAOs Made Great Progress
Vitalik Buterin, the creator of Ethereum, stated that ETF 2.0 is coming soon as the specification of ETF 2.0 has been written.
At the Global Blockchain Summit 2019 ongoing in Shanghai, the founder of Ethereum addresses a speech titled “Developments in the blockchain space that excite me”. Vitalik Buterin explained that the upcoming progress of PoS, privacy, decentralized exchanges, wallets in Blockchain industry. He also stated that DAOs have been developed with great progress in the past year.
1. The specification of ETH 2.0 has been written, only a few months, it will be launched.
2. Over the past year, the scalability of ETH has been greatly improved. A sample of the two-tier expansion scheme has existed on the mainnet.
3. Great progress has been made in ETH’s DAOs, which are used for governance, charity and sponsorship.
4. Decentralized exchanges make it easier to develop multi-asset applications, reduce the risk of hackers and centralized power of exchanges.
5. ETH has made great progress in privacy protection, especially in zero-knowledge proof. ETH has some on-line privacy solutions on mainnet.
6. Smart wallets are becoming more and more popular, in two years everyone is expected to use the ETH by smart contract wallet, which is safer than a private key.
7. Smart contract can optimize the financing mode, DAICO can protect the rights and interests of users.
ETH 2.0 is also the next ETH blockchain upgrade, which will include PoS as well as fragmentation of the Scalability technology. Fragmentation technology has actually been developed for many years and can be launched in just a few months.
“We don’t see PoS merely as a theory or a concept, as we’ll also think about the challenges we face. ETH 2.0 hasn’t been launched yet, but its specifications have been written. PoS protocol developers need to think about the issue is about de-centralization of Staking.”
In the past year, scalability has been greatly improved. For ETH, there is a fragmentation technology, which is under development and fragmentation test network is coming. At the same time, there are also two-tier scalability solutions. Now demo version has appeared on the mainnet of ETH. The first two are STARK Plasma and ZK Rollup. Instead of letting each node verify all transactions, these large trading nodes can be proved by one node. This proof can be broadcast on the blockchain with a shorter and simpler proof.
“For ETF, the current ETH network can handle up 20 to 25 transactions per second. Any Rollup mechanism can theoretically handle 700 transactions per second. In a few months, we hope to have an Istanbul hard fork, after which 3,000 transactions per second can be achieved.”
Decentralized exchanges make it easier to develop applications with multiple assets and reduce the risk of hackers (if the smart contracts used are secure). Because no single entity can steal crypto from it, and anyone can participate without permission. Once the de-centralized exchange is established, it can continue permanently. So other developers can rely on this infrastructure for applications, and de-centralized exchanges can really reduce the risk of centralized exchange power.
Vitalik believes that more credible sources of data will enable applications to connect better to the real world; more credible sources of data, thus calling for more credible external data. As smart wallets are becoming more and more popular, in two years everyone is expected to use the ETH by smart contract wallet, which is safer than only by a private key. He hoped that more applications will emerge as decentralized applications are much better than centralized applications. Now it’s getting closer to our destination.