Ethereum 2.0 is still on track in development despite the current shutdown across the globe due to COVID-19 virus. Vitaik Buterin, Ethereum’s co-founder, explained his vision for the project in the coming five to ten years, aiming to overtake Bitcoin as the top blockchain in the industry. On top of his agenda, is the massive proof of stake switch and scaling prospects of ETH 2.0.
Vitalik shares his vision of Ethereum 2.0
In a shared infographic on Twitter, Buterin outlined his own personal step-on-step growth curve of the Ethereum project from the current ETH 1.0, to ETH 1.5 (which is the step over between the two versions) and ETH 2.0. Again, Vitalik insisted this is HIS own personal view – and is subject to change.
“This is my approximate view of what the next ~5-10 years of eth2 and beyond might look like. Roadmap below reflects my own views, others (including future versions of me) may have different perspectives! Details may of course change as we discover new info or new tech.”
First, Vitalik emphasized that the research and development of later versions post the 2.0 will not be as complex as the current changes undergoing in the system. Complexity of the chain will also be reduced greatly with a key focus on scalability to onboard more users.
“The "quadratic sharding as end of history" approach ensures there will not need to be a further upgrade as large as the eth1 -> eth2 one; rather, from eth2 onwards things will be much more incremental.”
Ethereum (ETH) aiming at bettering Bitcoin
The overall response from the community has been positive with many of the members believing Vitalik’s vision will propel the crypto to “moon” status in the coming years. Their target? Bitcoin.
On a question on how the planned vision for ETH 2.0 is better than Bitcoin, Vitalik responded:
1. Sharding and ZKPs ensure verification cost much cheaper than personally re-computing every tx— vitalik.eth (@VitalikButerin) March 18, 2020
2. PoS and not PoW
3. Stateless verification
4. Supports arbitrary smart contracts (like eth today)
5. Supports strong privacy at L2
6. 12s block time, each block equiv to many confs
So far the second largest cryptocurrency trades at $143.00 USD, across major exchanges representing a 16% spike in the past 24 hours.