Vitalik Buterin, founder and co-founder of Ethereum, shared his plans for the development of a technological block-platform at a conference in Taipei, the capital of Taiwan.
The conference was devoted to problems in the Ethereum network and methods for their solution. Information was provided a lot, but the key was the issue of a new update from Vitalik Buterin.
The statement of Boutin started with a joking comment about the numerous substitutes for Ethereum:
"The Ethereum killer is Ethereum itself, Ethereum of China - Ethereum, Ethereum of Taiwan - Ethereum 2.0".
Main problems of Ethereum
Buterin identified four areas that need to be improved primarily on the Ethereum platform:
confidentiality,
security of consensus,
security of smart contracts,
scalability.
According to Buterin, the issue with the first three is being actively solved now. In the field of confidentiality, Byzantium's powerhouse has created opportunities for implementing zk-SNARKs. This decision Vitalik considers promising. For the security of consensus, Casper's new protocol has recently been developed, and for the safety of smart contracts, the Viper project and formal verification.
The problem of scaling is important
The creator of Ethereum explained that decentralization, scalability and security are three problems that can make themselves felt in the near future. It is easy enough to solve any two of the three questions listed, but it is extremely difficult to create a system that will cope with all three.
Scalability of the Ethereum network, according to Vitaly Buterin, should provide thousands of transactions per second - only in the blockroom and without supernodes. According to Buterin, the solution to the problem lies in additional circuits in which you can use the updated protocols, while the main circuit will remain unchanged.
Speaking about the transition from Proof of Work to Proof of Stake, Vitalik specified that this process will take three to five years. This information may have been one of the most important for miners, as long as they discover and add new blocks using the energy-intensive Proof of Work method. Using the Proof of Stake algorithm, users will be able to invest a certain amount of money for a while and receive a reward as new blocks appear.
