Ethereum Halfway To Perfection, Says Vitalik Buterin As He Outlines Vision For ETH 2.0

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  • Ethereum’s Buterin Thinks That The Network Is Half-Way There After 6 Years
  • The programmer outlined his vision for the network and blockchain itself. 
  • Emphasis was placed on scalability and security. 

Ethereum co-founder Vitalik Buterik says he believes that the network is about halfway through its development. The programmer disclosed this in the latest Bankless podcast episode.

The Ethereum Network Is Halfway There

Buterin, when asked about his thoughts on the progress of the network during the podcast, commented that “we are 50% of the way there.” He said that the team achieved this milestone with the development of the Beacon Chain, which provides the framework for the proof-of-stake. He added that the London hard fork was also instrumental for the network’s recent strides over the last year.

The Ethereum co-founder during the podcast also talked about the steps the project hopes to take to make Ethereum 2.0 a success. Buterin said that his end goal is to “leave the past in the past and create an Ethereum that actually becomes simpler and simpler over time.”

Buterin added that Ethereum needed to be easier to iterate and less data-intensive for easier management and adoption.

The executive had released a piece at the end of last year, titled “Endgame”, in which he argued that all would ultimately work together in the coming years. To this end, Buterin outlined processes that would allow for a decentralized block confirmation system.

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Buterin said the first step was “merge”, which is scheduled for the first fiscal quarter of 2022 and will see the migration of Ethereum from the proof-of-work system to the proof-of-stake system. The next phase, called “surge”, will see the network become more scalable and able to deal with more data per time and throughput. 

Following the surge will be the “verge”, which will allow users to run nodes, saying it will be “democratizing access to the broadest number of participants possible to anyone and everyone who wants to verify the validity of the chain.” The next phases are called “purge” and “splurge”, which will see historical data removed and cater for further upgrades, respectively.

Better Scalability And Security

The founder conceded to the fact that the Ethereum network was not yet prepared for what he termed “direct mass adoption”, stressing that more scaling protocol solutions had to be developed as well as the need for fees to be much lower. 

Buterin lauded the progress the network has made so far with scaling protocols, adding that the community remains resilient and firmly behind it. Aside from scaling, the CEO also stressed the issue of security around the coming upgrades.

Buterin compared a blockchain network to a state with armed forces needed to secure it and revealed that the network users had a similar role in securing the blockchain, adding that with every new block, additional security is necessary. 

Buterin says that the network will become more secure with increased bandwidth and greater adoption, adding “the more defenders will be able to run nodes and to verify that everything is going okay.”