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Friday, January 28, 2022

Ethereum’s Development Has Appeased Vitalik

In the latest podcast of Bankless, Vitalik Buterin took his listeners through a roadmap that illustrated the necessary steps required for Ethereum to grow. In order to finally achieve decentralization and ultimate scalability, Buterin proposed that the cryptocurrency would need to be more lightweight and agile in terms of data in the blockchain- something that would allow more people to use and manage it.

At the beginning of December, Buterin also went ahead and published an article which was titled ‘Endgame’, where he stated that all blockchains would ultimately converge in the future while pushing for the tools that would allow for the verification of the block to happen in a censorship-resistant as well as decentralized way. 

Vitalik Buterin Is Hopeful Regarding Ethereum’s Growth

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Ethereum’s first stay would be the merge, which refers to the full period of transition from a proof-of-work to proof-of-stake, which would take place in the first half of this year. The second part, called the surge, would give the cryptocurrency increased scalability as well as a massive bandwidth to work with. The merge and the surge have been considered to be the two most important upgrades according to Vitalik Buterin- which would help in the development of the Ethereum network. 

When Buterin was asked to evaluate the progress Ethereum made over the last six years, the founder asserted that the cryptocurrency was at the halfway mark already- all due to the launch of the Beacon Chain, the London hard fork, and the consistent increase in the number of NFTs. But there is still quite a long road to chart. 

Buterin also admitted that Ethereum is still not the layer-one system that is completely ready for direct mass adoption- while reiterating the massive need for a layer-two scaling solution along with reduced fees of transaction.

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