Vitalik Buterin Lays Out 3-5 Year Roadmap For Ethereum
“The ethereum killer is ethereum, the ethereum of China is ethereum, the ethereum of Taiwan is ethereum… 2.0.” – The introduction statement of Vitalik Buterin when presenting at Beyond Block in Tapei.
Vitalik Buterin appeared in Taipei Taiwan for a conference where he let people know about what he was thinking about for the years to come. His talk focused primarily on the issues that many believe are troubling ethereum, safety, scalability and privacy. The founder made sure to note that the privacy issue was about seventy-five percent solved. He made an indirect note letting people know where his thoughts were by wearing a Byzantium T-shirt highlighting a ethereum hardfork.
Ethereum creator Vitalik Buterin also made certain to lay out the much awaited plans for the upcoming events in the future. The future plans focused on the improvements that would be made to the underlying technology of the blockchain.
His opening statement was deliberate and bold, it addressed the concerns that people with the various things that are happening in the Ethereum space such as the replacements that are popping up and have popped in the past few months. Many believe that are stealing value from the main and pioneer Ethereum system.
“The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum… 2.0.”
This was a very smart and much needed statement, this provided the markets with what they needed to hear and may be one of the reasons it experienced a spike over the weekend, as interesting news from him was expected. As we’ve evidenced with bitcoin the market reacts in different ways to hard forks and splits within the system.
The talk focused in on the four segments of improvement that would be made to the ETH platform, these consisted of privacy, consensus safety, smart contract safety and scalability. Vitalik sees that there is a solution for each of these through, some that the community may not like, such as present and potential future hard forks.
The team over at Byzantium are bringing to market some newly minted crypto algorithms like zero-knowledge proofs and ring signatures which may provide coders with the ability to access tools that can create solutions to the problems that these privacy issues bring
Vitalik stated that the privacy problems are about seventy five percent of the way done from the base layer, the latter portion that is remaining will be at a protocol level. The idea is to be able to hide a transaction and give it selective anonymity. The individual participating in the transaction would be able to present the details of the transaction to who they wish at their own discretion.
The next topic of focus was that of the Casper update. The idea of this was to address the different mentions and comments surrounding consensus safety issues.
Afterwards they are also planning on deploying a Viper update that is supposed to exclusively pointed at addressing the matters with smart contract safety.
Scalability, an ever pressing concern in the community is still being worked on, as this is one of the toughest aspects of the system to account for, they have to find out ways to make changes that will allow for scalability without causing any potential issues to the current dynamics of the system. It seems that there must be a compromise to achieve scalability. But it is necessary for the aspects of security, decentralization and scalability to work together in one accord. If one wants to improve scalability, they might have do so at the cost of the crucial nature of decentralization. This and other factors cause the aspect of scalability to be a difficult problem to solve. But they are addressing it and seeking to make sure they are working on it in a holistic manner, where none of the aspects of the system have to be minimized, they can all work in harmony to create the expected system (scalability, decentralization and security). Eventually, an on chain, second layer solution should account for and provide a holistic solution.
He went on further about scalability, stating that the goal is to scale on-chain to thousands of transactions without masternodes, consortium nodes, or any other centralizing aspects through a function called sharding. Sharding allows for side chains where protocol changes can be upgraded while keeping the primary chain complete.
All of these changes are to take place incrementally over the course of three to five years.