Vitalik Unveils Ethereum 2.0 Roadmap
How Ethereum plans to address current problems in the protocol
On behalf of the entire team at COBINHOOD, we are honored to be part of Beyond Block Taipei 2017, where we were able to stand alongside and exchange ideas with our peers in the Ethereum community. Most significant, perhaps, was the unveiling of the roadmap for Ethereum 2.0 by Vitalik Buterin, co-founder of Ethereum.
Below is a short takeaway from his talk, followed by a short introduction to COBINHOOD (in case you don’t know who we are yet 😊).
The Roadmap to Ethereum 2.0
During Vitalik’s talk, who was the final speaker during the event, he started off by sharing the most significant problems Ethereum needs to solve and how these issues can be addressed with the introduction of Ethereum 2.0. He began by noting that Ethereum will be evolving over time, and 2.0 will lay the groundwork for what the protocol will look like in the future.
In essence, Ethereum 2.0 will advance the core model of the protocol through sharding, which, to paraphrase his words, sharding is like creating a blockchain with a hundred different universes with different account spaces in each universe. But these universes are not just separate blockchains, according to Vitalik, they are systems that are interconnected with one another, which also share consensus. Sharding is also seen to provide quadratic scalability.
Note that, “the shards will create new address space and will not be affecting existing address space which gives us a unique opportunity to make many important (but backward incompatible!) changes to the protocol,” stressed Vitalik. So, claimed Vitalik, in order to break one of these shards, you have to break the whole thing.
Apart from this, Ethereum 2.0 seeks to solve major problems that are plaguing the current protocol which are privacy (which Vitalik notes that it’s 3/4 of the way to be solved), consensus safety, smart contract safety, and perhaps most important of all is the issue of scalability. However, these problems are inherent to all blockchains today, not just Ethereum, and easy fixes are often done to address one issue but not all at the same time.
Ethereum anticipates a more ambitious plan which is to scale to up to a thousand transactions per second while remaining on-chain and without the need for super-nodes.
In Ethreum 2.0, binary Merkle trees, faster EVM, more parallelizability, and stateless clients are just some of the changes planned. Development is split into two layers, layer 1 will introduce safe and conservative updates while layer 2 will see rapid development, which is also when the sharding system will be introduced through the validator manager contracts.
The validator manager contract would maintain and mediate the internal Proof of Stake (PoS) system, and it will also keep track of these sets of shards. And regarding stateless clients, these don’t need to keep track of the full state of the system anymore. Instead, transaction senders will be required to provide Merkle proofs.
Vitalik also sees that moving forward; the main chain will be governed by hard forks while the new shards will be governed by ETH-voting through the validator manager contract. And eventually, a stronger cross-sharding mechanism will be introduced until the two will be merged together through tight coupling.
These are just some ideas that are possible through sharding, according to Vitalik.
Ethereum Community meets COBINHOOD
Below is a short introduction to COBINHOOD presented by our VP of Engineering, Kordan Ou, during Beyond Block Taipei 2017. To get to know more about the team and our zero trading fee exchange platform, you can visit our website or join our official community in Telegram.
Thank you Beyond Block Taipei for having us!
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