What is Ethereum Serenity?
Ethereum, the dominant public blockchain for developers, ICOs and blockchain startups, needs to handle its scalability and high transaction fee cost. To do this it has a bunch of things called Ethereum 2.0, now known as “Serenity”.
New Vision of Ethereum’s Serenity
Vitalik Buterin spoke recently at Devcon 4 and the keynote is really worth watching.
It’s essentially a POS “Serenity” blockchain that’s an important upgrade to solve ETH’s scaling issues.
It’s also quite a big promise. Serenity sounds like a crypto avatar. I mean, come on, Serenity will simultaneously trigger a 1000x increase in scalability, make the Ethereum blockchain more secure, faster, and less energy consuming, as well as finally switch to the proof-of-stake mechanism.
Back in 2014, the first vision of what Ethereum would come to be was presented at a small gathering in Berlin called DevCon 0. Four years later, public blockchains are a dying sport if they can’t solve the scalability bottleneck as digital assets come into vogue.
Whatever you think of Ethereum 2.0, it simply can’t come soon enough. If Bitcoin’s tech is becoming ancient, Ethereum as it is today is pretty darn clunky. However to implement things like Casper and Sharding takes a lot of time.
Pure Casper is Serenity and whatever Ethereum 2.0 will be. We should see it come into being to a marked degree by 2020. Proof of Stake, beacon chain, aggregate signatures, sharding — pillars of Serenity’s flavors. If Smart contracts are the life blood of Ethereum, eWASM will replace The Ethereum Virtual Machine (EVM).
Cryptocurrencies still feel a bit like the Cannabis industry, nascent until proven otherwise. But if digital assets and cannabis stock are any indication, they are coming in vogue as those “Millennial socialists” grow up and come into leadership.
I think the rise of Female minorities in the latest Midterms points to the reality that’s coming. Ethereum is part of that generational movement. Ethereum stands for decentralization.
Serenity is how Ethereum finds redemption. The world is moving fast. Facebook has broken stuff. Governance hasn’t caught up to the tech. The tech in China is creating a “second internet” where facial recognition and mass surveillance is the new normal. The public blockchain stands for something else entirely, a world of opportunity with cryptoeconomics.
An important component of Serenity are application-specific integrated circuits, or ASICs, that will support an upcoming Ethereum technology called the “beacon chain.” So finally, if they got things right, the only “Ethereum Killer” will be Serenity itself.
Serenity is more than just a Proof of Stake Casper protocol. It’s what needs to happen and go smoothly for Ethereum to become viable. How is this for crypto poetry? Buterin stated:
“The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum… 2.0,”
and more aphorisms from the Tao of ETH:
“…a combination of a bunch of different features that we have been talking about for the past several years. We have been actively researching, building, and now, finally getting them all together.”
While digital assets appear like a new asset class, we’ll be waiting for Serenity as we say goodbye to 2018 soon. Or in Buterin’s words:
“Serenity is ‘the world computer’ as it’s really meant to be, not a smartphone from 1999 that can play snake.”
Which begs the question, is Ethereum the new Apple of another era?