Buterin Vitalik, founder of Ethereum and co-founder, shared its plans regarding the development of technology, the blockchain platform at a conference in Taipei the capital of Taiwan.
The conference was devoted to problems in Ethereum and methods of their solutions. Information was provided by many, but the key was the issue the new update from Vitalik Buterin.
Statement Buterin began with a joking comment about the numerous alternatives Ethereum:
“The killer is himself Ethereum Ethereum, Ethereum China – Ethereum, Ethereum Taiwan – Ethereum 2.0”.
The main problems Ethereum
Buterin identified four areas that need to improve in the first place on the platform Ethereum:
privacy, security consensus, security, smart contracts, and scalability.
According to Buterin the issue with the first three now being actively solved. In the area of privacy, hardwork Byzantium has created opportunities for implementation of zk-SNARKs. This decision he considers promising. For the safety of consensus has recently developed a new Protocol Casper, and to the security of smart contracts – project Viper and formal verification.
Important scaling problem
The Creator of Ethereum explained that decentralization, scalability, and security – three issues that can be felt in the near future. Easy enough to solve any two questions out of three listed, but to create a system that will cope with all three is extremely difficult.
Scalability of Ethereum, according to Vitaly Buterin should provide thousands of transactions per second – only in the blockchain and be without svarnogo. According to Buterin, the solution to the problems lies in the further circuits, in which you can use updated protocols, while the primary circuit will remain unchanged.
Speaking about the transition from Proof of Work to Proof of Stake, he said that this process will take three to five years. This information may have been one of the most important for the miners as they discover and add new units with power-consuming method of Proof of Work. Using the Proof of Stake algorithm, users will be able to invest a certain amount of funds and be rewarded with the emergence of new blocks.