Ethereum will embrace a massive update really soon and the whole community is excited.
Ethereum 2.0 is coming really soon and the upgrade could increase by 1000 times the Ethereum network’s capacity to process transactions.
This was the massive message sent by the co-founder of Ethereum Vitalik Buterin while in Prague this week.
Ethereum 2.0 is called Serenity
The update which was formerly known as Ethereum 2.0 is now called Serenity and it promises to make the network much faster, more secure, less energy-intensive and also capable of handling thousands of transactions per second.
According to Buterin, Serenity is “the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”
During Devcon, the annual Ethereum developer conference, Buterin also addressed the massive efforts that have been put to upgrade the network so far.
He and his team were forced to recalibrate the timeline for development because they were hit by various issues such as the DAO hack which triggered the network split.
Buterin compared this to the Hindenburg disaster.
Serenity will see Ethereum switch from proof-of-work to proof-of-stake
After this move, people and organizations who hold ETH will stake their own coins in order to maintain the network and they’ll also be earning block rewards for doing so.
This year, Ethereum’s core devs abandoned the half-measures of the hybrid model that they have been working on and they started their journey on another path that would take longer, but would eventually deliver “a proof-of-stake and sharded blockchain with the properties that we’re looking for,” according to Buterin.
It’s also important to mention that Ethereum’s development will not end with Serenity because important issues such as transaction fees and governance are still present.
He and his team have already begun planning future tweaks along with more tech improvements.