V God BSN Summit Speech: Ethereum 2.0 will have enough space to support applications with millions of users

At the BSN Global Technology Innovation Summit, Ethereum founder Vitalik Buterin attended the meeting and delivered a speech entitled “Updates on Ethereum 2.0”.

In the speech, V God focused on the benefits of Ethereum 2.0, scalability path, and privacy protection. He said, “The Ethereum 2.0 public chain will have very good scalability, and Eth2 can be seen as a hotbed for running applications… If you are building an application that is expected to eventually have millions of users, in the present There may not be enough space on the Ethereum 1.0 chain, but there will definitely be enough space on the Ethereum 2.0 chain.”

He encourages developers and enthusiasts of Ethereum to learn about the upgrades of Ethereum 2.0, and learn rollup and some second-tier extension technologies.

The following is the full text of the speech:

Hello everyone!

Thank you very much for the BSN Global Technology Innovation Summit for giving me the opportunity to give a speech. Here I want to give you a quick update of some information about Ethereum 2.0: the new points of Ethereum 2.0, the future development direction, and how it relates to blockchain users , Especially some Ethereum enterprise users who use BSN to build projects.

First, let me share with you an exciting milestone: the Ethereum 2.0 proof-of-stake chain. This is the first stage of Ethereum 2.0’s efforts and has reached its deposit goal. This means that this code is fully prepared for the Ethereum 2.0 proof of stake chain, and it has been prepared for some time. In fact, the launch of the chain requires the efforts of many people-to become a validator, and as part of this proof-of-stake system, about 520,000 Ether is deposited in the system. Two days ago, we have reached this goal, and now we have far exceeded the target value. About 740,000 ETH can be used as validators to participate in this new proof-of-stake network. This means that the proof-of-stake beacon chain is ready, and it will be launched at 8pm China time next Tuesday. Get ready and look forward to the first phase of Ethereum 2.0!

Ethereum 2.0 is a huge project, and we have been working on it for many years. Now, this project has finally become a reality. With the landing of this proof-of-stake network early next week, Ethereum 2.0 will demonstrate its benefits.

First, the consensus of proof of rights is more efficient and reduces energy consumption. It is not so much a consensus requirement as it is that miners need computers that run 24/7 and continuously consume large amounts of electricity. Proof of rights is more energy efficient, reduces a lot of waste, and it uses fewer resources to provide the same level of security.

Second, it is faster to reach consensus, that is, less time to wait for transaction confirmation. In Ethereum 2.0, you are guaranteed to complete the transaction within 12 to 18 minutes, and you will get a very strong security guarantee. But even after about 12 seconds, you can get an initial confirmation of a strong guarantee, which is a higher level of security. In Ethereum, a confirmation takes about 12 seconds, and for a very high security level, you may need to wait more time.

The third is higher scalability. An important technology in Ethereum 2.0 is called sharding. Sharding can reduce a lot of transaction costs and improve a lot of scalability. If sharding is combined with layer 2 technology, it may allow us to process up to 100,000 transactions per second. Finally, the existing Ethereum applications continue to work. If you have an Ethereum application, transitioning to Ethereum 2.0 will not break your application, it will continue to work as it does today.

Next, I will introduce the path of scalability.

Today’s existing Ethereum chain can process about 15 to 45 transactions per second, using a scaling technology called rollups. This technology is already running on the mainnet to some extent. Some projects will be launched soon, such as: Loopring based in Shanghai and Sync as another main team ZK-Sync, and other teams that are optimistic about Ethereum. Rollups is a scalability technology that can improve scalability to approximately 1,000 to 4,000 transactions per second. At present, simple payments can basically be made, but more complex, such as the application of smart contracts, will take time to realize.

Finally, if you combine rollups and sharding, rollups are basically ready, but sharding will take more time to combine the two. At that time, you can get up to 25,000 to 100,000 transactions per second, which will provide enterprise users with a higher level of scale and scalability, which is a strong guarantee. If you start building an application now, even if it reaches millions or tens of millions of users

Or in the long run, even hundreds of millions of users will still have room for the application to continue running. And these numbers are only applicable to today’s technology. As computer functions continue to become more powerful, Ethereum will become more efficient. Over time, I expect this number will increase.

For a long time, I think one of the reasons why companies will use private chains is that the scalability of public chains is very poor. The Ethereum 2.0 public chain will have very good scalability, and Eth2 can be regarded as a hotbed for running applications. Over time, it will become more and more important. Any form of integration can be achieved with the help of BSN or anyone else, so scalability is very important

Next, I will introduce privacy protection.

Privacy is a big issue for many enterprise applications. For this reason, everyone has done a lot of work in cryptography, such as: zero-knowledge proof, ZKSnarks, Aztech, etc. The Ernst & Young project announced last year has done a lot of work on privacy protection applications, benefiting from the security provided by blockchain without sacrificing the confidentiality of private data.

The beacon chain, this Ethereum 2.0 proof-of-stake chain will be launched next week and is expected to reach sharding. In the early part of next year, it is likely to be the first major upgrade of the beacon chain-light customer support. This is a fairly simple upgrade, so it is likely to happen soon. At the same time, we have made more improvements to the existing Ethereum blockchain, such as: stateless client support, encryption operations, more efficient data structures, binary trees, accelerated fuel pool protocols, etc., many of which are used to improve the existing The Ethereum user experience is ongoing. Then, it is to expand the shards, and at the same time carry out the work of combining Ethereum 2.0. With the existing Ethereum chain, the existing Ethereum chain and the new equity proof chain are combined into a system to jointly run the equity proof chain.

Overall, these are upgrades.

This will greatly improve the efficiency of the Ethereum chain, and they will enable applications with higher scalability and lower costs. If you are building an application that is expected to eventually have millions of users, there may not be enough space on the existing Ethereum 1.0 chain, but there will definitely be enough space on the Ethereum 2.0 chain. Therefore, you can start to build and then be confident that you will have a way to take full advantage of the features of the Ethereum 2.0 chain. Proof of equity will also provide a more stable and efficient consensus layer, giving more powerful guarantees for transaction security, which will also happen at the same time as many other improvements. Therefore, if you are building an application, we encourage you to learn about all these upgrades, and you can also learn rollup and some second-tier extension techniques. At the same time, work in progress in the Ethereum ecosystem and understand how the technology fits your application. If you are just a fan, you are also welcome to participate in the beacon chain as a verifier.

Continue to observe and continue to participate, I hope everyone can enjoy the Ethereum ecosystem. We will continue to improve rapidly in the next two to three years. thank you all!