V God: The benefits of Ethereum 2.0 will appear sooner than expected


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Vitalik Buterin, the co-founder of Ethereum, recently answered some community questions in the “Ask Me Anything” (AMA) session on Reddit.

Buterin stated at an AMA hosted by the Ethereum Foundation’s ETH 2.0 research team on Wednesday that the benefits of ETH 2.0 will emerge sooner than people expected.

Over the years, the Ethereum network has experienced high levels of congestion at different times, depending on various applications and related traffic.

CryptoKitties reduced the speed of the Ethereum network in 2017. Recently, decentralized financial activities blocked the Ethereum blockchain, resulting in high fees and above-average confirmation times.

ETH 2.0 proposes a scaling solution that can greatly increase the number of transactions per second. It will also move the blockchain to another consensus algorithm called proof of stake.

Although the transition faces some delays, the team stated that their current goal is to launch ETH 2.0 Phase 0 on December 1. The first version of the ETH 2.0 specification was also announced, including the mainnet deposit contract address for mortgage. The deposit contract is one of the final steps of Phase 0 launch, as it will enable ETH transactions between the original Ethereum and its second iteration.

Buterin said that aggregation-centric upgrades, simplified mergers and parallelization of various stages are one of the major revisions of the ETH 2.0 roadmap, which will affect the final network results.

Buterin said, “All these changes are to make ETH 2.0 faster for humans.”

In general, scale expansion has always been a topic of intense discussion in the encryption field, not only for ether, but also for other assets such as Bitcoin.

Author Amy Liu