Recently, Vitalik Buterin, the Co-Founder of Ethereum spoke about Ethereum 2.0 and the importance it holds for the Ethereum blockchain and the timeline of its release, during the Ethereum San Francisco event.
Buterin stated that Ethereum 2.0 is a “catch-all term” that includes a combination of different concepts. He went on to say that those concepts were a part of a path that will “seriously and fundamentally” revamp the entire Ethereum blockchain. The Etherum community has been working on the Etherum 2.0 project for a few years now.
The team is focused on concepts like Proof of Stake [PoS] protocol called Casper and sharding, he added. In addition, the next generation Ethereum will have miscellaneous improvements like abstraction, improved protocol economics. Buterin also stated that he recently authored a paper on the concept of protocol economics.
Buterin further stated:
“Ethereum 2.0, is basically the kind of new version of Ethereum that will take all of these different improvements and put them together and essentially create what we believe is the best possible design for a general purpose blockchain.”
Moreover, the Co-Founder stated that their aim is to have a road map to migrate Etherum beyond Ethereum 2.0 over the next few years.
Buterin further stated that the amount of research that that went into the project made him optimistic. Buterin believes that from a research point of view, there is no significant unsolved theoretical problem. It is more in terms of, detailing, security check and validation, he said.
Recalling the time it took from writing the white paper to materializing it to form Ethereum 1.0, he stated that the timeline for Ethereum 2.0 is similar to the same lines.
In his words:
“Right now, we’re actually very significantly ahead of the initial white paper really is. So like I would say right now with Ethereum 2.0 and with where the protocol is, and where the software development is, is probably where Ethereum 1.0 was possibly in maybe the fall of 2014.”
Giving examples of individual projects like the Prysm [Prysmatic labs], Parity [ConsenSys], Lighthouse [Sigma Prime], he stated that these projects have started implementing their version of Casper and sharding client for Ethereum 2.0. He expects the projects to hit testing soon.
Furthermore, he stated that in parallel, the team will be working on the Testnet, formal verification of protocols, auditing protocol, protocol auditing of code and implementation, which will culminate into the Mainnet release.
Speaking about the rationale of having multiple companies working in parallel, he stated that the Ethereum community strongly believes in the idea of multiple implementations.
Buterin compared the Ethereum ecosystem with that of Bitcoin’s. He stated that they did not want to have failures of development and centralization, faced by the Bitcoin ecosystem due to single implementation.
He concluded by stating that it creates a competition between entities to create different implementations of the clients that people will eventually end up using.