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Vitalik comments on Ethereum's progress, ‘We are 50% of the way there’

3 min reading

The Ethereum co-founder shared his ideas to turn Eth2 a success in a two-hour Bankless podcast session.

On the recent Bankless podcast, Vitalik Buterin guided the audience through a five-part roadmap describing the measures required for Ethereum to exist and grow.

Vitalik said that to attain absolute adaptability and decentralisation, Ethereum must be more flexible and lighter in its concerns about blockchain data so that more people can control and operate it.

He also wrote an article entitled "Endgame" at the start of December in which he outlines the point that all blockchains will eventually merge in the future while identifying the mechanisms that would enable block verification to take place in a decentralised and censorship-resistant approach.

The first step is known as the merge, and it refers to the complete change from proof-of-work to proof-of-stake, that will happen during the first half of 2022. The second part, named the surge, aims to enhance Ethereum's adaptability, huge capacity, and efficiency, mainly on zk-Rollups. According to Buterin, the merge and flow are the most vital modifications to the Ethereum network.

Vitalik stated that "we are 50% of the way there" because of the release of the Beacon Chain, the London hard fork, and also the development of nonfungible tokens when questioned to assess Ethereum's progress over the last six years. However, there is still more effort to be made.

Vitalik summed up his optimal situation for an Ethereum 2.0 that prioritises decentralisation over scalability:

“Leave the past in the past and create an Ethereum that actually becomes simpler and simpler over time.”

Vitalik acknowledged that Etherum is "not yet the layer-one system that is ready for direct mass adoption," although emphasising the importance of layer-two scaling solutions and lower transaction fees. He did, though, appreciate Ethereum's "amazing" growth in layer-two scalability over the last year, and also the community that is "willing to continue fighting for it."

Along with scalability, Vitalik highlighted the need for protection and the precautions in effect throughout modifications. He contrasted blockchain development with city development. In the same way that the army and police work to protect their city or country, blockchain users serve as security staff, monitoring for invaders. More safety is also required as cities extends or blocks are added to the chain.

According to Vitalik, Ethereum now operates on 2.6 megabytes per second of blockchain data.  “The more defenders will be able to run nodes and to verify that everything is going okay,” he asserted if Ethereum has the potential to add more throughput and expand its user base.

Ether (ETH), Ethereum's native token, is the world's second-largest crypto by market capitalization, at $454 billion currently, rendering the project's accomplishment a high-stakes.

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