Ethereum Roadmap Explained In Laymans Terms
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The document outlines the development of the Ethereum blockchain, initiated in 2013 and operational by 2015, leading to the upcoming Ethereum 2.0 upgrade under the 'Serenity' phase. This upgrade will implement a proof of stake consensus mechanism, improve scalability through sharding, and introduce a new Ethereum Virtual Machine. The roadmap also highlights key phases including the creation of a beacon chain, increasing transaction capacity, and ongoing improvements post-launch.
Ethereum Roadmap Explained In Laymans Terms
- 1. Ethereum Roadmap Explained in Layman's Terms The Ethereum blockchain was projected in 2013 and in 2015 the system started working. This is a distributed blockchain that lets developers create smart contracts and distributed applications. Ethereum also has a built-in asset, Ether (ETH), which is the second-largest cryptocurrency by market cap. Esha Gungadin explains more on cryptocurrency, find out here. Then again, the Ethereum 2020 roadmap illustrates that this blockchain is presently in its final phase of development. The phase is called Serenity and leads to the inauguration of a new Ethereum called; Ethereum 2.0. It will be updated with various features including sharding, proof of stake (PoS), new reward mechanism, new Ethereum virtual machine (EVM), etc. Serenity Roadmap This phase aims to make the Ethereum blockchain quicker, better, and scalable. ConsenSys, a Blockchain software technology company, claims that Serenity is the "latest and final recurrence in Ethereum evolution" and will be led by five strategy principles. They include resistance, simplicity, security, longevity, and decentralization. Serenity's roadmap demonstrates a list of the major network updates planned for the Ethereum network. These include:
- 2. Phase 0: Beacon Chain In Serenity Phase 0, a beacon chain is created that is different from the main Ethereum blockchain. Blockchain offers simplicity and therefore does not initially support smart contracts. However, the beacon chain has the consensus mechanism for proof of stake (PoS). It also works in conjunction with the current Proof of Work (PoW) blockchain to avoid interrupting chain continuity. Therefore, the main difference between Ethereum 1.0 and Ethereum 2.0 is that Ethereum 2.0 uses the PoS consensus mechanism (Casper) as a substitute for the PoW consensus algorithm (Ethash). Using PoS, the blockchain follows a series of validators who take turns proposing and voting on the next legal block. Those who possess ETH can turn into validators simply by sending an amount of their money to be stacked or deposited. ETH2, a new native Ethereum asset, will also be manufactured on the blockchain and will be used to recompense validators. Also, this stage needs two-thirds of the validators to deposit 32 ETH in the next block. In general, the three key duties of beacon chain are: • Management of the proof of participation mechanism. • Cross-link processing • Direct and objective consensus Phase 1: Fragment Chains In 2019, Buterin Vitalik, co-founder of Ethereum, distinguished that scalability is a return to Ethereum adoption. Based on Buterin, increased scalability would significantly reduce the price of spending the Ethereum blockchain. In contrast, sharding is about parallel transactions, information storage, and processing. Thus, it could enhance the scalability of the innovative Ethereum blockchain. Also, partitioning involves increasing the transactions that the network can process simultaneously. In this instance, the network is divided into several fragments. As a result, multiple transactions are processed simultaneously. Phase 2: eWASM Smart contracts perform transactions before they can be tracked on the blockchain. Coherent with this, the EVM allows smart contracts to perform transactions. However, to solve the problem of the contemporary EVM, which performs transactions sequentially, WebAssembly (eWASM) with Ethereum flavour is used. EWASM provides better performance than EVM. Provides support for accounts, smart contracts, and statuses on the innovative blockchain. In addition to Solidity, smart contracts are also written in different languages. eWASM will launch in 2021, although development has started.
- 3. Phase 3: Continuous Improvement (Release Date, In 2022) Ethereum 2.0 may have been released, but as with other systems, there is always a need for fixes and updates. The continuous improvement phase is only designed to handle continuous and general enhancement of the protocol, in an attempt to meet the increasing demands of the innovative blockchain. The following is to be implemented based on ConsenSys: • Light status protocol • Clutch with main chain guard • Super square or exponential fragment Conclusion Ethereum blockchain is being used by investors to execute transactions and developers to create their applications. Though, Ethereum 2.0 brings a little more to the table, since the usage of a PoS consensus mechanism to scalability and lastly, smart contract incorporation. Thus, it makes the Ethereum ecosystem more promising.