Buterin Claims Ether’s PoS Solution Is Around the Corner
During his participation in the DevCon4 conference held in Prague, Vitalik Buterin spoke about Ethereum 2.0’s past and plans for the future, however, he did not confirm an expected date for the next upgrade. Buterin noted that from now on Ethereum 2.0 will be called Serenity and will support an upgrade known as Casper that includes sharding.
During the Ether community event, Buterin explained that Serenity offers a variety of features which include EWASM, sharding, as well as Casper.
Scalability for Ether
The aforementioned upgrade, Casper, was designed to solve issues regarding scalability. This topic is a major concern throughout the crypto industry as systems face major functional issues the larger it expands. Currently, the Ether platform can function with approximately fifteen transactions each second, with Buterin holding hope for transaction rates as high as a million/sec in the future.
However, scalability remains at a limited state due to the current PoW algorithm Ether runs on. The system requires intense computer processing that continues to increase as the system grows and develops. For this reason, a growing consensus within the Ether community to make the shift to a PoS algorithm exists to facilitate growth in a secure manner. With PoS, a node is more capable of verifying new blocks if it owns more nodes. However, this system presents two major obstacles as it favors the rich as well as requiring nodes to sign into each block rather than single out those necessary to grow a chain.
The Casper update aimed to solve this issue by implementing a code for nodes to categorize tokens and save them in separate wallets. The upgrade was advanced to Casper FFG by both PoW and PoS systems which are active at different stages throughout the block.
Buterin touched on the topic of sharding which in other words refers to a side network that functions on a PoS algorithm that takes action within the main PoW network at specific intervals. These solutions only touch on two of the various solutions investigated by the Ether development team as they attempt to trial and test better network structures.
During his keynote speech, Buterin confirmed this new system will be attached to the current PoW system facilitating the shift between the two. In response to worries of the system undergoing a fork, the upgrade to Serenity and PoS algorithm is hoping a difficulty bomb will deter undesirable forks which will cause transaction verification to become too difficult.
Although Buterin was not explicit regarding when the Ether community can expect the shift, he explained that this milestone has been something the entire team and greater community has been anticipating and working towards achieving throughout the past five years. This milestone, he explained, is no longer a dream but merely a reality lurking around the corner.