Brace yourselves the new upgrade of Ethereum is coming
Ethereum’s co-founder Vitalik Buterin officially announced the new upgrade – Serenity, at the Devcon conference in Prague.
Ethereum is widely known with its issues regarding scalability, speed and difficulty of upgrading the network. In the past there have been several solutions trying to tackle these problems. Some of the noteworthy development plans and ambitions are: Casper, Sharding, Plasma, Raiden Network, eventually they’ve all run into roadblocks. Yesterday Vitalik Buterin made a round-up of the errors and hicups during the development:
Consensus by bet – that didn’t work. Hub and spoke chains – that didn’t work. Proof-of-proof-of-work – that didn’t work. Hyper cube chains – that also didn’t work!
Then he officially announced the next stage of the Etherem’s evolution: Serenity.
The big news came on the annual Devcon conference which gathers Ethereum fans, designers, developers, researchers, and artists. The brains responsible for the Ethereum blockchain presented a new roadmap of developments and clarified their plans for how the new upgrade of Ethereum will be released. They also identified the main features of Serenity and how valuable its impact will be on the Ethereum’s blockchain. Serenity will see Ethereum finally switch from proof-of-work to proof-of-stake, a model in which people and organizations holding ether will “stake” their own coins in order to maintain the network, and will earn block rewards for doing so. The changes are so severe that it will a require an entirely new blockchain, with a backlink to the existing proof-of-work chain. Their long-term goal is that once the system is stable enough, all the applications on the existing blockchain will be folded onto a shard on the new chain. This means the new chain will be fully compatible with the old one while enabling it to scale.
The new upgrade will trigger a 1000x increase in the scalability of the network and will be able to process enormous number of trasnactions per second.Vitalik Buterin pointed out that Serenity is:
the world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.
He also recalled how challenging the developments related to the upgrade has been. Buterin reveiled the constant changes in the deadlines he and his team had to make because of unavoidable obstacles like the DAO attack.