Ethereum has faced a significant backlash from the cryptocurrency community mostly due to scalability issues. It was none other than Vitalik Buterin that came to rescue it, assuring that Ethereum will upgrade itself and follow major updates in Ethereum 2.0. Buterin outlined the path at the DevCon 4 conference in Prague, Czech Republic.
One interesting revelation is that Ethereum 2.0 will be called ‘Serenity.’ It will include the Casper upgrade and sharding.
Serenity is the creation of a new Blockchain that will be fully compatible with the existing Ethereum Blockchain. The dApps and data from the existing Blockchain will be folded onto a shard of the new chain.
Ethereum 2.0 could lead to Ethereum being the more favored platform for hosting dApps and smart contracts as opposed to the newer projects, such as EOS.
Ethereum’s upgrade has been in the works for the last four to five years. Hopefully, the saying ‘Good things take time’ applies to Ethereum’s Serenity.
The two significant updates which will see ‘Serenity’ be viewed in a different limelight is Casper and sharding. Casper focuses on shifting the network from a proof-of-work to a proof-of-stake consensus mechanism. It promises to bring in a higher level of decentralization to the Ethereum network.
As for sharding, it can be explained as a method for horizontally partitioning data within a database with the database being broken into little pieces called ‘shards.’ These shards get together to form the original database.
The shards have their own independent piece of state and transaction history which result in specific nodes processing transactions for certain shards. Hence it solves the problem of every single node running the Ethereum network having to process every single transaction that goes through the network. In other words, sharding helps the total validation time become faster.
All hopes are on the ‘difficulty bomb’ which makes verifying transactions on the original Ethereum Blockchain challenging. This will prevent the system from forking.
Image Source – Flickr