Ever since Ethereum was launched in 2015, the greatest challenge it has faced is scaling. The open-source, decentralized, public computing platform has been struggling to beat this problem within the years. At first, Ethereum presented itself as the world’s computer. It wasn’t too long after it was developed that it started getting traction from every part of the industry. The more people used the system, the more evident the lack of scalability became.
The Ultimate Scaling Solution
The Ethereum network relies on a Proof-of-Work consensus mechanism. Soon after the project started, contributors saw that the consensus mechanism was not capable of holding the fork for Ethereum. So, they started exploring new ideas in a bid to solve the issue of scalability.
Ethereum (ETH) Price Today – BTC / USD
During Devcon4, one of the most important events for the Ethereum community, the showrunner of CNBC Africa, and cryptocurrency writer, Ran NeuNer talked to many experts in the industry about the future. Speaking to Justin Drake, a well-known Ethereum researcher and scalability expert, NeuNer was able to get some gist about the upcoming upgrade that will change the game for Ethereum – Serenity.
Ethereum 2.0 – Serenity Is The Future Of Blockchain
Many in the crypto space have been sceptical about the long awaited Ethereum 2.0. On several occasions, people on crypto Twitter have referred to this upgrade as a buzzword. Drake, during the seat down with NeuNer, talked about Serenity in details. In his words:
“Serenity is a combination of different ideas. Part of it is for a move to proof-of-stake from proof-of-work. Another significant part of it is sharding. Sharding will give way to maximum scalability since we will be having a thousand shards rather than just one”.
Sharding is going to be a game changer for Ethereum. This fact cannot be disputed. However, not everyone in the Ethereum community is as excited about it as the developers. The most common accusation is that the project is taking too much time. Drake said that they acknowledge that they have been slow and the reason for this is that mistakes have been made along the way. He also said that they made the mistake of over promising and underestimating how complex things are.
While much isn’t expected short term, Drake said that the Serenity project is doing well and researchers are creating better designs as time passes. In his opinion, the project is moving fast. He said that the main reason why there were delays in the past is that developers wanted to make sure that Serenity is backward compatible. However, he noted that Serenity phase 0, which is the Beacon Chain, will be released in 2019. In 2020, the Serenity phase 1 will be released and in Serenity phase 2 will be released in 2021.
While these are the deadlines the network has put in place, some members of the community are not sure they will deliver at the expected time. Notwithstanding, there are those who still believe that Ethereum will always be number one among computing decentralized networks.
Ethereum (ETH) Price Analysis
At the time of writing, ETH, the native token that fuels the Ethereum blockchain, was trading at $209.54. This shows that it is down by 0.80% against the USD and down by 0.51% against Bitcoin. The 24 hour trading volume is $1,439,092,405 and the market capitalization is $21,617,911,086.