Vitalik Buterin Releases Update For Ethereum 2.0 Roadmap
Ethereum has been making headlines a lot lately ahead of the Ethereum 2.0.
Now, it’s been revealed that Vitalik Buterin is providing updates on the roadmap for Ethereum 2.0.
Exponentially increasing the scalability of Ethereum.
He is detailing plans to exponentially increase the scalability of ETH.
Buterin said that the leading smart contract protocol “will rely on rollups in order to massively elevate the throughput of the leading smart contract platform by over 666,500%,” as reported by the Daily Hodl.
“Today, Ethereum has ~15 TPS (transactions per second). If everyone moves to rollups, we will soon have ~3000 TPS. Once phase 1 comes along and rollups move to eth2 sharded chains for their data storage, we go up to a theoretical max of ~100000 TPS… Eventually, phase 2 will come along, bringing eth2 sharded chains with native computations, which give us… ~1000-5000 TPS,” Buterin said.
He continued and explained that “It seems very plausible to me that when phase 2 finally comes, essentially no one will care about it. Everyone will have already adapted to a rollup-centric world whether we like it or not, and by that point, it will be easier to continue down that path than to try to bring everyone back to the base chain for no clear benefit and a 20-100x reduction in scalability.”
According to the reports coming from the same online publication, during a BlockTV interview, Buterin explained that rollups is a scaling method that is enabling Ethereum to keep compressed transactions on-chain while delegating computations such as contract execution off-chain.
Someone commented on YouTube: “he firstly understands every blockchain concept/technology, then secondly integrates any of it anywhere where it is conducive to efficiency in the quest for scalability. a ground-up way of engineering the best product. a true leader.”
Regarding the price of ETH today, at the moment of writing this article, ETH is trading in the red, and the coin is priced at $348.37.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.