Facebook X (Twitter) LinkedIn Telegram
    • About
    • Advertise
    • Submit Press Release
    • Contact
    Facebook X (Twitter) LinkedIn Telegram
    BlockonomiBlockonomi
    • Prices
      • All Coins
      • Bitcoin Price
      • Ethereum Price
      • Ripple Price
      • EOS Price
      • Litecoin Price
      • Monero Price
      • Binance Coin Price
      • Bitcoin Cash Price
      • Chainlink Price
      • Cardano Price
      • Stellar Price
      • Tron Price
    • Sections
      • All
      • Analysis
      • Bitcoin
      • Ethereum
      • Education
      • Trading
      • Buying
      • DeFi
      • NFTs
      • Metaverse
      • Exchanges
      • Brokers
      • Guides
      • Gaming
      • Privacy
      • Business
      • Finance
      • Fintech
      • Regulation
      • Security
    • Claim Free Crypto!
    • Gamble With Crypto!
    • Easily Buy Crypto!
    Home / About / Advertise / Submit Press Release
    BlockonomiBlockonomi
    News

    Vitalik Buterin: Breakthroughs Needed to Implement Ethereum 2.0 Already Done

    William M. PeasterBy William M. PeasterMay 23, 2019No Comments4 Mins Read
    Telegram Twitter LinkedIn WhatsApp Facebook Email
    Ethereum
    Share
    Facebook Twitter LinkedIn Email Telegram WhatsApp

    Many of Ethereum’s doubters have argued the project’s forthcoming “2.0” Serenity upgrade — wherein developers are aiming sharding, Casper, and Plasma tech to bring the blockchain’s infrastructure to full maturity — is unrealistic, or in the very least isn’t arriving any time soon.

    However, this week Ethereum co-creator Vitalik Buterin once again suggested progress on Serenity is tangible and the upgrade’s fruition is closer than skeptics realize.

    Ethereum

    Buterin’s remarks came as a reply to a May 21st tweet from respected bitcoin investor and analyst Tuur Demeester, who asked “Can money buy a scientific breakthrough?” in response to the Ethereum Foundation (EF) announcement of $19 million USD in ETH 2.0 development spending on the same day.

    Countering the suggestion that another scientific breakthrough was necessary for Serenity’s actualization, Buterin said the relevant preliminary research for a “full implementation” of the upgrade had been completed since last year:

    “We’ve actually already had all the research breakthroughs we need for a full implementation of eth2. This has been the case for about a year now.”

    https://twitter.com/VitalikButerin/status/1131045739168186374

    Alas, the Ethereum ecosystem has found itself in a period dominated by building and preparation as of late.

    Earlier this month, EF researcher Justin Drake confirmed that the code specification for ETH 2.0’s “Phase Zero” — which will implement a shift to proof-of-stake (PoS) consensus — is expected to be finalized by June 30th.

    This month also saw Prysmatic Labs, the minds behind the “Prysm” Ethereum sharding client, release the second ETH 2.0 testnet published so far this year. The testnet allows users to trial validating via staking test ether.

    Amid the preparatory period has also come an important audit. The code of the ASIC-resistant ProgPoW consensus algorithm, which has been proposed for the ETH 1.0 chain ahead of Serenity’s shift to PoS consensus, is currently in the process of being reviewed for critical bugs.

    Looking Closer at the Ethereum Foundation Announcement

    Table of Contents

    • Looking Closer at the Ethereum Foundation Announcement
    • Forward, Onward

    The EF’s May 21st announcement of its plans for the next year quickly generated buzz throughout the wider Ethereum ecosystem — not only for the plan’s content but also because influential Ethereum community stakeholders generally champion transparency and communication from the at-times insular foundation.

    The #Ethereum Foundation is excited to share our plans for the next year, and more.https://t.co/FxJTMsFWGQ

    — Ethereum Foundation (@ethereum) May 21, 2019

    Accordingly, the EF declared it would be spending $30 million altogether over the next 12 months, with $19 million of that sum going to ETH 2.0 development efforts, $8 million going to ETH 1.0 initiatives, and $3 million going to developer growth and awareness programs.

    The foundation also highlighted that it wouldn’t be emphasizing in-house projects over external teams in its funding activities going forward:

    “Today, it shouldn’t matter to the Foundation whether a project is ‘internal’ or ‘external.’ What matters is that we’re spending resources effectively, and that Ethereum’s goals are accomplished. This is why we are moving toward an “ecosystem level view” when allocating resources by looking at the whole picture rather than at a subset of it.”

    So, as it pertains to efforts to boost the well-being of Ethereum as public infrastructure, if you build it, the EF may come happily with their purse.

    Forward, Onward

    2019 has been good to Ethereum so far, with its popularity and prospects trending up.

    The blockchain’s daily transaction counts have spiked recently, and there’s been a fresh trading boon. Last week, Coinbase oversaw more than $900 million worth of ether trades, a new record for the cryptocurrency exchange powerhouse.

    The project’s also the biggest home for decentralized finance at present. This month, the amount of outstanding DeFi loans underpinned by projects atop Ethereum crossed the $100 million milestone for the first time.

    Moreover, major enterprises and institutions like “Big Four” accounting firm EY and French bank Societe Generale are increasingly pivoting to Ethereum for building out tools and products. If Ethereum proponents have their way, these organizations will be the first of many more to come.

    Advertise Here
    William M. Peaster
    • Website
    • X (Twitter)
    • Instagram
    • LinkedIn

    William M. Peaster is a professional writer and editor who specializes in the Ethereum, Dai, and Bitcoin beats in the cryptoeconomy. He's appeared in Blockonomi, Binance Academy, Bitsonline, and more. He enjoys tracking smart contracts, DAOs, dApps, and the Lightning Network. He's learning Solidity, too! Contact him on Telegram at @wmpeaster

    Related Posts

    EOS Network – An Enterprise-Grade Blockchain Operating System

    November 29, 2023

    Wake: New Open-Source Tooling on Ethereum to Stop Bugs

    November 28, 2023

    Former OneCoin Compliance Chief Pleads Guilty to Fraud and Money Laundering

    November 10, 2023

    Comments are closed.

    Coinbase Earn
    Advertise Here
    Gambling
    • mBit Casino
      VisitReview
    • BC Game
      VisitReview
    • Duelbits
      VisitReview
    • BitcoinCasino
      VisitReview
    • FortuneJack
      VisitReview
    • 1xBit
      VisitReview
    Exchanges
    • KuCoin
      VisitReview
    • Coinbase
      VisitReview
    • Binance
      VisitReview
    • PrimeXBT
      VisitReview
    Koinly
    Advertise Here
    Trading Bots
    • 3Commas
      VisitReview
    • Cryptohopper
      VisitReview
    • CoinRule
      VisitReview
    3commas Trading Bot
    Advertise Here
    All content on Blockonomi.com is provided solely for informational purposes, and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security, product, service or investment. The opinions expressed in this Site do not constitute investment advice and independent financial advice should be sought where appropriate.
    Blockonomi™ Copyright © 2017 - 2023 Kooc Media Ltd. All rights reserved. Registered Company No.05695741
    Network: Moneycheck - Finance News / Beanstalk - NFT & Metaverse News
    • About
    • Contact
    • Deals
    • Advertise
    • Privacy Policy
    • Terms & Conditions

    Type above and press Enter to search. Press Esc to cancel.