Buterin Believes ETH Upgrade Has Massive Potential

Published 5 years ago on November 01, 2018

Buterin Believes ETH Upgrade Has Massive Potential

The co-founder and CEO of Ethereum, Vitalik Buterin stated during the yearly Ethereum event in Prague that he has high hopes for the upcoming Serenity Ethereum upgrade. He also stated that Ethereum will surge after the release of the Serenity upgrade. Buterin spoke during the Devcon 4 event in Prague and during his speech he mentioned that the latest upgrade called Serenity will advance the network on all fronts. It will improve the scalability of cryptocurrency by a â€œ1000 times.â€ The after effects of serenity The second largest cryptocurrency in the world as per market cap is Ethereum and during its initial development, there were hundreds of ideas and concepts which ended up being scrapped by the crypto community. One of the scrapped concepts was â€˜super quadratic shardingâ€™ which stopped attempts at solving Casper and the failed consensus by bet. Nevertheless, the CEO believes that this new upgrade could cause Ethereum to â€˜skyrocketâ€™. The execution of Serenity will see a massive switch to a proof of stake model which aims to make the network more scalable and energy saving. Following the aborted proof-of-stake, users will instead â€˜stakeâ€™ their own Ether to run the network and gain block rewards. Buterin also mentioned that the switch is almost ready to begin and that â€œSerenity is the world computer as itâ€™s really meant to be â€“ not a smartphone from 1999 that can play snake.â€ the upcoming update will begin the first phase and, according to Buterin, there are four phases of Serenityâ€™s release altogether. As written by Atozmarkets:

First phase: Initial version with proof-of-stake beacon chain. Second phase: Simplified version of Serenity with limited features. This implies that there will be no smart contracts or money transfers from one shard to another. Third phase: the Amplified version of Serenity with cross-shard communication. Here, users can send funds and messages across different shards. Fourth phase: Final version with various tweaks and optimized features.â€

The annual event for Ethereum finished with a singalong calling for developers to build the new ecosystem of blockchains shouting: â€œCaspers coming, serenity and new ways to govern.â€ At the current time of writing, Ethereum is in the green with a one percent jump and is priced at $199. What are your thoughts? Could Serenity cause Ethereum to skyrocket? Let us know what you think down below in the comments!

Adrian Barkley

Adrian is an avid reader who first stumbled across Crypto after reading 'The Basics of Bitcoins and Blockchains' by Antony Lewis in 2018. Since then, Adrian has immersed himself within the industry, and has a real interest in Enterprise Blockchain solutions.