V God recognize: Ethereum can't market on scales, Layer 2 scaling is fast

Ethereum co-founder Vitalik Buterin (later known as V God) said in an interview with a podcast on blockchain media Bankless on Day 3: “Ethereum has not yet reached the phase of business growth. An additional coat is urgently needed.

Ethereum should be cheaper

Ethereum made some important milestones in 2021, including the London Hard Curve that introduced the EIP-1559 hybrid process, but by the end of 2021, Ethereum's number was burning over 1.2 million (roughly $ 5 million). fire arms). inflation. , but will cost even more at this point. V God says: For blockchain to become an important application for large-scale industrial use by humans, it must be worth it.

The next major event for Ethereum is the transition to Stake Proof (PoS), expected in the first half of 2022, which will allow Ethereum to operate more efficiently. However, this does not reduce the cost of the first layer fuel, and users have to wait until the end of the PoS and use blockchain sharding to see the lower exchange rate of the first layer.

V God is glad that Ethereum has reached much of its second bar in the past year and that communities after it are willing to continue.

The solutions in phase 2 are still in their infancy.

Several solutions are currently being explored to reduce exchange rates up to 200 times with further increases and a cumulative ZK. While the technology in these trades seems risky, it is still in its infancy before being put into practice.

Ethereum has been criticized in the past for its slow development, and it will take years for the next PoS process to overhaul its interconnects. The concept of proof (PoW) is erroneous and deserves criticism.

Ethereum Development Roadmap

In the interview, V God also outlined five future approaches that outline the steps Ethereum takes to survive and thrive.

First of all, the first stage is called TheMerge, which means a complete transition from Proof of Service (PoW) to Proof of Stake (PoS), which requires the first half of 2022. It is called The Surge and plans to 'bring greater scalability, bandwidth and throughput to Ethereum, especially in zk-rollup. According to Buterin, two segments, Merge and The Surge, are the most significant updates to the design of the Ethereum network.

When V God measures Ethereum's current success, he says: It's 50% thanks to the Beacon Channel announcement, the tough London curve, and the rise of NFT. But there is still a long way to go.

Once the fuses and surges are over and all partitions are complete, they should be 80% complete. V God says the journey will take years and lead to 100% optimization.

Buterin described the best Eth2 solution that does not sacrifice distribution for expansion. He believes that with respect for the community in the cryptocurrency space, their interest is not only to make money fast, but also to make real decisions. do this. where to go.

Another theme God V mentions is safety and security for reform. He compares the building of the blockchain to the development of the city, and just as the police and military defend a city or a nation, blockchain users follow security measures to monitor migrants. As the city expands or blocks more on the chain, more security is needed.

Here's the full report he posted on Twitter last month.