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Vitalik Buterin Announces Ethereum 2.0 Launch

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Ethereum co-founder Vitalik Buterin has announced Ethereum 2.0 launch in a keynote presentation at the Devcon4 conference in Prague Oct. 31. As for when the vision would become reality, Buterin remained coy, saying only that it was “really not so far away.” The new ecosystem, dubbed ‘Serenity,’ includes multiple projects which have been developed by Ethereum’s team since 2014.

Ethereum 2.0 is a combination of a bunch of different features that we’ve been talking about for several years, researching for several years, actively building for several years that are finally about to come together in one cohesive whole,” Buterin told.

Serenity has a proof-of-stake algorithm powered by Casper protocol, scalability improvements via a process known as ‘sharding,’ as well as various other enhancements.

The general update will increase network bandwidth by a factor of 1000 and makes it less power consuming and more secure.

Prior to the launch, developers will make some final tweaks, including stabilizing protocol specifications and cross-client testnets – a testnet integrating at least two implementations of Ethereum 2.0.

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The Casper protocol has been developing since 2014. With its implementation, Ethereum will switch from PoW to PoS. According to Buterin, after the Ethereum Casper introduction, the team will continue to improve the code. In particular, they need to solve the problem of high transaction fee. 

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