“We are 50% of the way,” says Vitalik on Ethereum development

Vitalik Buterin has guided listeners through a five-part roadmap in the latest Bankless podcast, where he outlined the steps necessary for Ethereum to survive and prosper.

To achieve ultimate scalability and decentralization, Butalik stated that Ethereum needs to be more agile and lighter when it comes to blockchain data so that more people can manage and use it.

At the beginning of December, Buterin also published an article titled “Endgame” in which he argues that all blockchains will end up converging in the future, while list the tools that would allow the verification of the blocks in a decentralized and censorship-resistant way.

The first step is called the fusion (The Merge), and refers to the complete transition from proof-of-work to proof-of-stake, which will take place in the first half of 2022. The second part, called the increase (The Surge), plans to give Ethereum greater scalability, massive bandwidth, and performance, particularly on zk-rolls. The Merger and Augment are the most important enhancements, according to Buterin, to building the Ethereum network.

When asked to assess Ethereum’s progress made so far in the past six years, Buterin claimed that “we are 50% of the way” thanks to the launch of the Beacon Chain, the London hard fork and even the rise of NFTs. But there is still a long way to go.

Once the Merge and Augment take place, and there is a full implementation of sharding, then it will supposedly have been 80% complete. The roadmap, which is estimated to take another six years to complete, will lead to 100% optimization, according to Buterin.

The next phases include verge, which will allow more users to run nodes and essentially “democratize access to the largest possible number of participants to anyone who wants to verify the validity of the chain”, Buterin said. After the verge, there are the purge and splurge phases, which refer to the elimination of historical data and the addition of various updates, respectively.

Buterin summarized his ideal scenario for an Eth2 that doesn’t sacrifice decentralization for scalability:

“Put the past in the past and create an Ethereum that really gets simpler and simpler over time.”

Buterin admitted that Etherum “is not yet the layer one system that is ready for direct mass adoption”, while reiterating the need for layer two scaling solutions and lower transaction fees. However, it highlights the “incredible” progress Ethereum has seen in layer two scaling over the last year and the community behind it that is “willing to keep fighting for it.”

In addition to scalability, another topic in which Buterin emphasized is safety and security measures around updates. He compared building a blockchain to developing a city. Just as the police and military work to defend their city or nation, the users of a blockchain act as security guards keeping an eye on attackers. And as cities expand or blocks are added to the chain, more security is needed.

Ethereum currently runs on about 2.6 megabytes per second of blockchain data, according to Buterin. He stated that once Ethereum has the ability to add more bandwidth and increase the user base, “the most advocates will be able to run nodes and verify that everything is going well.”

Ethereum is the second largest cryptocurrency in the world in terms of market capitalization, with USD 454,000 million at the time of publication of this note, making your path to optimization high risk. Below is a copy of the roadmap that Buterin posted on Twitter last month.

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“We are 50% of the way,” says Vitalik on Ethereum development

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