Vitalik Buterin Twitted About the Peculiarities of Ethereum 2.0

Vitalik Buterin Twitted About the Peculiarities of Ethereum 2.0

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Ethereum co-founder Vitalik Buterin said that the expected update will not happen in an instant. Developers will do their best, but over the next few years, the adopted scaling methods will remain valid.

Vitalik Buterin tweeted that zkRollup technology will become “the dominant scaling paradigm for at least a couple of years”.

The Ethereum blockchain appeared 5 years ago, and now the attention of supporters and critics of the cryptocurrency has been riveted to the upcoming Ethereum 2.0 update. The main change will be the appearance of “proof-of-stake” – a new method of blockchain management. Using proof-of-stake, users will receive rewards for participating in in-network protection. In addition, they will be able to block coins in smart contracts.

With the full transition to Ethereum 2.0, the transaction per second (TPS) will increase to 100,000. However, it will take at least two years for the blockchain to achieve these results.

Buterin added that, first of all, data capacity will be upgraded in Ethereum 2.0, and only then will the computational power increase. Thus, more data will be stored on the network, but this will not affect the number of transactions.

The roadmap predetermined this development. Ethereum will become one of 64 “shards” – the parts from which Ethereum 2.0 will be formed. Parts of the system will be able to move and store data, but the process of increasing computational power and performance will take several years.

It is noteworthy that zkRollup technology will actively operate in this time period.

What is zkRollup?

The existing network configuration will be able to ensure the stable operation of zkRollup technology. Its main role is to process transactions outside the Ethereum main network with the gradual addition of these transactions to the blockchain. The approach allows Ethereum to increase the number of transactions in the shortest possible time and not overload the network.

Despite the advantages, this solution has at least one serious drawback. After analyzing the updated plan, we can conclude that the work of zkRollup involves the intervention of developers – the centralized side, and this goes against the blockchain policy. In addition, with the help of modern quantum computers, the possibility of network hacking and zkRollup encryption is increased. It should be noted that this is not an exceptional feature of Ethereum, because any blockchain is susceptible to such an attack.

In the short term, zkRollup technology seems to be a good option. Ethereum 2.0 test networks are testing zkRollup, but only long-term observations will fully reveal zkRollup vulnerabilities.