The latest one of the ETH Global events was held in San Fransisco, the USA between 5th and 7th October. The events are usually to Ethereum’s fans and developers out there and are very dynamic, full with new suggestions and ideas hackathons. The last one was with the participation of Vitalik Buterin, the Russian–Canadian co-founder of Ethereum.
It was a tough year for the Ether and many blame it for the ICOs’ oversupply. The opposite is also heard, that because of the ICO mania Ethereum lost its value and its price experiences a constant downfall this year.
However, the Ethereum is still the preferred base for development for many programmers. Only on the ETH San Fransisco, more than 1,000 developers gathered to hack the Ethereum together.
Buterin spoke about the future of the Ethereum and the curious Ethereum 2.0.
Ethereum 2.0, is basically the kind of new version of Ethereum that will take all of these different improvements and put them together and essentially create what we believe is the best possible design for a general purpose blockchain.
The community works on the second version for a few years already. Ether’s father said that they are already way ahead of the original white paper.
Now, the struggles go to issues like the Proof of Stake, which is about to substitute the old one, the Proof of Work. The new protocol is called Casper and it has been developed for some time now.
When asked about timeframes, Buterik explained that the first version took them about 19 months and implied that Ethereum 2.0 could be launched in 2019. Independent companies work on implementations, he added, but the team needs to audit the coding one, the protocol, security issues, and the transaction process.
Buterin is a passionate supporter of the decentralized networks and he believes that is the future. In another publication about the real meaning of decentralization, he states that:
Mining algorithms should be designed in a way that minimizes the risk of centralization. Ideally, we use proof of stake to move away from hardware centralization risk entirely.
Watch the full talk of Vitalik on ETH San Francisco in the video below.