On March 9, 2020, Ethereum co-founder Vitalik Buterin revealed details on a plan to fix its well-known scaling issues for the imminent ETH 2.0, which he confirmed would launch by the summer.
In an interview with Bad Crypto Podcast while in Denver for the ETHDenver conference, Buterin said that scaling is something the team will be working on in the short term.
There’s already a lot of progress accomplished in this area for optimization and fixing bugs so as to move to pure Proof of Stake (PoS). The ETH founder was quoted saying that ETH 2.0 technical specifications are almost done, and it’s mostly an implementation challenge now.
What the Ethereum founder seems particularly excited about is another scaling research that he says is making progress and is coming soon: Rollups.
Buterin said that a Rollup is a scaling technique that keeps transaction data on-chain, in a compressed form, but the computation is pushed off-chain.
He explained that this would be the initial phase of the ETH 2.0 PoS consensus, which would be less prone to 51% attacks, and it would make the blockchain resistant to censorship.
Vitalik Talks About NFTs
During the podcast, Buterin claimed that non-fungible tokens (NFTs) are one of the most interesting use cases being developed on ETH blockchain. NFTs are great for gaming applications, where users can earn some tokens for participation while also having a great social experience.
This revelation came just a few days ago, Development studio Horizon Blockchain Games revealed it had raised $5 million in new funding as it continues to work on its ‘SkyWeaver’ digital trading card game.
The gaming platform is trying to create an Ethereum-powered platform dubbed Arcadeum for handling in-game items. That means that players (investors) will be owners of some specific instances of an item, and will be enabled to trade, sell or give this to another player.
Unsurprisingly, Vitalik Buterin also vouched for Sharding, which is a first-level scalability solution that uses micro-networks to verify separate transactions on the Ethereum’s blockchain. The emerging tech enables the sharing of work between smaller groups of nodes and thus scaling Ethereum blockchain up to 100 transactions per second.
He added that the solution is under development and can be implemented soon with the transition to ETH 2.0.
Vitalik Buterin’s Thoughts On Bitcoin Cash
According to Buterin’s comments, it seems like the Ethereum co-founder favors BTC to BCH, and he said he was disappointed in the BCH community for buying into the hype surrounding the token.
He concluded by saying that 2020 would be huge for DeFi apps, where they would be applied in stablecoins and decentralized crypto exchanges.