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Vitalik Buterin, the Ethereum Co-founder, has shared the future roadmap with the crypto community telling them the next steps for the much-talked-about decentralized project.

Ethereum 2.0 beacon blockchain is successfully launched by the team, with the development of the next phases in full swing.

Vitalik Buterin Shares Ethereum Roadmap

The proof of staking has already started on the Beacon chain as part of phase 0. As the next Step in Phase 1, the newer capabilities like data sharding would be provided that allow increased storage capacity without impacting the application performance.

 Phase 2 brings transaction sharding giving massive speed and efficiency to the system allowing thousands of transactions per second. In the roadmap, Buterin highlighted all the phases and aspects of the Ethereum protocol with approximate timelines.

https://twitter.com/VitalikButerin/status/1333922620857745408?s=20

Ethereum 2.0 Next Steps

As the Ethereum project matures, the team strives to accomplish major milestones providing better capabilities to the users. With the beacon chain launch, the transition from Ethereum 1.0 to proof of stake along with the Eth2 Light for the clients is next in the line

. With more than 524,288 ETH tokens staked for the launch, the Proof of Staking initiated on the Beacon chain, however phase 0 would continue for the next two years. The roadmap suggested that the development cycles for the Ethereum would run in parallel independent of each other.

Layer 2 roll-ups and data sharding would substantially increase the scalability. With roll-ups, the network burden is shared as the computations happen outside the chain; however, the implementation is verified by the proofs stored on-chain. The layer roll-ups increase the efficiency of the systems, increasing speeds up to ten thousand transactions per second with data sharding and Eth2/0 Light.

Vitalik Buterin said that the data sharding and Ethereum 2.0 light client implementation is still underway and would take at least one year to complete. The chart further hints that the development with the stateless clients and Ethereum 1.X is also halfway. Buterin outlined that the development of advanced cryptographic technologies is in the nascent stage as of now. 

Buterin urges EIP-1559 Protocol implementation

Calling out for the faster implementation of the EIP-1559 protocol, Buterin urged that the majority of transaction fees collected by the protocol is burned instead of distributed to the miners.

Disclaimer

The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.

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