The Roadmap to More Scalable Experience
Ethereum 2.0: The Roadmap to More Scalable Experience
July 14, 2022 13:00 PM
The Roadmap to More Scalable Experience
July 14, 2022 13:00 PM
The 2.0 Ethereum road map aims to address scaling issues. This is primarily through Proof-of-stake (Beacon Chain and Casper FFG), Sharding, and eWASM. Ethereum is a platform that can scale globally and allows for collaboration. They may not be able to scale up quickly, despite being pioneers.
It will take Ethereum years to reach a platform that can support new economic systems. Other projects can eclipse it in terms of scalability. This is why it's so crucial.
In an increasing number of Ethereum's off-chain technologies, such as Plasma Cash, Plasma Cash, and State Channels, there is a growing need for them. Even Vitalik Buterin admits that the current blockchain is "sucky". This means that today's public blockchains may be disrupted. Ethereum is better at decentralization; however, Silicon Valley and China are better at scaling without decentralization--to monetize public blockchain models better.
Attracting many developers to the blockchain, Ethereum has created communities, facilitated startups to reach viability, and introduced many protocols to how we think about App development. It is quite impressive to see the entire ecosystem of open-source software projects that work on different aspects of Ethereum.
Ethereum is a beacon of hope for open-source decentralized systems. However, the scaling bottleneck seems to be a serious threat to Ethereum's future sustainability. Ethereum is moving its consensus protocol from proof of work to proof-of-stake. It is trying to adapt. It will know its fate by 2020. These are the crucial years.
Sharding will be the way Ethereum scales its performance gains.
Crunchbase says Dfinity raised $167 million, but it's closer to $200 million. DFINITY is your classic copycat. It's taken many of Ethereum's concepts and reproduced them with a flashier name. These absurd analogies are blindingly typical of the "fake until you make it" variety. Cloud 3.0 is The World Computer, Ethereum On Steroids, The NASA Of Blockchain---but despite the marketing gimmicks, the terminology of their stack seems quite appealing.
Dfinity proposes a decentralized cloud system. Dfinity is a cloud model that looks similar to Ethereum but has fewer performance limitations and will eventually have unlimited capacity.
Dfinity contains an innovative governance system called Blockchain Nervous Systems (BNS). This system is by design capable of implementing retroactive state changes with no need for a fork.
Dfinity strives to complete computations at least 50 times faster on Ethereum than it does on Ethereum. Dfinity often uses Ethereum as its baseline. Dfinity loves to invent new terms and wants to be the neighborhood virtual computer in cyberspace that supports software systems, enterprise applications, and IT systems.
Dfinity is a contender to scale public blockchains. Dfinity is a blockchain cloud in some ways. It could enhance the traditional tech stack to rival AWS, Azure, and Google Cloud. It's a bit strange that Dfinity calls itself an Internet computer.
Cardano is well-respected and views itself as a platform for financial applications that can be used by people, governments, and organizations around the globe. It has strong academic roots and is peer-reviewed.
Cardano has a layered architecture that offers security and scalability. It might even be more mature than Ethereum or NEO. It is considered a second-generation, second-generation blockchain because it places more emphasis on scientific philosophy and peer-reviewed academic research.
He is a co-founder of Ethereum and believes that blockchain will be the dominant technology model by 2030. Back and other startups are proving that the once-visionary intersection of cryptocurrency, Wall Street, and blockchain is now possible.
Cardano has strong academic connections and strong ties to Japan and Hong Kong. He believes Ethereum lacks scalability and that Cardano must be considered when deciding whether to join the race for public blockchains.
Cardano focuses on solving problems in:
It is on the right track without trying to raise too much capital. Cardano's emphasis on philosophy and science feels credible in terms of building a "collection of design principles, engineering best practice, and avenues of exploration."
Cardano views scalability as a three-headed hydra:
Ouroboros is the consensus mechanism for Cardano. It is a peer-reviewed proof-of-stake algorithm that has been proven to be secure. The proof-of-stake will replace validators with miners and make the whole mining process virtual. Cardano is already working on next-gen decentralization networks. Cardano is currently looking at RINA (Recursive Inter-Network Architecture), which John Day created.
RINA's goal is to create a heterogeneous network that promises to give:
Cardano believes that not everyone should see all the details when it comes to data scaling. Cardano is currently looking at the following techniques:
Cardano's interoperability work and side chains are also worth noting. Cardano's vision of creating "internet blockchains" is not to be overlooked. It's compatible with the reality that there are two worlds: one in legacy systems and one in the blockchain.
Harmony is determined to create an open consensus for 10 million people. Here's another team that has a plan for scaling and whose engineering talents have been used in companies like Microsoft, Apple, Google, and so on.
They have seed money and are open to new ideas for scaling. They are aligned with the way Waymo and automation will happen, and they appear poised to align with it. The Harmony protocol was designed to create an open marketplace at a Google scale to support a decentralized economy.
Scalability refers to the merging of accelerating layers within the technology stack:
1-Transport network (Google's UDP, Bloom Tables, 5G Mobile)
2-Consensus Protocol (Byzantine Committees, AcyclicGraphs, Monopolist Fees)
3-System tooling (unikernels, multi-core in Rust, zero-copy streaming)..
What they lack in Blockchain app development company experience, I think they make up for with a strong engineering-experienced team. They could be a serious competitor to Dfinity, which is located in the same area. They are a little more grounded in their focus on scaling.
Their transport network will be using Google's UDP (Google User Datagram Protocol), also known as QUIC ("Quick UDP Internet Connections"), which seems to be on the right track. QUIC allows for a better combination of cases and has a latency of zero round trips. Broadcasting without round-trip latency makes synchronization stronger, more stable, and more resistant to change and instability.
They are aiming for the best:
A global marketplace for digital assets and services.
Nick White stated that their test net with 10,000 nodes and 25 fragments reached 10,184 transactions per second.
They are looking for outstanding talent and have been expanding their team. This introduction post is a great starting point. Although their thought leadership has been very low-key up to now, it's a good start. Because of their highly cerebral approach and ability to use the most current technology, I feel that this team will be a significant addition to the landscape.
Their team is inspiring. Their enthusiasm for inclusion and entrepreneurship is a little more genuine than Dfinity's. Although they may not care as much about decentralization as the Ethereum community, they can solve the problem from a 2018 perspective in a more concrete manner and can use what we know how to help them.
Nervos is finally here, one of my favorite newcomers in the public blockchain realm. We have an amazing team with some of China's top blockchain engineers.
Their cell model feels very original and adaptable to scalability.
Their experience includes the creation of CITA, permission, and a fast blockchain that can be used by enterprise users. Their knowledge of blockchain research, academia, and enterprise, as well as what it takes to create a public blockchain, is unsurpassed.
It's a great advantage to be able to collaborate with existing blockchain communities in China and fund your projects. It is arguably a better location than Silicon Valley or Crypto Valley, even though they are increasing their U.S.-based community and marketing.
Nervos Network is a small underdog in this race compared to other contenders, but I expect they will be able to compete for the top spot soon. It's not difficult to see the flaws in Ethereum's or NEO's models. Scalability issues were immediately addressed in Blockchain 3.0platforms. This is the purpose of future decentralized applications. To achieve mass adoption, scaling must be achieved and transaction speeds optimized.
The future of public blockchains, which I believe 2019 will reveal, will have less to do with Ethereum 2.0 than it will with an army of contenders for the title of scalable decentralized blockchain. Satoshi Nakamoto wouldn't want us to stop at Ethereum or Bitcoin. He would rather that we continue evolving the paradigm. Cardano, Dfinity, Harmony, and Nervos might be needed to push Ethereum forward. If it fails, then others will.
While many talented and smart people are working to make Ethereum great, it is not the only thing that will drive the future of public blockchains.