Search ForexCrunch
  • Ethereum 2.0 will be a game changer in the industry.
  • Vitalik Buterin eyes 1,000 transactions per second; and this is only the beginning.

While the market continues with its bear trend, Ethereum developers are burning the midnight oil to ensure that the next upgrade makes it to the market as soon as possible. The co-founder of Ethereum, Vitalik Buterin recently said that Ethereum 2.0 will be a game changer in the industry and is likely to increase the network’s capacity by a thousand fold (1000X).

Buterin said this while speaking in Prague earlier this week. The soon to come upgrade has been rebranded to Serenity from Ethereum 2.0. The upgrade is being created to increase the speed of the network, beef up the security and keep energy consumption to the minimum. Serenity will be able to support more than 1,000 transactions per second (TPS). Buterin explained that Serenity:

“The world computer as it’s really meant to be, and not a smartphone from 1999 that can process only 20 transactions a second.”

Ethereum has over the years been working on a network upgrade. However, there have been snags along the way, for example the DAO attack keeping the upgrade at bay. Besides, the struggle to upgrade from the proof-ofwork algorithm to the proof-of stake has not been easy. In Prague, Buterin said that Serenity is just the beginning. The developers still have several issues to solve including transaction fees as well as governance.

Read the latest Ethereum price analysis here.