Vitalik Buterin began his speech with an icebreaker on the many Ethereum replacements that have come on the market in recent months.
The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum… 2.0.
The co-founder of Ethereum
Buterin moved on by describing the four areas where he considers a need for improvement on the current Ethereum platform. These areas were: privacy, consensus safety, smart contract safety and scalability.
For each of the first three, Buterin sees a solution that is currently developing. In the area of privacy, the Byzantium hard fork has presented the possibility for zk-SNARKs, a method that Vitalik sees as a suitable one with continued implementation.
For consensus safety, the recent development, so-called ‘Casper’ should find out solutions, and for smart contract safety, Viper and formal verification can provide conditions for real solutions.
Nevertheless, the issue of scaling is a substantial one. Buterin described that decentralization, scalability and security are a complex system that can present major challenges in the future.
Scalability on the Ethereum, according to Vitalik requires to be thousands of transactions per second. Otherwise, it must deal with all three of the issues.
The change from PoW method to PoS will be a requirement, and Buterin said that the timeline is likely three to five years.