Vitalik Buterin, the co-founder of Ethereum announced at Prague, that Ethereum 2.0 will be released soon and the update includes sharding and will increase the capacity of Ethereum network’s process to thousands of transactions per second.
This good news was addressed to the audience during the Devcon in Prague, Buterin stated Ethereum 2.0 which is now called Serenity will be getting a new network update.
The new will be faster, more secure, less energy-intensive, and capable of handling thousands of transactions per second.
Ethereum 2.0 will advance the core model of the protocol through sharding, sharding is like creating a blockchain with a hundred different universes with different account spaces in each universe. But these universes are not just separate blockchains, they are systems that are interconnected with one another, which also share consensus.
Ethereum like bitcoin uses a proof-of-work mechanism for achieving network consensus and confirming transactions. The Ethereum 2.0 will enable the network to finally make the switch from proof-of-work to proof-of-stake.
This update will create a network in which people and organizations holding ether will “stake” their own coins in order to maintain the network, and will earn block rewards for doing so.
Ethereum 2.0 will solve major problems which are in the current protocol which are privacy (which Vitalik notes that it’s 3/4 of the way to be solved), consensus safety, smart contract safety, and perhaps most important of all is the issue of scalability,these problems are inherent to all blockchains today, not just Ethereum.
Ethereum anticipates and is ready to create a more ambitious plan which is to scale to up to a thousand transactions per second while remaining on-chain and without the need for super-nodes.
After Buterin left the stage, another speaker talked about “onboarding the next one million developers” to the Ethereum network and Buterin also mentions that they will get into resolving the issues of transaction fees and governance.