During the annual Ethereum event in Prague, Vitalik Buterin made it clear he has high hopes for the upcoming Serenity Ethereum upgrade. He stated that Ethereum will soar following the Serenity release.
1 November 2018 – Ethereum co-founder, Vitalik Buterin, spoken during the Devcon4 in Prague, which is the annual Ethereum event. During his speech, he noted that the latest upgrade, Serenity, will advance the network on all fronts. It will improve the cryptocurrency’s scalability by “1000x.”
Ethereum Will Soar After Serenity
Ethereum is now standing as the second biggest cryptocurrency in the world as per the market cap. As the cryptocurrency was developing, it saw countless ideas and concepts being rejected by the crypto community. Some of the ideas include the ‘super-quadratic sharding,’ halted attempts at solving Casper and the failed ‘consensus-by-bet.’
However, Buterin believes that with Serenity, Ethereum will skyrocket. Its execution will see a major switch to a proof-of-stake model that intends to make the network more scalable and energy-saving. Canceling the proof-of-work, users will instead “stake” their own ether to run the network and gain block rewards.
Serenity Update Phases
Buterin notes that the switch is almost ready and that “Serenity is the world computer as it’s really meant to be – not a smartphone from 1999 that can play snake.” The upcoming update will commence with the “phase zero,” according to Buterin, while there are four phases of Serenity Release:
- First phase: Initial version with proof-of-stake beacon chain;
- Second phase: Simplified version of Serenity with limited features. This implies that there will be no smart contracts or money transfers from one shard to another;
- Third phase: the Amplified version of Serenity with cross-shard communication. Here, users can send funds and messages across different shards;
- Fourth phase: Final version with various tweaks and optimized features.
The annual Ethereum event finished with a singalong calling for developers to build the new ecosystem of Blockchains: “Casper’s coming, Serenity and new ways to govern.”
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