Join Our Mailing List
Monday September 25, 2023
Bitcoin (BTC) $26,129.00   Ethereum (ETH) $1,573.17
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
Trezor Model T
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
Home Ethereum

A breakdown of Ethereum’s Serenity road map 

12/29/2019
A A
A breakdown of Ethereum’s Serenity road map 

In July 2015, Ethereum was born. Launched by Vitalik Buterin, this smart contract platform is now the second-largest cryptocurrency by market cap. With thousands of decentralized applications built on the network, Ethereum’s growth has been exponential over the last four years. As we move closer to the Ethereum upgrade, let’s take a look at a breakdown of Ethereum’s Serenity road map. 

Why the need for an update? 

Despite Ethereum’s success, it faces monumental scalability problems that pose a challenge for dApp developers on the platform. Ethereum was originally built on a PoW (proof-of-work) consensus algorithm, the same as Bitcoin. With the Serenity upgrade, Ethereum will move over to a PoS (proof-of-stake) algorithm, which will hopefully eliminate the scalability issues, and improve speed and security on the blockchain. For context, Visa currently processes around 45,000 transactions per second while Ethereum can only process 15. 

Proof of Work vs Proof of Stake: Basic Mining Guide https://t.co/g4ZGSoqwr5 #Bitcoin #Ethereum pic.twitter.com/WsN9bu6ymC

— Blockgeeks (@Blockgks) July 4, 2017

The Serenity Update 

Now let’s look at a breakdown of Ethereum’s Serenity road map. 

The Ethereum Wiki outlines seven phases to the Serenity upgrade. 

  • Phase 0 – The Beacon Chain: The Beacon Chain is a PoS chain that will run parallel to Ethereum’s current PoW chain. At first, it will be engineered for simplicity and will not support smart contracts or accounts. 
  • Phase 1 – Basic Sharding: Sharding will help transactions scale by dividing the blockchain over multiple different shards. This will allow Ethereum to process many transactions at the same time. 
  • Phase 2 – eWASM: eWASM is basically a rebuild of the Ethereum Virtual Machine, that will support both sharding and proof-of-stake. This will introduce smart contracts, accounts and various other features to the Ethereum 2.0 blockchain. 
  • Phase 3 – Light client state protocol: In order to avoid offloading storage onto secondary markets, Ethereum 2.0 will give users the option of paying storage rent on the blockchain. 
  • Phase 4 – Cross-shard transactions
  • Phase 5 – Tight coupling with main chain security
  • Phase 6 –  Super-quadratic or exponential sharding

The first three phases of the Ethereum upgrade will likely be implemented by 2021, while the remaining phases are still quite up in the air. It’s likely that they’ll be implemented over the next few years. According to Vitalik Buterin, “Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 will actually be the world computer.”

Now’s the best time to get into trading Ethereum. The update will most likely see a surge in prices, and could unlock up to $16 million in crypto activity. Why not give trading on a platform like eToro a try? 

Why is this important for investors? 

What’s really important for investors in Ethereum to know, is that the Serenity upgrade is a radical overhaul of the entire network. According to a report from Kyokan, the first three phases will likely take a year and a half to complete. Look at a breakdown of Ethereum’s Serenity road map, it’s clear that we’re not going to recognize Ethereum in the next few years. With so many changes planned, Ethereum as we know it will be a distant memory and what will replace it may be the greatest blockchain on the market. Who else is looking forward to the Ethereum upgrade?

21
SHARES
SubscribeE-MailXFacebookWhatsappTelegramRedditLinkedin
Leave Comment

Where to Exchange

Leading crypto suite in Spain & LATAM Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
First U.S. regulated BTC exchange Visit
  • Trending
  • Latest
Blockstream releases new platform for Liquid-sidechain security token issuance

Blockstream releases new platform for Liquid-sidechain security token issuance

05/15/2019
Blockstream Mining Bitcoin

Blockstream launches bitcoin mining colocation and pool services

08/08/2019
Zilliqa blockchain combines incubation programs as it announces new grant winners

Zilliqa blockchain combines incubation programs; announces new grant winners

12/03/2019
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

BITmarkets – Spot, Futures, Margin Trading with 150+ Cryptocurrencies

08/28/2023
HashKey Exchange, Hong Kong's first licensed crypto exchange is now live

Hong Kong’s first licensed crypto exchange HashKey is now live

08/28/2023
Adenasoft launches new crypto exchange white label solution: ACE

Adenasoft launches new crypto exchange white label solution: ACE

06/27/2023
Maximize Your ETH Investment: The ETHphoria Vault by Pods

Maximize Your ETH Investment: The ETHphoria Vault by Pods

06/21/2023
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2024 CryptoNinjas Disclosures | Privacy Policy