Ethereum 2.0 according to Vitalik Buterin
As a reminder, Ethereum 2.0 represents a major change for the network: it will notably make it possible to move on to the Proof of Issue (Proof of Stake), while the blockchain currently works with Proof of Work (Proof of Work). The entire ETH community does not like the transformation, and Vitalik Buterin had already had to ardently defend Ethereum 2.0 in the past few months.
Among the advantages of this new system, one of the most important according to Buterin is the modification of the emission of ETH tokens:
“One of the reasons we are moving to the Proof of Stake is because we want to dramatically reduce the show. […] With ETH 2.0, we calculated that the maximum emission [de tokens d’ETH] would be around 2 million a year, if literally everyone participates. “
In fact, the average annual ETH token emission would be much lower. The Ethereum 2.0 testnet, which currently displays nearly 24,000 validators, thus produces only an average which corresponds to 100,000 tokens over the year. For comparison, the “classic” Ethereum network as it is currently used produces 4.7 million ETH per year.
Ethereum 2.0 will also incorporate new mechanisms to control the number of ETHs in circulation. For each transaction, the costs will be split in two, with one part sent to minors as a reward, and the other which will be destroyed (burn). In addition, the Ethereum 2.0 network will be able to adjust to variations in use in a more agile manner, according to Vitalik Buterin. The size of blocks will be adaptable according to the needs of the network: they will grow during peak periods. This will also allow for less variation in transaction fees.
We now know the roadmap to Ethereum 2.0, it was sketched by Vitalik Buterin a few weeks ago. Often postponed for lack of time, the transition will be crucial: it should allow Ethereum to partially get rid of the scalability problems that have been holding it back for a long time.
👉 To go further, discover our file: How is Ethereum evolving?
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