Ethereum co-founder Vitalik Butterin shared his plan on Ethereum 2.0 to achieve success.
Ethereum is the second biggest crypto asset in the crypto industry after Bitcoin. And also this project is known for its smart contract feature, which is responsible for the majority of the Defi and NFTs projects operations in this crypto industry. However high traffic on the Ethereum Blockchain network is shifting crypto projects toward other scaling solution projects like the Polygon network. To sustain a better future in the crypto industry, the Ethereum project team is working to bring efficiency to the Ethereum Blockchain network by shifting the network to the Proof-of-stake network.
Recently Ethereum co-founder Vitalik Butterin appeared in a 2 hours session on the Bankless podcast. In the whole podcast, he shared the outline ideas and plans to go with the precise road to shift Ethereum into Ethereum 2.0.
Vitalik asserted that the Ethereum blockchain needed to go through high decentralized nature and high Scalability with a lightweight network so that it can manage huge amounts of data to make Ethereum blockchain useful for all people.
Vitalik pointed out two important things, which are needed to get success in the ETH2 plan.
The Ethereum co-founder said that first of all we need to go through the merge by shifting the Ethereum blockchain network from Proof-of-work Consensus to Proof-of-stake Consensus successfully and it will happen in the first quarter of this year.
Further Vitalik said that the next thing is a surge. We need to bring a huge surge in the Ethereum Blockchain network by introducing huge scalability, massive bandwidth, and throughput, particularly on zk-Rollups.
In this way, the Ethereum co-founder explained that surge and merge are very important parts of the Ethereum 2.0 rollouts. And this will cover 80% of the work completed. And the rest of 20% of the work will involve optimization in the Ethereum blockchain network and that will take 6 years.