This year has been a pretty tough one for Ethereum (ETH). The blockchain project has been criticized by many, and it also has a lot of rivalries in the blockchain space. The value of the coin hasn’t also been at its best. Ethereum (ETH) declined heavily recently and tested a new yearly low.
Nevertheless, the development team and the co-founder of the project – Vitalik Buterin, are cooking something big behind the scene. Vitalik Buterin announced Ethereum 2.0 some time ago.
However, the development of the new version of Ethereum is still in progress. Ethereum 2.0 will come with a whole lot of improvements, and it has the potential to transform the blockchain project, says Buterin.
Vitalik Buterin Updates the Community on Ethereum 2.0
Recently, Buterin enlightened the community about Ethereum 2.0. He talked about the importance of the upgrade to the blockchain of Ethereum. Buterin also disclosed when Ethereum 2.0 will be released. The founder revealed all this information at the Ethereum (ETH) San Francisco event. Buterin said that the new version of Ethereum is a combination of several concepts.
ETH founder also said that those concepts will play a serious and fundamental role in the refurbishing of the entire blockchain of Ethereum. The project has been a “work in progress” for a couple of years now. The dev team of Ethereum focuses more on concepts such as Proof-of-Stake protocol called Sharding and Casper.
Buterin also said that there would be various improvements such as abstraction in the next generation Ethereum.
In a statement, Buterin said: “Ethereum 2.0 is the kind of Ethereum’s new version that will combine all these improvements and create what is believed to be the best possible design for a general purpose blockchain.”
Buterin said that projects such as Parity, Sigma prime, and Prysmatic Labs, have begun to implement their version of Sharding and Casper client for Ethereum 2.0. He said that the project will hit testnet soon.
Buterin stated that the dev team will be working on the Testnet, auditing protocol, formal protocol verifications, code protocol auditing and implementation. He said they will all be rounded up into the release of the Mainnet.
Ethereum Is Still the Most Preferred Choice for Dapp Developers
While the blockchain project has seen a pretty tough year, Ethereum is still strongly supported by many. The platform has remained the number one choice for developers of decentralized apps and projects based on smart contracts.
In the recent hackathon that held on the 5th to 7th of October in San Francisco, over 1k developers participated. Besides, a lot of developers are now migrating to the platform of Ethereum despite its recent price trend.
A lot of people blame Ethereum for the Initial Coin Offering market and the numerous scam projects out there. Nevertheless, the revolutionary potential of the blockchain project still attracts developers. It also motivates them to work on feasible real-life use cases on the blockchain of Ethereum (ETH).
Ethereum (ETH) Price Today – ETH / USD
At the time of writing, Ethereum (ETH) is changing hands at $228 after an increase of about two percent over the past twenty-four hours. The current market cap of the digital currency is $23.44 billion and its trading volume over the past twenty-four hours is $1.48 billion.