At a Blockchain conference held in Taipei, co-founder Ethereum Vitalik Buterin presented the long-term roadmap for Ethereum development.
According to Buterin, most of the underlying issues of the Ethereum Blockchain network fall into the following categories: scalability, intelligent contract security, consensus protocol, and confidentiality. Several network updates, including the latest Byzantium rigid fork, provided solutions in the four main areas. But, as noted by Mr. Buterin during an interview with South Korean media outlet Joong Ang, it may take at least two to five years to really solve the scalability within the Ethereum network. Buterin said:
"I would say two to five, with early prototypes in one year.The different solutions of scales, including sharding, plasma and various channel systems of State such as Raiden and Perun, are already quite well thought out, and development has already begun.Raiden is the first, and its preview version is already available. "
Sheet Road Development
With regard to scalability, the Ethereum Foundation and the Ethereum Open Source Development Community made significant progress with the upcoming launch of the Casper Test and the new development. Introduction of Plasma, a second layer descaling solution developed by Buterin and Lightning co-author Joseph Poon of Bitcoin
Casper is a long-term descaling solution a hybrid consensus protocol of proof of work (PoW) and proof implementation (PoS) on the Ethereum network. Currently, similar to Bitcoin, the Ethereum network only relies on the PoW consensus protocol to maintain the network and verify transactions.
As Christian Reitwiessner, Head of Implementation Solidity and Ethereum C ++ of Ethereum, Paper, Solutions such as PoS are needed to eliminate the workload of users, nodes and dependence of minors. Reitwiessner wrote:
"Scalability does not come from the fact that Blockchains are unloaded from their load by creating a lot of small chains and moving transactions there. Scalability is reached only once a user does not have to check every transaction sent to the system. "
Structurally, Ethereum is different from Bitcoin because it works as a platform for decentralized applications (dapps). Therefore, Ethereum urgently needs a scalable network capable of managing dapps with millions of users via PoS solutions like Plasma.
To improve the privacy measures of the Ethereum network, Ethereum developers have integrated Zk-SNARK set up anonymous and private transactions. The image below illustrates a zk-SNARK transaction processed on the Ethereum testnet. The transaction does not display the payment amount, the recipient, and the sender.
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Price Trend Long Ether's term
JP Vergne, professor at Ivey Business School, noted in a study that developer activity is the most accurate predictor of price Vergne said:
"We found that the best predictor of the exchange rate of a cryptocurrency is the amount of development activity around it."
Ethereum is the Only public blockchain and cryptocurrency on the market that is getting closer to Bitcoin in terms of developer activity and therefore, given the introduction of innovative solutions such as Casper, Plasma, sharding, and zk-SNARKs on Ethereum, the Ether price is expected to climb until 2018
Mike Novogratz, billionaire hai e f und legend, said that he sees the price of the ether multiply by three by the end of 2018.