Vitalik Buterin and Joe Lubin explore the future of Ethereum

In brief

  • Joe Lubin and Vitalik Buterin took to the stage in London to explore DeFi, sharding and Ethereum 2.0.
  • Buterin said sharding would be ready to start deployment this year.
  • Lubin meanwhile explored how enterprise was ready to step into blockchain.

Vitalik Buterin, the co-founder of Ethereum, and Joe Lubin, the founder of ConsenSys, took to the stage at ETHLondonUK yesterday to discuss the future of Ethereum in 2020. The main takeaways? Ethereum will scale, become more private, and DeFi is the space to watch. 

Buterin said that new technologies will help scale the Ethereum network, which has been beleaguered by network slowdowns and is close to bursting. Should the network hit maximum capacity, the network will slow down and become more expensive. That’d discourage companies from building on it. 

Buterin estimates that one technology, sharding, will scale the network by “somewhere between a factor of a hundred and a few hundred. Sharding breaks the network down into smaller parts, called shards, that can each process thousands of transactions. It’s still in development, but could be implemented as early as this year. He said the number that could increase if people make use of other scaling technologies, like optimistic rollups, which “roll up” multiple transactions into one. 

Buterin also said that the Ethereum ecosystem will have “increased privacy” in the next year. “There’s definitely an ever-growing realization of the need to not have all of your activity be publicly linkable to all of your other activity,” he told the audience. He pointed to Tornado Cash, which lets users make private Ethereum transactions

Given recent issues around so-called flash loans, where people exploited price oracles for money, Buterin thinks that more work needs to be done on decentralized oracles, which source information in a trustless and decentralized way. More work on “different kinds of oracle designs” should be completed to make them…

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