Vitalik Buterin Lays Roadmap for Ethereum Visa Levels Quadratic Sharding

[futureofeth]

That was the opening statement of Vitalik Buterin, Ethereum’s inventor, at BeyondBlock in Taipei where he laid out a plan to reach Visa levels scalability within the next 3-5 years. Having two out of three is easy he says, providing examples of current solutions that have made that two out of three trade-off: Existing blockchains, like Ethereum and Bitcoin in their current state, sacrifice scalability, he says, while super big blocks, at the size of 10GB, would sacrifice decentralization, Buterin says.

One such way is through second layer solutions, like Plasma, Raiden, or the Lightning Network, however ethereum also aims to achieve the trilemma of decentralization, safety and scalability, all on-chain. “The way I generally describe sharding is… you can think of it as, in a fairly simple version, creating a blockchain where you have, lets say, a hundred different universes and each of these universes is a different account space,” Buterin says before adding: “So you can have an account in some universe or you can have a contract in some universe and you can send a transaction in some universe and if you send a transaction in some universe it only affects stuff in some universe.

Let’s imagine we keep the main blockchain and into the main blockchain we would publish a contract, and this contract would be called the validator manager contract [which] would maintain an internal Proof of Stake (PoS) system… The validator manager contract also keeps track of a set of shards… the 100 universes. A collation is basically just a group of transactions and the collation would have a collation header that would be basically a PoS signed block header, and these collation headers would be pushed into the validator manager contract, but all of the actual transactions in the shards, all of the shards states, all of the shards collations, that would go off-chain.

The only thing that goes on-chain is these collation headers and the validator manager contract would keep track of these headers and would keep track of the state roots of each shard. And this new world with its own rules which has quadratic scalability as nodes validate certain shards and act as light clients for other shards, with this new world potentially having even higher levels of scalability dependent on how sharding is implemented or incrementally improved.

http://www.trustnodes.com/2017/11/25/vitalik-buterin-lays-roadmap-ethereum-visa-levels-quadratic-sharding

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[Qpeep]

The point is that OI think there are already platform which are much faster than Ethereum. I think Stellar is, for example. Probably Byteball as well.

[neurotypical]

The point is that OI think there are already platform which are much faster than Ethereum. I think Stellar is, for example. Probably Byteball as well.

All of these models have weaknesses compared to PoW. For starters, Byteball is just trusting that the russian dev guy keeps delivering the airdrops... Ethereum has a stupid coin distribution with biggest holders being ICO founders.

Sharding is vaporware and was criticized lengthily by cryptography in the field.

I personally still see nothing new under the sun compared to what we have to be frank.

[ployfit]

The point is that OI think there are already platform which are much faster than Ethereum. I think Stellar is, for example. Probably Byteball as well.

All of these models have weaknesses compared to PoW. For starters, Byteball is just trusting that the russian dev guy keeps delivering the airdrops... Ethereum has a stupid coin distribution with biggest holders being ICO founders.

Sharding is vaporware and was criticized lengthily by cryptography in the field.

I personally still see nothing new under the sun compared to what we have to be frank.

If you have information about upcoming eth pos, can you please tell us? I think you're an experienced user. I wonder the pos requirements really.

I want to be an eth pos participant, do we need certain amount of eth for this?

[samy_voc]

if things go by as per vitalik roadmap then the things change in the Credit card world and banking world.

Banking industry need to be challenged

[neurotypical]

The point is that OI think there are already platform which are much faster than Ethereum. I think Stellar is, for example. Probably Byteball as well.

All of these models have weaknesses compared to PoW. For starters, Byteball is just trusting that the russian dev guy keeps delivering the airdrops... Ethereum has a stupid coin distribution with biggest holders being ICO founders.

Sharding is vaporware and was criticized lengthily by cryptography in the field.

I personally still see nothing new under the sun compared to what we have to be frank.

If you have information about upcoming eth pos, can you please tell us? I think you're an experienced user. I wonder the pos requirements really.

I want to be an eth pos participant, do we need certain amount of eth for this?

I don't know the details, but Ethereum is supposed to finish his PoW period soon, maybe next year? it should be easy to google this and find the info.

As far as participating in the staking process, I guess it will be the regular PoS behavior, namely, you just need to have as much ETH as possible on your wallet to raise the chances of getting income. It's like PoW but instead of hashrate, you need a bigger stake of coins held.

[Uao]

Vitalik is a genius, no doubt.

I've always wondered though, what's the point of decentralization when the wealth distribution is so uneven and the entry point for potential validators is so high (Vlad Zamfir said they would require only ~100 of them to keep everything in order). Put two and two together and you get power of decision on chain in the hands of a few people (orgs).

[pinkflower]

Will all his promises really happen? Everything that's coming out of his mouth is already starting to sound fake. How many years has it been since Ethereum went online and what useful breakthroughs has it contributed?

Ethereum only works for ICO scam token creation, nothing else. But I hope I'm wrong.

[thompshma]

Will all his promises really happen? Everything that's coming out of his mouth is already starting to sound fake. How many years has it been since Ethereum went online and what useful breakthroughs has it contributed?

Ethereum only works for ICO scam token creation, nothing else. But I hope I'm wrong.

Saying its ONLY good for scams is an absurd generalization.

[Briian007]

This is good news for eth and make it price go up these day, i cant wait to see eth reach 1000$

[gredisgold88]

the reality of cohesive understanding in cryptocurrency. vitalik butterin so truth , the blockchain will expand, and require 200x byte from now , if fee for transaction higher up , this will help mining and code breaking block .

[pinkflower]

Will all his promises really happen? Everything that's coming out of his mouth is already starting to sound fake. How many years has it been since Ethereum went online and what useful breakthroughs has it contributed?

Ethereum only works for ICO scam token creation, nothing else. But I hope I'm wrong.

Saying its ONLY good for scams is an absurd generalization.

Maybe. But we havent seen anything good invented from all the ICOs either. I know we should give them time, but how can we trust them if the Ethereum platform itself cant be depended upon? You know why I say that? Read about the DAO and its failure.

[Teraboy]

The point is that OI think there are already platform which are much faster than Ethereum. I think Stellar is, for example. Probably Byteball as well.

All of these models have weaknesses compared to PoW. For starters, Byteball is just trusting that the russian dev guy keeps delivering the airdrops... Ethereum has a stupid coin distribution with biggest holders being ICO founders.

Sharding is vaporware and was criticized lengthily by cryptography in the field.

I personally still see nothing new under the sun compared to what we have to be frank.

If you have information about upcoming eth pos, can you please tell us? I think you're an experienced user. I wonder the pos requirements really.

I want to be an eth pos participant, do we need certain amount of eth for this?

I don't know the details, but Ethereum is supposed to finish his PoW period soon, maybe next year? it should be easy to google this and find the info.

As far as participating in the staking process, I guess it will be the regular PoS behavior, namely, you just need to have as much ETH as possible on your wallet to raise the chances of getting income. It's like PoW but instead of hashrate, you need a bigger stake of coins held.

The staking process will be similar with NEO, More coin and More emission. Because i've heard some people are talking about how much ethereun needed to participate in the staking process. It should be around 100 ethereum for minimum requirements. The casper pos roadmap will be executed at Q1 of 2018 that means next year we will see the process of POS migration.

[jjdub7]

ETH is getting better and better but I'm questioning myself isn't it become too 'centralized', too Vitalik Buterin cult coin? 2017 was (is) the year of the ICOs but what will happen when the ICO boom passed? What will happen with ETH if all those ICOs decide to fiat their tokens and holdings?

[steveouttrim]

ICOs are not scams. That's like saying "all venture capital is a scam", because some venture capital investments are in companies that later go bust.

If Ethereum enables a new funding model for startups, and BitCoin doesn't, then Ethereum is a superior technology for startup funding.

There is not going to be "one coin to rule them all". There will be millions of digital tokens and smart contracts.