Serenity Now! Vitalik and the Answer to Ethereum’s Problems
Vitalik Buterin described the upcoming Ethereum 2.0 scaling solution Serenity at Devcon 4. Serenity is a Proof-of-Stake chain that will be fully compatible with the existing Proof-of-Work chain. It could increase scalability of Ethereum by as much as 1000x (hopefully).
The idea is essentially to take a large chunk of what Ethereum has been working on to address scaling issues and the difficulty bomb issue (including Proof-of-Stake, eWASM, and Sharding) and roll it all into one package.
Serenity is the 4th and final phase in the ongoing move toward a better and faster Ethereum network (we are currently in phase 3, Metropolis). The plan is to roll out Serenity from 2019 – 2021 (timeline subject to change).
All that said, why listen to me tell you about Ethereum when you can spend 10 minutes listening to Ethereum creator Vitalik Buterin explain it or watch a whole CNBC Africa episode on it (see those videos below)?Devcon 4 Keynote by Vitalik Buterin.
TIP: The whole video is worth watching, but that part on Serenity starts about 20 minutes in.
In simple terms: Serenity is a bunch of upgrades that makes Ethereum faster (which means it would be primed for adoption, could handle more smart contracts and DApps, be used for day to day purchases, etc).
NOTE: If you do want to hear me try to explain Serenity and all the Ethereum updates in the works, see Ethereum 2.0.Ethereum 2.0 is going to $1250. Here is why.