Ethereum is currently one of the most sought after cryptocurrency protocols. The potential to develop and use distributed applications (dapps) on its decentralized blockchain is too attractive to be dismissed. It is relatively a much younger protocol than Bitcoin. However, the demand for ether – the crypto tokens for Ethereum platform – has increased in the recent days following the foundation’s move to sell a certain number of premined token to raise funds for the project.
The complete development of Ethereum has been charted on 5 different stages – starting with Olympic, Frontier, Homestead, Metropolis and Serenity. Its Homestead version was launched earlier last month, has since gained a considerable traction.
In an event organized by Coinbase, Vitalik Buterin – one of the main developers of Ethereum platform – discussed the future of Ethereum and the changes that need to be made in order to ensure better industry and individual adoption.
According to Buterin, some of the changes that need to be made on Ethereum includes drastic improvements to the privacy features of the protocol. being used for creating fintech applications and smart contracts, the privacy is of utmost importance. The community intends to build another layer over the core Ethereum protocol to meet the security and privacy requirements of different Ethereum applications.
Scalability is one of the problems currently faced by Bitcoin. As the network grows, even Ethereum may face the same problems. In order to avoid such a situation, the platform intends to consider a couple of approaches to building a network that can continue to operate even in the absence of full nodes. According to Vitalik Buterin, the use of lightning networks and sharding are two possible approaches currently being considered for the purpose.
The protocol can be further optimized by implementing an improved consensus algorithm for virtual mining.
Going by Vitalik […]
