Creator of the Ethereum platform, Vitalik Buterin made use of Twitter to talk about the news for Ethereum 2.
Vitalik Buterin applauded the successful launch of several Layer 2 solutions on Ethereum, saying that “the initial implementation of the Ethereum Layer Two dimensioning strategy * basically * was successful”. In a recent topic, he sheds light on some of the latest developments and challenges ahead.
While everyone wasn’t looking, the initial deployment of ethereum’s layer 2 scaling strategy has * basically * succeeded. What’s left is refinement and deployment. The thread: https://t.co/30Dfr9XmFs
– vitalik.eth (@VitalikButerin) June 1, 2020
“While everyone wasn’t looking, the initial implementation of ethereum’s layer 2 scaling strategy * basically * was successful. What remains is refinement and implantation. One topic: https://t.co/30Dfr9XmFs ”
Layer 2 technology is not the same as conventional adoption
According to Buterin’s posts, systems that are “almost ready today” are limited mainly to decentralized payments and exchanges (DEX). However, he explains that token / DEX transfers contribute to much of Ethereum’s current activity, while Tether is one of the main gas drinkers.
Buterin says that these applications may be suitable for implementation in “rollups and plasmas”, but that they can also present adoption challenges for users. For example, users will have to figure out how to store coins in a rollup or plasma, and they will also have to develop confidence in layer 2 operators not to steal funds.
Even if a tier 2 operator disappears, Buterin says users will want to know that they will be able to withdraw funds as quickly as possible – possibly using ZK rollup technology. He suggests that every tier 2 company should test that the team turns off all centralized components to see if the ecosystem can still recover.
Delays in Ethereum 2.0
Vitalik’s tweets come amid delays in the full launch of ETH 2.0. They do not rule out the fact that many teams are interacting with the Ethereum 2.0 Schlesi test network.
So far, teams of developers, including PegaSys, Nimbus and others, have tweeted their contributions to Ethereum 2.0. Prysmatic Labs has already launched its Ethereum 2.0 test network through its Prysm client, which contains two components – the Beacon chain client and the Validator client responsible for producing new and certified blocks in the beacon and shard chains. Etherscan has also launched an Ethereum 2.0 Beacon Chain Explorer.
It remains to be seen how this will affect the price of Ethereum, especially since 77% of ETH in external accounts (EOAs) has not moved in the last six months, according to new data.