Ethereum 2.0 and a Utopia in Nevada — this was Devcon 4

devcon 4

The fourth annual Ethereum conference, called Devcon, took place in Prague last week from October 30th to November 2nd. The conference, which mainly revolves around Ethereum, aims to be a hub for the blockchain community, to encourage the development of decentralized applications, protocols, and technological tools.

 

The sold-out event was a success as crypto-enthusiasts from all around the world were enlightened about the latest proposed upgrades on the Ethereum network. In addition, long-awaited rumors and speculations regarding the purchase of 60,000 acres of land in Nevada was finally divulged.

 

Ethereum 2.0

 

A project which was first announced in 2014 by Ethereum founder Vitalik Buterin may soon become a reality. Ethereum 2.0, nicknamed Serenity, is in its final steps of completion and as Vitalik said: is really no longer so far away. Serenity aspires to develop the current Ethereum platform, making it more reliable and efficient by encompassing several improvements to current issues with the network.

 

A common issue with Ethereum and other public blockchains is the scaling dilemma. As demand increases the networks need to be able to process more transactions. These transactions have to go through blocks which have been limited in the early days of development.

 

Thus, to this point, the Ethereum network is only capable of handling 15 transactions per second, whereas, in comparison, Visa can manage up to 45,000 transactions every second.

 

Ethereum 2.0 promises to offer a vast increase in scalability, up to 1000x higher than its predecessor. This concept is oftentimes referred to as sharding, which has been adopted by various organizations in the past such as Google.  

 

Furthermore, the frontman of Ethereum mentioned during his keynote that they are working on implementing Casper, a proof-of-stake algorithm which should replace its current PoW method. Integrating Casper would foster economic efficiency while lowering previously enormous energy consumption.

 

This marks a major milestone for the blockchain community and depicts an exponential advancement in providing functional and more efficient technologies to users.    

 

A futuristic Smart City

 

Jeffrey Berns, the owner, and CEO of Blockchains LLC made headlines with his extravagant presentation at Devcon 4 on his plans to build a Blockchain Smart City in the Nevada desert.

 

Last year, an unknown company purchased 60,000 acres of land in the Northern Nevada Desert for $170 million in cash. Since then, numerous speculations and rumors floated around the internet regarding what the mysterious company would use the land for.

 

Last week it was revealed that Blockchain LLC plans to build an Ethereum-based Blockchain City, with schools, homes, markets and even a college campus.

 

To accomplish his ambitious idea, Jeffrey Berns has already invested over $250 million of his own funds. He then took the chance at last week’s Devcon to encourage developer talent to help his company out.

 

These plans are in very early stages and only time will reveal whether Jeffrey Berns can successfully establish his dream utopian city.

 

Sources:

https://cointelegraph.com/news/ethereum-20-launch-really-not-so-far-away-says-vitalik-buterin-in-devcon4-keynote

https://cointelegraph.com/explained/blockchains-scaling-problem-explained

https://blockonomi.com/sharding/

https://www.nytimes.com/2018/11/01/technology/nevada-bitcoin-blockchain-society.html

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