Buterin: soon Ethereum will have the safest blockchain in the world

During a keynote in Osaka, Japan, where in these days the Devcon 5Vitalik Buterin, the co-founder of Ethereum, intervened. In his speech he confirmed that Ethereum will soon boast a consensus mechanism that will be more secure than that currently used by Bitcoin, and this will be possible thanks the transition to PoS or Proof of Stake. 

During the intervention he said that: Satoshi through the invention of Bitcoin has achieved an exceptional thing, but now we have, thanks to him, the opportunity to build new and great things. On this note, he stated that Ethereum it is evolving and wants to make its network the safest in the world, despite this it includes considerable costs. 

PoS for Ethereum: it will take years to complete the transition 

According to reports from Buterin, who believes it is worth spending the necessary sum, will still need a few more years to complete the transition. 

At the moment, the blockchain of Ethereum it is very overloaded, so if in the future, a large company intends to build on Ethereum, it would go on to overload its blockchain again, consequently increasing the cost for each transaction. 

The network is therefore at the limit and this is holding back the adoption of large-scale cryptocurrency. So in order to improve this situation, the only way is the Proof of Stake. The problem, at the moment, according to Buterin, is given by the fact that each PC must proceed with the verification of the transaction. We must therefore move in the direction of a network in which each computer can verify transactions on average. In this way we would go to sacrifice one small part in the field of security but the costs could be reduced, up to a factor equal to 100. 

Thanks to PoS instead, the network can be managed by validators which will freeze the funds through the staking. the greater the quantity of ether that can be blocked, the greater the number of blocks that can be created. So if someone can prove that a validator approves an illegitimate block of funds, then they come immediately removed from the validator and data to the challenger. This mechanism therefore encourages validators to behave correctly, while others are induced to verify that the network is working according to the rules. This consensus mechanism underlies Ethereum 2.0, whose zero phase should begin during the 2020.