Ethereum 2.0—an overview
Based on the problem presented by Vitalik Buterin, an Ethereum co-founder, in 2015, it is understood that only two of the three main core properties of a blockchain can be utilized at a time. These three core properties are the following:
- Decentralization
- Scalability
- Security (or consistency)
This is known as the Scalability Trilemma and is seen as a fundamental problem that needs to be addressed before global adoption of the Ethereum blockchain.
This concept is visualized in the following diagram:
Figure 16.1: Blockchain trilemma
Intensive research is underway with Phase 0 already near release. The aim is to address this trilemma and find the right balance between all three properties, instead of compromising and only choosing two of the three.
With the release of Proof of Stake (PoS), Sharding, and ewasm, a balanced combination of all these three properties, that is, decentralization, scalability...