What is the Ethereum Roadmap?
The Ethereum roadmap lays out the development vision and plans for the Ethereum blockchain. It outlines a series of phases aimed at enhancing functionality, scalability, and security, contributing to Ethereum's continuous evolution as a leading decentralized platform.
Key Phases of the Ethereum Roadmap
- Ethereum 1.0: The original state of Ethereum, focusing on smart contracts and decentralized applications (dApps). This phase saw the introduction of the concept of 'gas' for transaction fees.
- Ethereum 2.0: A significant upgrade transitioning from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus mechanism. This upgrade aims to improve scalability and reduce energy consumption.
- Shard Chains: A crucial feature of Ethereum 2.0, shard chains will distribute the network's load, enhancing transaction speeds and capacity.
- Layer 2 Solutions: Technologies like Rollups and Plasma are being implemented to further increase throughput by processing transactions off the main Ethereum chain while maintaining security.
- Beacon Chain: Launched in December 2020, the Beacon Chain coordinates the network, manages validators, and is integral to the PoS transition.
These phases highlight Ethereum's commitment to evolving as a robust platform for hosting dApps and DeFi solutions, maintaining its status as a leader in the cryptocurrency realm.