Ethereum is an Open Source type platform (open source) that works in a decentralized way. Unlike other blockchains, Ethereum is programmable, this means that its developers can use it to create new types of applications. These types of decentralized applications, or DApps, get the benefits of Blockchain technology and cryptocurrency. These applications are predictable and reliable, this means that once they are loaded onto Ethereum, they will be executed as scheduled.
Will a new version of Ethereum be necessary?
According to Justin Drake, who is a scholar and researcher at the Ethereum Foundation, he claims that the current version of Ethereum (2.0) will not be enough, he mentions that it will be necessary to make a kind of “mini-revolution” when creating a new system that could be called Ethereum version 3.0. He further adds that the creator of Ethereum Vitalik Buterin does not agree with him in this regard, since Vitalik states that Ethereum version 2.0 will last for a century.
Reasons why Ethereum 2.0 might not last a century
In the first instance Drake mentions quantum computing, according to him, it could destroy cryptography as we know it today, so cryptography would have to be changed, and doing that in Ethereum 2.0 would turn out to be very complicated. Then Drake mentions the need for there to be governance that is within the Blockchain technology system, since, if there is no governance in the chain, the governance “off chain” becomes very slow. Innovations need to do things faster, the world we will live in, innovations will grow exponentially and therefore it is necessary to keep up to date.
In this sense, Justin Drake says he does not know when the changes that he predicts should be made within what would be called Ethereum 3.0, but it is very certain that that moment will have to come sooner or later. It will probably still take 10, 15 or 20 years or more, but those changes will come, because they are necessary, according to what Drake said when consulted on the subject.
What implications would it have for users not to update Ethereum in the long term?
If it were to happen that the Ethereum 2.0 version was out of date due to lack of an update in the long term, the owners of this cryptocurrency would be retained in their wallets, with totally devalued funds with which they could hardly operate, this is a scenario that no cryptocurrency wants to happen as it would affect the trust of its users and the general public.
What do you think about this topic? Do you think the update to Ethereum 3.0 will be necessary?
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Image by Nick Chong via unsplash.com under creative commons license.