Ethereum [ETH]’s Vitalik Buterin and Justin Drake’s take on the community’s questions concerning Serenity

Vitalik Buterin, the creator of Ethereum, and Justin Drake, a researcher at Ethereum, spoke about Ethereum 2.0, during the latest Ask Me Anything session on Reddit. The AMA was hosted by the Ethereum Foundation and lasted for over 12 hours, wherein all the members of the Ethereum 2.0 research team answered the community’s questions pertaining to Ethereum 2.0.

Ethereum 2.0 is considered to be the Foundation’s biggest project as it includes some major updates to Ethereum. This upgrade is said to achieve scalability and make the network more efficient. The upgrade from Ethereum to Ethereum 2.0 is called the Serenity phase, aka the final phase of Ethereum 1.0. The key solutions brought by Serenity include Proof-of-Stake [PoS] – Beacon and Casper, Sharding, eWASM, Plasma, Raiden, and zero-knowledge proofs. Vitalik Buterin had previously claimed that Serenity is the world computer, which is a combination of different features that the team has been discussing for the past few years.

During the AMA session, the team was asked about what the best response would be to a developer, who is hesitant about building on Ethereum today, taking into consideration that Ethereum 2.0 will take over in the next few years. This question was asked by a Redditor, 0xStark.

To this, Buterin stated that after the state and execution model for Serenity solidifies, the team would be working with the developer community, wherein they would be focusing on modifications to high-level languages such as Solidity, and Vyper.

“Hopefully at that point it will become clearer how to build applications in such a way that they could be redeployed as-is on the 2.0 chain. At least that’s my hope.”

Justin Drake also replied to the question, wherein he stated:

“Building on Ethereum 1.0 today is great for learning and prototyping. It’s also great for assembling a culturally-aligned team consistent with the philosophy of the Ethereum community (which may be different than the philosophy of the Bitcoin, Ripple, Bitcoin Cash, EOS, Tether, etc. communities).”

Furthermore, another Redditor, Elizabeth Giovanni asked the researchers whether there were any economists being consulted to help decide the issuance rate of a full Proof-of-Stake system [PoS], and the effects certain decisions would have on the network and the community, both in the long-run and short-term. Here, Vitalik Buterin said:

“Personally at this point the feedback I’m most interested in is actually feedback from potential stakers. The main question basically being, are there any other tweaks we can make to the economics that, given a fixed level of reward, will (i) encourage more people to validate, and (ii) encourage many small solo validators or smaller pools, as opposed to a few large pools.”

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