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Vitalik Buterin Predicts Scaling Upgrade to Improve Ethereum Network Speed by 1,000 Times
Ethereum co-founder Vitalik Buterin announced that the blockchain platform’s next upgrade would improve its transaction capacity by a factor of one thousand. Speaking at the Devcon4 keynote in Prague, Czech Republic, Buterin reminded the audience that this long-awaited “Ethereum 2.0” update would henceforth be called “Serenity” instead. The update is set to signify Ethereum’s fourth major development milestone after Frontier, Homestead, and Metropolis from the years prior.

Serenity: Scaling Exponentially
While the past few revisions have not brought groundbreaking new features to Ethereum, Serenity will perhaps be the blockchain platform’s biggest overhaul yet. The milestone will change the network’s consensus mechanism from proof of work (PoW) to proof of stake (PoS). Buterin noted that at the time of Ethereum’s release a few years ago, PoS-related development was still in its infancy.

Since the platform’s release in 2015, however, Vitalik Buterin and The Ethereum Foundation have directed significant development resources towards Casper, a PoS protocol built specifically for the Ethereum blockchain.