The Ethereum Foundation has introduced an extensive roadmap, termed the “strawmap,” outlining ambitious plans for the blockchain network through 2029. This document, released by researcher Justin Drake, delineates seven significant upgrades, or hard forks, aimed at enhancing the network’s efficiency and security.
The roadmap is structured around five primary objectives, referred to as “north stars.” These goals include achieving transaction finality in seconds, increasing Layer 1 throughput to approximately 10,000 transactions per second, and enabling Layer 2 networks to reach throughput levels of around 10 million transactions per second. Additionally, the plan incorporates post-quantum cryptography and the implementation of shielded transfers to bolster user privacy.
Layer 1 (L1) represents Ethereum’s core blockchain, while Layer 2 (L2) networks, such as Arbitrum and Optimism, facilitate more cost-effective transaction processing before finalizing on L1. The terms “gigagas” and “teragas” describe the targeted throughput levels, measured in gas, which is the unit of computational work on the Ethereum network.
Transaction finality is a critical aspect of blockchain operations, signifying that a transaction has been confirmed by the network and cannot be reversed. Currently, this process takes approximately 16 minutes on Ethereum. The proposed roadmap aims to reduce this time to as little as eight seconds by employing a new consensus mechanism known as Minimmit, which streamlines the agreement process to a single round of voting.
Vitalik Buterin, co-founder of Ethereum, emphasized the significance of the roadmap, detailing the incremental improvements planned for transaction finality. Presently, Ethereum’s slot time, the interval for producing new blocks, is set at 12 seconds. The roadmap proposes a gradual reduction of this time, potentially reaching as low as two seconds, contingent on maintaining network security.
Buterin likened the overall architectural transformation to a “ship of Theseus” approach, where individual components of Ethereum’s consensus mechanism are replaced progressively, ensuring minimal disruption during the transition.
Another noteworthy aspect of the roadmap is its focus on post-quantum cryptography. This initiative aims to replace current cryptographic methods with more secure alternatives that would withstand potential threats posed by quantum computing. The strategy includes the introduction of hash-based signatures, which do not rely on the mathematical challenges that quantum computers are expected to solve.
The proposal for shielded transfers addresses privacy concerns, allowing Ethereum transactions to be conducted without revealing specific details on the blockchain. Currently, all transactions are transparent, which can be a disadvantage for users seeking confidentiality in their financial activities.
The ambitious nature of the roadmap contrasts sharply with current market sentiments surrounding ether. The relationship between the roadmap’s potential to influence ether’s price and the prevailing market conditions remains uncertain as the year progresses.
The Ethereum Foundation's new roadmap outlines a comprehensive plan for the blockchain's development through 2029, focusing on enhancing transaction speed, security, and user privacy. With ambitious targets for throughput and finality, the initiative aims to position Ethereum as a more efficient and secure platform in the evolving cryptocurrency landscape.