Ethereum co-founder Vitalik Buterin believes that future blockchains based on sharding and proof of stake will be “thousands of times more efficient.” He wrote this in Twitter thread posted on Dec. 10.
He thinks that, as user experience (UX) gets better and scalability advances (driving fees down) non-financial apps will become “a bigger part of the story.”
He also noted that blockchains are not about “cutting computational costs,” but are instead about increasing computational costs while decreasing “social costs.” Buternin stated that computers have become 1 trillion times cheaper per unit computation in the last 70 years while human labor has gotten anywhere from two to 10 times more expensive.
Currently, Ethereum developers are adopting Casper protocol — a hybrid of Proof-of-Stake and Proof-of-Work. The Casper protocol has been developing since 2014. With its implementation, Ethereum will switch from PoW to PoS. According to Buterin, after the Ethereum Casper introduction, the team will continue to improve the code. In particular, they need to solve the problem of high transaction fee.