Two hundred and sixty-one years ago, Linnaeus formalized binomial nomenclature and the modern system of naming organisms. Since the time of his first publication, taxonomists have managed to describe 1.8 million of the estimated 8 to 25 million extant species of multicellular life, somewhere between 7 percent and 22 percent. At this rate, the task of treating all species would be accomplished sometime before the year 4,000. In an age of alarming environmental crises, where taking measures for the preservation of our planet's ecosystems through efficient knowledge is becoming increasingly urgent, humanity cannot afford this delay.
source https://www.lifetechnology.com/blogs/life-technology-news-blog/revolutionary-method-could-bring-us-much-closer-to-the-description-of-hyperdiverse-faunas