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Ethereum co-founder Vitalik Buterin believes that Ethereum still needs “three major technological changes” to fully mature as a technology stack – and that anything less would be insufficient.
In a Friday blog post, the developer highlighted what is needed to implement each of its ideal improvements, which could include “deeper changes from the application and wallet.”
Scaling, Security and Privacy
According to Buterin, the three changes to Ethereum include layer-2 scaling (rollup), enhanced wallet security (smart contract wallets), and improved privacy – both for standard fund transfers and other Ethereum applications.
“You can only choose 3 out of 3,” wrote the developer. Failure of just one of these transitions would mean failure of the entire protocol, as users are encouraged to adopt cheaper “centralized workarounds” that are more reliable and “hide your data to some degree.”
Yet the transition will be difficult: the adoption of layer 2 protocols and stealth addresses, for example, will encourage users to use far more blockchain addresses, eliminating the “one user ~= one address mental model”, which will lead to an ecosystem has become familiar. , For Buterin, this raises the following questions:
“If you want to pay someone, how do you get information about how to pay them? … If users have multiple assets stored in different places on different chains, they can lead to significant changes and social improvements.” How do you do it?”
Each transition will also require updated secondary infrastructure. “Using ENS is expensive,” wrote Buterin, reference ethereum name service A system for applying human-readable names to blockchain addresses.
During the bull market, Buterin estimated that the fee to register a domain name could go back above $100. Thankfully, ENS is developing tools to make its system work at L2, which will enable the “almost-free” domain registration needed “for people to actually use ENS.”
“The kind of radical reforms we need are indeed possible,” Buterin wrote, “but there are much more application-layer reforms that would need to be done.”
Ethereum Core Use Cases
In December 2022, Vitalik mirrored on Ethereum’s viable use cases, saying that “money” is still the most important application discovered for the blockchain.
Others, such as decentralized finance (DeFi), remain relevant as long as it sticks to simple hyper-collateralized loan products, and doesn’t grow into an “overcapitalized monster” dependent on unsustainable forms of yield farming.
However, some ideas are not realistic:
“Industrial supply-chain applications haven’t gone anywhere,” he wrote at the time. “The decentralized Amazon on the blockchain hasn’t happened.”
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Ethereum co-founder Vitalik Buterin believes that Ethereum still needs “three major technological changes” to fully mature as a technology stack – and that anything less would be insufficient.
In a Friday blog post, the developer highlighted what is needed to implement each of its ideal improvements, which could include “deeper changes from the application and wallet.”
Scaling, Security and Privacy
According to Buterin, the three changes to Ethereum include layer-2 scaling (rollup), enhanced wallet security (smart contract wallets), and improved privacy – both for standard fund transfers and other Ethereum applications.
“You can only choose 3 out of 3,” wrote the developer. Failure of just one of these transitions would mean failure of the entire protocol, as users are encouraged to adopt cheaper “centralized workarounds” that are more reliable and “hide your data to some degree.”
Yet the transition will be difficult: the adoption of layer 2 protocols and stealth addresses, for example, will encourage users to use far more blockchain addresses, eliminating the “one user ~= one address mental model”, which will lead to an ecosystem has become familiar. , For Buterin, this raises the following questions:
“If you want to pay someone, how do you get information about how to pay them? … If users have multiple assets stored in different places on different chains, they can lead to significant changes and social improvements.” How do you do it?”
Each transition will also require updated secondary infrastructure. “Using ENS is expensive,” wrote Buterin, reference ethereum name service A system for applying human-readable names to blockchain addresses.
During the bull market, Buterin estimated that the fee to register a domain name could go back above $100. Thankfully, ENS is developing tools to make its system work at L2, which will enable the “almost-free” domain registration needed “for people to actually use ENS.”
“The kind of radical reforms we need are indeed possible,” Buterin wrote, “but there are much more application-layer reforms that would need to be done.”
Ethereum Core Use Cases
In December 2022, Vitalik mirrored on Ethereum’s viable use cases, saying that “money” is still the most important application discovered for the blockchain.
Others, such as decentralized finance (DeFi), remain relevant as long as it sticks to simple hyper-collateralized loan products, and doesn’t grow into an “overcapitalized monster” dependent on unsustainable forms of yield farming.
However, some ideas are not realistic:
“Industrial supply-chain applications haven’t gone anywhere,” he wrote at the time. “The decentralized Amazon on the blockchain hasn’t happened.”
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
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