Ethereum founder Vitalik Buterin mentioned the Ethereum community should undergo three main technical transitions associated to Layer 2 scalability, pockets safety, and privateness because it matures from a “younger experimental know-how to a mature set of applied sciences.”
Buterin added that these transitions have to occur “roughly concurrently” to make sure success, and that if any of them fail, the community will probably collapse on account of some elementary issues that may come up because of this.
He made a press release on June 9. in a weblog publish that exposed the brand new Layer-1 blockchain community plan, he additionally mentioned the basic points that have to be addressed in the way forward for Ethereum.
Buterin mentioned:
“It isn’t simply protocol features that have to be improved; in some instances, the way in which we work together with Ethereum should change basically, requiring main programmatic and financial adjustments.
Layer-2 scaling
In accordance with Buter, Layer 2 packets resolve a vital downside of the Ethereum community: excessive fuel charges. Until customers undertake en masse, fuel taxes will stay absurdly excessive, and a single transaction may value greater than $80 throughout the bull run.
Even within the present cryptocurrency winter, which many take into account the harshest in historical past, fuel charges for Ethereum transactions are sometimes round $3. Buterin believes that that is unsustainable and adopting layer 2 is the one method to resolve it.
If you happen to do not, customers will ultimately transfer to “centralized options” which are extra intuitive and cheaper.
Pockets safety
Buterin believes that cryptocurrency wallets are at the moment unequal with regards to consumer expertise and safety, which is a vital situation for the expansion of the community.
In accordance with Buter, until pockets safety is improved, customers won’t ever really feel snug managing belongings on their very own and can favor to make use of centralized choices like exchanges.
He additionally mentioned that the interplay between wallets and networks is necessary as a result of it makes it simpler for customers to make use of cryptocurrency in on a regular basis transactions, equivalent to shopping for groceries.
Buterin mentioned:
“I’ve cash in Scroll and I wish to pay for espresso.” You promote me espresso, however you might be solely keen to obtain cash Taiko. What to do?”
He proposed the idea of a “receiving pockets” as one method to resolve this conundrum. Such a pockets would help the overwhelming majority of Layer-2 networks and will consolidate funds asynchronously.
One other chance could be to create a cross-L2 interconnection system in order that sender wallets can routinely ship funds to the best vacation spot.
Privateness
One other main situation threatening Ethereum’s success as a easy community for the common consumer is the dearth of privateness with regards to particular person transactions.
Buterin believes that folks wouldn’t make the error of utilizing cryptocurrencies of their each day lives if there was a public report of their transactions that may very well be simply traced.
He made a number of solutions for utilizing secret addresses, however acknowledged that privateness considerations stay a significant downside and there’s no straightforward answer.
