- Buterin highlights achieving over 100,000 TPS via Layer 2 technology for Ethereum.
- Centralization risks are identified, with two entities creating 90% of Ethereum blocks in October.
Ethereum [ETH] has recently come under scrutiny, prompting co-founder Vitalik Buterin to take proactive measures by sharing comprehensive plans for the network’s evolution.
Vitalik Buterin on Ethereum’s journey and roadmap
During his speech at the 10th Blockchain Global Summit organized by Wanxiang Blockchain Lab, Buterin outlined ambitious goals for the future of ETH as he reflected on his journey.
He discussed Ethereum’s evolution since its founding in 2015, highlighting how it has transformed from a pioneering blockchain platform to a robust, decentralized network.
Buterin also noted that the network supports numerous innovations. These include decentralized finance (DeFi), non-fungible tokens (NFTs) and various blockchain applications.
He said,
“If you listened to my lectures in 2015, 2016 or 2017, you will notice that the content has not changed much.”
Buterin added,
“Our primary goal has always been to improve Ethereum technology. In 2022 we will have completed the full transition from Proof of Work (PoW) to Proof of Stake (PoS).”
What else did he outline?
The co-founder predicted that the network would exceed a transaction processing capacity of 100,000 transactions per second (TPS).
This achievement is said to be the result of the implementation of Layer 2 (L2) technology.
He also highlighted improvements in the user experience, stating that users could complete transfers between all chains on ETH in two seconds.
Furthermore, Buterin emphasized the importance of expanding Ethereum’s infrastructure.
He analyzed that ensuring the security of cross-chain interactions would take priority on the Ethereum Virtual Machine (EVM).
“Our goal is to achieve cross-chain transfers between Ethereum and other blockchains within 2 seconds.”
Buterin added,
“Cross-chain security is becoming increasingly important than the EVM.”
Buterin’s efforts so far to develop the Ethereum network
As expected, Buterin’s philanthropic impact has received recognition from leading economists such as Tyler Cowen and Alex Tabarrok.
Economists have suggested him as a potential candidate for the 2024 Nobel Prize in Economic Sciences.
For those who don’t know, Buterin has published three blog posts so far outlining the future of the ETH protocol, titled “The merger,” “The wave“, and the series finale, “The plague.”
In this latest episode, he delved into the centralization risks facing the Ethereum network and the strategies being explored to address them.
In it he identified block creation and staking as important factors contributing to centralization.
He also highlighted a worrying trend where two entities, Beaver and Titan, were responsible for almost 90% of ETH blocks produced in October.
What awaits us?
Amid these ongoing developments, ETH has experienced a significant price drop of over 3% in the past 24 hours. At the time of writing, the stock was trading at $2,632.46 CoinMarketCap.
In conclusion, Buterin’s vision of Ethereum, i.e. scalability, cross-chain transfers, user experience and security, can positions ETH as a leading force in the blockchain landscape.
Credit : ambcrypto.com
