Vitalik Buterin shares vision for Ethereum: ‘Our goal is to achieve…’

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  • Buterin emphasizes achieving over 100,000 TPS through Layer 2 technology for Ethereum.
  • Centralization risks are identified, with two entities creating 90% of Ethereum blocks in October.

As a seasoned analyst with years of experience observing and dissecting the cryptocurrency market, I find myself both inspired and cautious when it comes to Vitalik Buterin’s vision for Ethereum. Having closely followed his journey since its inception, I can attest to his relentless pursuit of improving the technology underlying this revolutionary blockchain platform. His focus on scalability, cross-chain transfers, user experience, and security is not only ambitious but also necessary for Ethereum to remain competitive in the rapidly evolving landscape of decentralized networks.

Recently, the Ethereum cryptocurrency (ETH) has been subject to closer examination, which in turn has led its co-creator, Vitalik Buterin, to take a step ahead and reveal detailed blueprints for the future development of the Ethereum network.

Vitalik Buterin on Ethereum’s journey and roadmap ahead

At the 10th Blockchain Global Summit, which was organized by Wanxiang Blockchain Lab, Buterin shared his aspirations for Ethereum’s future and looked back on its history during his speech.

He discussed Ethereum’s evolution since its inception in 2015, and highlighted how it has transformed from a pioneering blockchain platform into a robust, decentralized network.

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Furthermore, Buterin pointed out that the network is capable of fostering multiple advancements. Among these are decentralized financial systems (or DeFi), unique digital items known as non-fungible tokens (NFTs), and a wide array of blockchain applications.

He said, 

If you’ve attended my speeches between 2015 and 2017, you might find that the topics discussed haven’t varied significantly.

Buterin added, 

From the start, our main focus has consistently been on enhancing Ethereum’s underlying technology. By the year 2022, we successfully accomplished the complete switch from Proof of Work (mining) to Proof of Stake (staking).

What else did he outline?

According to the co-founder’s estimation, the system is expected to handle over 100,000 transactions every second.

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This achievement would result from implementing Layer 2 (L2) technology.

Additionally, he underscored improvements in user interaction, explaining that transactions between various Ethereum chains can be executed in just two seconds.

Additionally, Buterin highlighted the importance of expanding Ethereum’s infrastructure.

Prioritizing the security of cross-chain transactions should be given more importance than the Ethereum Virtual Machine (EVM) in terms of its implementation.

We aim to facilitate swift, two-second transactions that transfer data from Ethereum to other blockchains.

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Buterin added, 

“Cross-chain security is becoming more critical than the EVM.” 

Buterin’s efforts so far to evolve the Ethereum network

It’s not surprising that the charitable contributions made by Buterin have earned him praise from esteemed economists such as Tyler Cowen and Alex Tabarrok.

Economists have proposed him as a possible nominee for the 2024 Nobel Prize in Economics.

For those who may not be aware, so far, Buterin has written three blog articles detailing the future development of the Ethereum protocol. These posts are named “The Merge,” “The Surge,” and most recently, “The Scourge.

This new edition explores the potential dangers of centralization for the Ethereum network and the methods being considered to mitigate these issues.

In that context, he pointed out that the processes of creating blocks and staking were important elements leading to a more centralized system.

In my analysis, I brought attention to a troubling pattern that revealed a significant dominance by two key players, Beaver and Titan, who collectively accounted for close to 90% of the Ethereum blocks mined during the month of October.

What lies ahead?

In the midst of recent events, the value of ETH has seen a notable decrease of more than 3% within the last day. As we speak, it’s being traded at approximately $2,632.46, as reported by CoinMarketCap.

To summarize, Buterin’s design for Ethereum, encompassing scalability, interoperability, user-friendly interface, and robust security, places Ethereum as a dominant player, continuing to shape the blockchain environment significantly.

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2024-10-22 17:44