3 transitions that Ethereum has to do: Vitalik Buterin
3 transitions that Ethereum has to do: Vitalik Buterin
Ethereum co-founder Vitalik Buterin believes that Ethereum still needs "three large technical transitions" in order to be fully mature as a tech stack-and everything else will not be sufficient.
In a blog post from Friday, the developer emphasized what is necessary to implement each of its ideal improvements, which could include "profound changes in applications and wallets".
scaling, security and data protection
According to the butterin, the three transitions from Ethereum Layer-2 scaling (rollups), improved wallet security (smart contract walls) and improved privacy include-both for standard money transfers and for other Ethereum applications.
"You can only select 3 out of 3", wrote the developer. The failure of only one of these transitions would mean failure of the entire protocol, since users have an incentive to adopt cheaper "centralized problems" that are more reliable and "hide their data".
Nevertheless, the transitions will be difficult: For example, the introduction of layer 2 protocols and stealth addresses will encourage users to use far more blockchain addresses, which will reduce the mental model "A user = an address" with which the ecosystem has become familiar. The following questions arise for Butterin:
"If you want to pay someone, how do you get the information about how to pay it? ... If users have saved many assets in different places in different chains, how do they carry out important changes and social recovery?"
Every transition also requires an updated secondary infrastructure. "The use of ENS is expensive," wrote butterin, referring to the Ethereum name service -A system for applying for humans to blockchain addresses. During a bull market, butterin estimated that the fees for registration of a domain name could increase again to over $ 100. Fortunately, ENS Tools developed to let his system run on L2, which will enable the "almost free" domain registration that is necessary so that "people can actually use ENS". "Radical reforms of the kind we need are actually possible," wrote butterin, "but there is still a lot more reform at the application level." in December 2022, Vitalik reflects to the possible applications from Ethereum and found that" money "is still the most important application that ever discovered for blockchain became. However, others such as decentralized financing (Defi) remain relevant as long as they are limited to simple over-secured loan products and does not inflate into an "over-capitalized monster" that depends on non-sustainable forms of yield agriculture. " Some ideas are not realistic: "Industrial supply chain applications have not disappeared," he wrote at the time. "There was no decentralized Amazon on the blockchain."
. The most important applications from Ethereum