- 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.
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 ahead
During his speech at the 10th Blockchain Global Summit, hosted by Wanxiang Blockchain Lab, Buterin outlined ambitious goals for ETH’s future while reflecting on its journey.
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.
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’ve listened to my talks in 2015, 2016, or 2017, you’ll notice that the content hasn’t changed much.”
Buterin added,
“Our primary goal has always been to improve Ethereum’s technology. In 2022, we completed the full transition from Proof of Work (PoW) to Proof of Stake (PoS).”
What else did he outline?
The co-founder projected that the network would exceed a transaction processing capacity of 100,000 transactions per second (TPS).
This achievement would result from implementing Layer 2 (L2) technology.
He also emphasized enhancements in user experience, stating that users could complete transfers between any chains on ETH within two seconds.
Additionally, Buterin highlighted the importance of expanding Ethereum’s infrastructure.
He analyzed that ensuring the security of cross-chain interactions would take precedence over the Ethereum Virtual Machine (EVM).
“Our goal is to achieve cross-chain transfers between Ethereum and other blockchains within 2 second.”
Buterin added,
“Cross-chain security is becoming more critical than the EVM.”
Buterin’s efforts so far to evolve the Ethereum network
As expected, Buterin’s philanthropic impact has garnered recognition from prominent economists like Tyler Cowen and Alex Tabarrok.
Economists have suggested him as a potential candidate for the 2024 Nobel Prize in Economic Sciences.
For those unaware, to date, Buterin has published three blog posts outlining the future of the ETH protocol, titled “The Merge,” “The Surge,” and the latest installment, “The Scourge.”
In this latest installment, he delved into the centralization risks facing the Ethereum network and the strategies being explored to address them.
Therein, he identified block creation and staking as significant factors contributing to centralization.
He also highlighted a concerning trend where two entities, Beaver and Titan, were responsible for nearly 90% of ETH blocks produced in October.
What lies ahead?
Amid these ongoing developments, ETH has experienced a significant price drop of over 3% in the past 24 hours. At press time, it was trading at $2,632.46, according to CoinMarketCap.
In conclusion, Buterin’s vision for Ethereum i.e., scalability, cross-chain transfers, user experience, and security, positions ETH to remain a leading force in the blockchain landscape.
