Ethereum co-founder Vitalik Buterin stated the Ethereum community must undergo three main technical transitions associated to Layer-2 scaling, pockets safety, and privateness because it matures from a “younger experimental know-how right into a mature know-how stack.”
Buterin added that these transitions should be made “roughly concurrently” to make sure success and if any of them fail, then the community is more likely to fail attributable to sure underlying issues that may come up consequently.
He made the announcement in a June 9 weblog put up that exposed a brand new plan for the Layer-1 blockchain community, the place he additionally mentioned important points plaguing Ethereum’s future that have to be addressed.
Buterin stated:
“It is not simply the protocol options that have to be improved; in some circumstances, the way in which we work together with Ethereum must essentially change, requiring profound modifications to functions and wallets.”
Layer 2 scaling
Based on Buterin, Layer-2 rollups remedy a important drawback plaguing the Ethereum community — excessive fuel charges. If customers do not undertake the rollups en masse, gasoline charges will stay absurdly excessive, with a single transaction probably costing greater than $80 throughout the surge.
Even within the present crypto winter — thought of by many to be the harshest in historical past — fuel charges for Ethereum transactions are usually round $3. Buterin believes that that is unsustainable and that the adoption of Layer-2 is the one strategy to remedy it.
Should you do not, in the end customers will flip to “centralized workarounds” that might be extra intuitive and cheaper to make use of.
Pockets safety
Buterin believes that crypto wallets are presently lower than par on the subject of consumer expertise and safety, which is a key challenge for the expansion of the community.
Based on Buterin, if pockets safety doesn’t enhance, then customers won’t ever really feel snug with their very own custody of property and can as a substitute flip to centralized choices like exchanges.
He additionally stated that the interoperability of wallets and networks is essential as a result of it permits for a extra seamless expertise for customers on the subject of utilizing cryptocurrency in on a regular basis transactions like grocery purchasing.
Buterin stated:
“I’ve cash on Scroll and I need to pay for espresso. You are promoting me espresso, however you are solely set as much as settle for cash on Taiko. What to do?”
He proposed the idea of a “receipt pockets” as one strategy to remedy this conundrum. Such a pockets would help the overwhelming majority of Layer-2 networks and will consolidate funds asynchronously.
An alternative choice could be to develop a bridging system between L2 in order that sender wallets can mechanically ship funds to the best vacation spot.
Privateness
One other key challenge that threatens Ethereum’s success in changing into a mainstream community for the typical consumer is the dearth of privateness on the subject of particular person transactions.
Buterin believes that individuals would hate utilizing crypto of their each day lives if there was a public document of their transactions that was simple for them to hint.
He made a number of recommendations relating to using hidden addresses, however acknowledged that privateness points stay a serious drawback with no simple resolution in sight.
