Ethereum co-founder Vitalik Buterin stated that because the Ethereum community matures from a “younger experimental tech to a mature tech stack,” three main technical challenges associated to Layer 2 scaling, pockets safety and privateness will emerge. Stated it needed to undergo a transition.
Buterin stated that these transitions should happen “virtually on the identical time” to make sure success, and if any of them aren’t met, sure underlying underlying issues may end up in community failure. Added that it’s costly.
He launched the assertion in a weblog put up on June 9, revealing a brand new roadmap for the Layer 1 blockchain community and likewise discussing the vital points plaguing the way forward for Ethereum that have to be addressed.
“It isn’t simply the performance of the protocol that wants enchancment. In some instances, it is going to require a reasonably elementary change in how we work together with Ethereum, requiring vital adjustments from purposes and wallets.”
Layer 2 scaling
In accordance with Buterin, the Layer 2 rollup solves a major downside plaguing the Ethereum community: excessive gasoline costs. If customers do not undertake the rollup en masse, gasoline costs will stay unusually excessive, and in a bull market a single commerce can price him $80 or extra.
Even within the present crypto winter, thought-about by many to be the harshest in historical past, gasoline costs for Ethereum transactions are sometimes round $3. Buterin believes that is unsustainable and the adoption of Layer 2 is the one strategy to remedy it.
In any other case, customers find yourself with “centralized workarounds” which are extra intuitive and cheaper to make use of.
Buterin believes cryptocurrency wallets are at the moment falling brief in the case of consumer expertise and safety, key points for the community’s progress.
In accordance with Buterin, if pockets safety will not be improved, customers won’t ever be glad with self-managing their belongings and can choose to make use of centralized choices like exchanges.
He additionally stated that interoperability of wallets and networks is vital because it permits a extra seamless expertise for customers when utilizing cryptocurrencies for on a regular basis transactions akin to grocery buying.
“I’ve cash on my scroll and I need to pay for my espresso. You promote me espresso, however I am solely set as much as obtain cash on Taiko. What do I do?”
As one strategy to remedy this conundrum, he proposed the idea of a “receiving pockets”. Such wallets will help nearly all of layer 2 networks and can be capable to consolidate funds asynchronously.
An alternative choice is to develop a cross-L2 bridging system in order that the sender’s pockets can mechanically switch funds to the right vacation spot.
One other key subject that threatens Ethereum’s success as a go-to community for common customers is the dearth of privateness concerning particular person transactions.
Buterin believes that simply traceable public information of transactions would discourage folks from utilizing cryptocurrencies of their each day lives.
He made some recommendations concerning the usage of stealth addresses, however admitted that privateness considerations remained an enormous downside and no simple resolution was in sight.
(Tag Translation) Ethereum