Ethereum co-founder Vitalik Buterin mentioned 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 expertise right into a mature tech stack.”
Buterin added that these transitions should be executed “roughly concurrently” to make sure success and if any of them fall brief, then the community will seemingly fail as a consequence of sure basic points that may come up as a consequence.
He made the assertion in a June 9 blog post that exposed a brand new roadmap for the Layer-1 blockchain community, the place he additionally mentioned the important points plaguing Ethereum’s future that have to be addressed.
“It’s not simply options of the protocol that want to enhance; in some instances, the way in which that we work together with Ethereum wants to vary fairly basically, requiring deep modifications from purposes and wallets.”
In keeping with Buterin, Layer-2 rollups resolve a important problem plaguing the Ethereum community — excessive fuel charges. If customers don’t undertake rollups en masse, then fuel charges will stay absurdly excessive, with a single transaction doubtlessly costing greater than $80 throughout a bull run.
Even within the present crypto winter — thought-about by many to be the harshest in historical past — fuel charges for Ethereum transactions are often round $3. Buterin believes that is unsustainable and Layer-2 adoption is the one option to resolve it.
Failure to take action will in the end lead to customers turning to “centralized workarounds” that shall be extra intuitive and cheaper to make use of.
Buterin believes that crypto wallets are lower than par presently with regards to person expertise and safety, which is a important problem for the expansion of the community.
In keeping with Buterin, if pockets safety just isn’t improved, then customers won’t ever really feel comfy with the self-custody of belongings and can desire to show to centralized choices like exchanges.
He additionally mentioned that the interoperability of wallets and networks is essential because it allows a extra seamless expertise for customers with regards to utilizing cryptocurrency in day-to-day transactions like shopping for groceries.
“I’ve cash on Scroll, and I need to pay for espresso. You’re promoting me the espresso, however you might be solely set as much as obtain cash on Taiko. Wat do?”
He advised the idea of a “receiving pockets” as one option to resolve this conundrum. Such a pockets would assist the overwhelming majority of Layer-2 networks and would have the ability to consolidate funds asynchronously.
Another choice could be to develop cross-L2 bridging system so senders’ wallets are capable of routinely ship funds to the proper vacation spot.
One other key problem that threatens Ethereum’s success in turning into the go-to community for the typical person is the shortage of privateness with regards to particular person transactions.
Buterin believes that folks would detest utilizing crypto of their every day lives if there’s a public document of their transactions that’s simply traceable to them.
He made a number of recommendations round utilizing stealth addresses however admitted that points round privateness stay a serious drawback with no straightforward answer in sight.