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Ethereum

6 Crucial Aspects of Vitalik Buterin’s Ethereum Vision at EthCC

July 22, 2022 - Around 3 mins mins to read

At the Ethereum Community Conference in Paris on Thursday, co-founder of Ethereum (ETH) Vitalik Buterin presented his outlook for the future of the second-largest project.

6 Crucial Aspects of Vitalik Buterin's Ethereum Vision at EthCC
6 Crucial Aspects of Vitalik Buterin’s Ethereum Vision at EthCC

Ethereum Founder Vitalik Buterin’s vision includes the following major points as well as a greater emphasis on security, stability, and decentralization:

  1. “Once we complete the Merge,” Ethereum will be “55% complete.” Buterin contrasted this with the perception of Bitcoin (BTC) as being 80% complete, which, in his opinion, is prevalent in the community.
  2. Ethereum should “settle down” over time. The well-known EIP-1559 and the switch to proof-of-stake (PoS) are only a couple of the advancements that have occurred or are currently being implemented, according to the co-founder of Ethereum. “The rate of change for the protocol is going to have to slow down at some point,” he said. Then, according to him, Ethereum “will look somewhat more like a system that optimizes for safety and predictability, and less like an ecosystem that optimizes for impressing and dazzling people.”
  3. It is dangerous if Ethereum becomes so sophisticated that “no single person can understand the whole protocol,” according to Buterin, who also cautioned against adding support for many virtual machines and becoming too accustomed to tools like SNARKs.
  4. Buterin believed that the emphasis should be on decentralization rather than escalating complexity. Having an easy-to-use light client for the consensus layer, execution layer, and Layer-2’s “as a default,” enhanced support for home stakers, and making sure a full node can be run on lighter hardware are all included.
  5. Buterin suggested that enhancements for quantum resistance are one change that might be worthwhile to make in the future. He predicted the arrival of quantum computers and said that once they do, we will need to switch to new cryptography.
  6. Buterin acknowledged that switching to PoS is “a big change” but added that there are also “lots of benefits.” The few remaining Ethereum community members who support proof-of-work (PoW) can utilize Ethereum Classic (ETC) as a substitute, he noted. He described the blockchain that broke away from Ethereum following a significant attack in 2016 as having “a welcoming community” and being “a totally fine chain.”

You can watch Vitalik Buterin’s entire presentation here:

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Patrick

CoinCu News

Ethereum

6 Crucial Aspects of Vitalik Buterin’s Ethereum Vision at EthCC

At the Ethereum Community Conference in Paris on Thursday, co-founder of Ethereum (ETH) Vitalik Buterin presented his outlook for the future of the second-largest project.

6 Crucial Aspects of Vitalik Buterin's Ethereum Vision at EthCC
6 Crucial Aspects of Vitalik Buterin’s Ethereum Vision at EthCC

Ethereum Founder Vitalik Buterin’s vision includes the following major points as well as a greater emphasis on security, stability, and decentralization:

  1. “Once we complete the Merge,” Ethereum will be “55% complete.” Buterin contrasted this with the perception of Bitcoin (BTC) as being 80% complete, which, in his opinion, is prevalent in the community.
  2. Ethereum should “settle down” over time. The well-known EIP-1559 and the switch to proof-of-stake (PoS) are only a couple of the advancements that have occurred or are currently being implemented, according to the co-founder of Ethereum. “The rate of change for the protocol is going to have to slow down at some point,” he said. Then, according to him, Ethereum “will look somewhat more like a system that optimizes for safety and predictability, and less like an ecosystem that optimizes for impressing and dazzling people.”
  3. It is dangerous if Ethereum becomes so sophisticated that “no single person can understand the whole protocol,” according to Buterin, who also cautioned against adding support for many virtual machines and becoming too accustomed to tools like SNARKs.
  4. Buterin believed that the emphasis should be on decentralization rather than escalating complexity. Having an easy-to-use light client for the consensus layer, execution layer, and Layer-2’s “as a default,” enhanced support for home stakers, and making sure a full node can be run on lighter hardware are all included.
  5. Buterin suggested that enhancements for quantum resistance are one change that might be worthwhile to make in the future. He predicted the arrival of quantum computers and said that once they do, we will need to switch to new cryptography.
  6. Buterin acknowledged that switching to PoS is “a big change” but added that there are also “lots of benefits.” The few remaining Ethereum community members who support proof-of-work (PoW) can utilize Ethereum Classic (ETC) as a substitute, he noted. He described the blockchain that broke away from Ethereum following a significant attack in 2016 as having “a welcoming community” and being “a totally fine chain.”

You can watch Vitalik Buterin’s entire presentation here:

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News