In a post by Ignas of DeFi Research, a figure in the crypto space, Vitalik Buterin, the co-founder of Ethereum, has outlined his vision for the next phase of the world’s second-largest crypto. According to Buterin, the first decade of Ethereum served as a “training stage,” paving the way for more significant developments.
Buterin emphasized that Ethereum has now reached a point where it possesses all the necessary tools to build user-friendly and secure applications. He stated, “Today, we have all the tools we’ll need […] to build applications that are simultaneously cypherpunk and user-friendly.”
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The Roadmap Ahead
As Ethereum transitions into its next chapter, Buterin highlighted several key areas that developers should focus on:
- Building Directly on Layer 2 Solutions: Rather than relying on the Ethereum mainnet (Layer Buterin advocated for developing applications directly on Layer 2 scaling solutions, which offer improved transaction speeds and lower costs.
- Prioritizing Privacy: In contrast to the public nature of the Ethereum mainnet, Buterin stressed the importance of implementing privacy-preserving features by default.
- Embracing Centralized Identity Solutions: To combat Sybil attacks, Buterin suggested incorporating centralized solutions like SMS verification for identity management.
- Adopting Account Abstraction Wallets: These wallets would allow users to delegate certain privileges to smart contracts, enhancing security and functionality.
- Proving Participation Beyond ETH Holdings: Buterin proposed exploring ways to validate participation in the Ethereum ecosystem beyond simply holding ETH tokens.
The Evolving Ethereum Ecosystem
Moreover, Buterin acknowledged that Ethereum is no longer solely a financial ecosystem. As such, he emphasized the need for stricter standards within the Layer 2 ecosystem. Currently, only five Layer 2 solutions have reached Stage 1 decentralization, which Buterin deems insufficient.
“The ecosystem’s standards need to become stricter: so far, we have been lenient and accepted any project as long as it claims to be ‘on a path to decentralization’. By the end of the year, I think our standards should increase, and we should only treat a project as a rollup if it has actually reached at least stage 1.”
While the Ethereum scaling roadmap is not yet complete, Buterin stressed that future development efforts would be more behind-the-scenes. Developers should now focus on creating tools accessible to millions of users, marking a significant mindset shift for the Ethereum community.
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Show more +Crypto Analyst Optimistic About Ethereum’s Price
In addition to Buterin’s insights, Top crypto analyst Crypto Rover shared a technical analysis of Ethereum’s price movement. Rover pointed out a massive symmetrical triangle formation on Ethereum’s 4-hour chart, indicating potential for a significant breakout.
As per the latest price data from CoinGecko, Ethereum (ETH) is currently trading at $3,551.00, representing a 1.14% decline over the past 24 hours but a 3.57% increase in the past week.
With Buterin’s vision for Ethereum’s future and analysts’ optimism about its price trajectory, the cryptocurrency community eagerly awaits the next phase of Ethereum’s evolution.
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