© Reuters Vitalik Buterin shares new vision for Ethereum
U.Today – has expressed a new vision for the platform that seeks to address its most pressing challenges and leverage emerging technologies to reinvent infrastructure. Central to this vision is a renewed focus on scalability and privacy, driven by the development of Layer 2 solutions and new privacy technologies.
Buterin acknowledges probably the network’s biggest problem right now: high rates. This barrier has not only hindered widespread adoption, but has also skewed the network towards financial applications, as only users with significant resources can afford to transact during peak hours. The proposed solution to this problem lies in the advancement of rollups. Rollups perform transaction execution outside of the main Ethereum chain (layer 1), but publish transaction data to layer 1, thereby improving the capacity of the network and maintaining its security.
Source: The advent of rollups, particularly optimistic and zero-knowledge rollups, has been a primary way to reduce fees on the network. These rollups promise to execute a large number of transactions at a fraction of the cost currently required on the main chain, potentially lowering the barrier to entry for new users and diverse applications.
Account abstraction is another key component of the vision. It represents a change in the way user accounts and transactions are managed, offering a more flexible and easy-to-use model that could open up new possibilities for application developers.
Thin clients, which have been on the back burner for some time, are now closer to fruition. Its role is crucial in allowing users to interact with the Ethereum network without running full nodes, thereby reducing technical barriers to entry and participation.
The most innovative development highlighted by is the practical application of zero-knowledge proofs (ZKP). ZKPs, once considered a technology of the distant future, are now becoming easier for developers to use and are on the verge of being used by consumers. This technology could revolutionize privacy and scalability on Ethereum by allowing users to validate transactions without revealing underlying information.
This article was originally published on U.Today.
