© Reuters Vitalik Buterin shares new vision for Ethereum
U.Today – expressed a new vision for the platform that seeks to address the most pressing challenges and leverage emerging technologies to reinvent infrastructure. Central to this vision is a renewed focus on scalability and privacy, supported by the development of new Layer 2 solutions and privacy technologies.
Buterin admits that the biggest problem on the network at the moment is high fees. This barrier not only hindered widespread adoption, but also skewed the network toward financial applications, as only users with significant resources could afford transaction costs during peak times. The proposed solution to this dilemma lies in the advancement of assembly processes. Pooling processes transactions outside the main Ethereum chain (Layer 1) but propagates transaction data to Layer 1, thus enhancing the capacity of the network while maintaining its security.
Source: The emergence of batch datasets, especially optimistic and zero-knowledge datasets, has been a key way to reduce network charges. These blockchains 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 element of the vision. It represents a shift in how user accounts and transactions are managed, providing a more flexible and user-friendly model that can open up new possibilities for app developers.
Light customers, who had been in the background for some time, are now closer to the fruits. Their role is crucial to enabling users to interact with the Ethereum network without running full nodes, thus reducing technical barriers to entry and participation.
The most innovative development highlighted is the practical application of zero-knowledge proofs (ZKPs). Once considered a technology of the distant future, ZKPs are increasingly developer-friendly and on the verge of consumer application. This technology could revolutionize privacy and scalability on Ethereum by allowing users to verify the validity of transactions without revealing underlying information.
This article was originally published on U.Today