- Optimism’s implementation of fault proofs enhances user autonomy by allowing independent withdrawal initiations.
- Ethereum overcomes previous challenges; “The Merge” transitions from Proof-of-Work to more sustainable Proof-of-Stake.
Vitalik Buterin, recently focused on the advancements in Layer 2 protocols for the Ethereum network. His comments followed an announcement from Optimism, a prominent Layer 2 solution, about its new implementation of fault proofs in its smart contracts. This development is a part of what Optimism refers to as “Stage 1” of decentralization, which facilitates users initiating withdrawals without third-party involvement.
Ethereum: where yesterday's FUD is today's solved problem. pic.twitter.com/revNpVEeqm
— vitalik.eth (@VitalikButerin) June 11, 2024
This feature of decentralization aims to increase autonomy and reduce the dependency on centralized entities, enhancing the security and efficiency of transactions on the Ethereum network. Buterin praised this progress, expressing his desire for more Layer 2 solutions to achieve similar milestones, thus reinforcing the network’s infrastructure.
No multisig can achieve the property "you need 75% dishonest to steal the money, and you need 75% dishonest to freeze the money". A multisig can only achieve (p, 100% -p)
— vitalik.eth (@VitalikButerin) June 11, 2024
In a discussion about Ethereum’s journey and challenges, Buterin used a meme to illustrate the network’s response to past criticisms. The meme featured several doors, each labeled with a different “FUD” (Fear, Uncertainty, and Doubt) that critics have historically associated with Ethereum’s capabilities and prospects.
Re stage 1 vs multisigs:https://t.co/rrfVIyoSAa
Stage 1 is definitely a halfway house between "multisigs" and "utopia", but a threshold increase from 50% to 75% is in itself a huge deal.
Regarding fees: pic.twitter.com/6lTJmeGdgD
— vitalik.eth (@VitalikButerin) June 11, 2024
The doors symbolized various challenges Ethereum has faced; five out of six shown doors were open, indicating those issues had been addressed and resolved. These included major events such as Ethereum’s initial launch, its recovery from the DAO fork, and the recent transition from a Proof-of-Work to a Proof-of-Stake mechanism in an upgrade known as “The Merge” in September 2022.
However, one door in the meme remained closed, highlighting ongoing challenges such as enhancing user experience across multiple Layer 2 solutions, reducing the storage demands for running a full node, and addressing the centralization of miner extractable value (MEV) and builder censorship. These issues are currently the focus of Ethereum’s ongoing development efforts.
Buterin’s reflections show that while Ethereum has made progress in overcoming initial doubts and technical challenges, work continues to refine the system, aiming to resolve remaining issues and improve the platform’s overall functionality.
This ongoing development as Ethereum seeks to maintain its position as a leading blockchain platform, supporting a wide array of applications from decentralized finance to digital identities.
