- In an event at Devcon 2024 in Bangkok, Ethereum co-founder Vitalik Buterin, laid out an ambitious vision for the platform’s future.
- In the platform’s future, Vitalik emphasized enhanced decentralization, scalability, and inclusivity.
Ethereum co-founder Vitalik Buterin, at Devcom 2024 event held in Bankgok, laid out a very ambitious vision for the platform’s future.As we have earlier reported, Vitalik has frequently spoken out about Ethereum’s future, including this recent instance where he put great emphasis on decentralization, scalability, and inclusivity. Labeling Ethereum as the “world computer,” Buterin reiterated its role as a foundational technology enabling a decentralized digital economy.
Co-founding Ethereum in 2014, Vitalik reviewed the platform’s robust evolution since its inception highlighting its significant transition from Proof-of-Work to Proof-of-Stake solution as a great achievement. This significant change dramatically reduced Ethereum’s energy consumption not forfeiting that security on the blockchain has been bolstered.
His address highlighted the progress Ethereum has made and outlined steps toward ensuring it remains a secure, adaptable, and widely accessible platform.
By moving to PoS, Ethereum enhanced its resilience and accessibility, opening up participation to a broader, more diverse community.
Reminiscing, Vitalik has put more focus on Layer 2 solutions this year. At Devcon, Vitalik highlighted the development of layer 2 solutions, particularly Optimistic Rollups and Zero-Knowledge (ZK) Rollups. These technologies address Ethereum’s longstanding scalability challenges by allowing transactions to occur off-chain and then settle on the mainnet.
Buterin noted that Layer 2 solutions have led to a substantial reduction in transaction fees from around 50 cents to less than 0.1 cents. This cost reduction is commendable as it has allowed developers to build more accessible applications and encourages broader participation in the Ethereum ecosystem.
It is worth mentioning that Ethereum’s greatest rival Solana has been a great threat to the blockchain as it offers much lower transaction fees.
Lower transaction fees are especially critical in extending Ethereum’s reach to regions where high fees may have previously limited access.
Buterin emphasized that Proof-of-Stake (PoS) fosters a more equitable system, empowering smaller stakeholders to participate in network governance. He believes this inclusivity is essential for building a resilient platform that encourages innovation while preserving decentralization and accessibility.
Addressing Ethereum’s scalability challenges, Buterin reaffirmed his dedication to seamless interoperability between Layer 2 networks. He envisions a future where Ethereum can support a thriving digital economy, facilitating faster, cheaper transactions without compromising decentralization.
Meanwhile, at the time of press ETH has seen its market value undergo slight setbacks as Ethereum’s ETH is swapping wallets with $3,168.58 marking a 3.15% decline in the past 24 hours. Nonetheless, the second largest cryptocurrency is 20.19% up in the weekly charts.
Focusing on a broader scale, the asset is 23.96% and 54.64% up in the past month and year respectively. Additionally, the digital asset market cap has slightly declined by 2.90% stopping at $382.59B
