Vitalik Buterin reveals Ethereum’s vision: ‘Our goal is to achieve…’

Ethereum [ETH] has recently faced scrutiny, leading co-founder Vitalik Buterin to proactively share comprehensive plans for the network’s development.

Vitalik Buterin’s Insights on Ethereum’s Evolution and Future Roadmap

While speaking at the 10th Blockchain Global Summit organized by Wanxiang Blockchain Lab, Buterin laid out ambitious objectives for the future of ETH while reflecting on its path.

He explored Ethereum’s growth since its establishment in 2015, underscoring its transition from a groundbreaking blockchain platform to a resilient, decentralized network.

Buterin also highlighted the network’s endorsement of various innovations, including decentralized finance (DeFi), non-fungible tokens (NFTs), and diverse blockchain applications.

He expressed, 

“If you’ve listened to my presentations in 2015, 2016, or 2017, you’ll observe that the essence hasn’t changed significantly.”

Furthermore, Buterin mentioned, 

“Our primary objective has always been to enhance Ethereum’s technology. In 2022, we successfully transitioned from Proof of Work (PoW) to Proof of Stake (PoS).”

What Other Plans did he Detail?

The co-founder forecasted that the network will exceed a capacity of processing over 100,000 transactions per second (TPS).

This feat is expected through the implementation of Layer 2 (L2) technology.

He also stressed improvements in user interaction by allowing users to execute transfers across different chains on ETH within a mere two seconds.

In addition, Buterin underscored the significance of expanding Ethereum’s infrastructure.

He envisioned that prioritizing the security of cross-chain interactions would outweigh the importance of the Ethereum Virtual Machine (EVM).

“Our aim is to enable cross-chain transfers between Ethereum and other blockchains within two seconds.”

Additionally, he added, 

Buterin’s Contributions towards Revolutionizing the Ethereum Network

As anticipated, Buterin’s philanthropic endeavors have earned accolades from notable economists like Tyler Cowen and Alex Tabarrok.

Economists have proposed him as a potential contender for the 2024 Nobel Prize in Economics.

To date, Buterin has released three blog posts outlining the future direction of the ETH protocol named “The Merge,” “The Surge,” and the latest edition, “The Scourge.”

In this recent update, he delved into the risks of centralization confronting the Ethereum network and the strategies under consideration to tackle them.

He pinpointed block creation and staking as pivotal elements contributing to centralization. Additionally, he brought attention to a worrying trend where two entities, Beaver and Titan, were responsible for almost 90% of ETH blocks generated in October.

What’s on the Horizon?

Amid these ongoing advancements, ETH has witnessed a notable decline in price of more than 3% in the last 24 hours. At the time of writing, it was trading at $2,632.46, as per CoinMarketCap.

In summation, Buterin’s overarching vision for Ethereum, focusing on scalability, cross-chain transfers, user experience, and security, positions ETH strongly to retain its prominent position in the blockchain arena.