#etherreum co-founder #VitalikButerin unveiled his vision for Ethereum's future at the 10th Global Blockchain Summit. This major event, held on October 17, 2024, in Shanghai, provided important insights into the direction Ethereum is heading.
Ethereum's Journey: From Its Beginnings to the Present
In his speech, Buterin reflected on how Ethereum has evolved since its launch in 2015. From a small blockchain platform, it has grown into a powerful decentralized network supporting #DEFÄ° , #NFTs. , and many other blockchain-based applications.
"Since the beginning, our focus has always been on improving Ethereumâs technology," Buterin noted, recalling the critical transition from Proof of Work (PoW) to Proof of Stake (PoS) in 2022. He highlighted that areas such as scalability, privacy, and security have been at the forefront of Ethereumâs development over the past decade.
Reaching 100,000 TPS: Ethereum's Scalability Goal
One of the key points in Buterinâs speech was the ambitious plan for Ethereum to reach over 100,000 transactions per second (TPS) through Layer 2 (L2) solutions. He pointed out the progress already made in reducing transaction costs and improving confirmation times.
Transaction fees, which in 2020 and 2021 ranged from $5â10 USD, and in some cases reached as high as $800 USD, were reduced to just $0.01 USD in 2023 thanks to L2 solutions. This improvement is critical for Ethereumâs future mass adoption.
Fast Cross-Chain Transactions: The Future of Interoperable Blockchains
Buterin also outlined how Ethereum plans to enhance interoperability between blockchains. The goal is to reduce cross-chain transfer times to 2 seconds, providing users with a seamless and fast experience when transferring assets across different blockchains.
Improving User Experience and Global Adoption
Buterin emphasized that improving user interfaces will play a key role in making decentralized applications (dApps) more accessible to the public. Ethereum is focusing on markets like Argentina and Turkey, where digital currency adoption is growing. In these countries, over 10% of the population already owns cryptocurrencies, creating a huge opportunity for expanding dApps usage.
Prioritizing Cross-Chain Security
While the Ethereum Virtual Machine (EVM) remains a crucial part of the platform's infrastructure, Buterin pointed out that the future focus will shift towards cross-chain security. As Ethereum expands and integrates with other blockchains, ensuring secure interactions between them will be essential for the platform's long-term success.
The Future of Ethereum
Buterin's vision for Ethereum includes massive scalability, fast cross-chain transactions, improved user experiences, and greater emphasis on security. With these advancements, Ethereum is poised to remain a leader in the blockchain space and continue driving innovations that will shape the next generation of decentralized technology.
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