Ethereum co-founder Vitalik Buterin has cleared up misconceptions about Ethereum’s technical updates and provided clarity on the altcoin king’s development process. Buterin revealed that Ethereum’s M31 binary statelayer will be moving from 64-bit to 32-bit, rather than from 16-bit to 32-bit.
This technical change aims to speed up the verification processes on the Ethereum network and improve the overall network performance. Additionally, developers will now be able to write STARK proofs of work in Python using the Zorch library, which runs on GPUs. This is considered an important step that will increase the technical capabilities of Ethereum by providing developers with greater flexibility and efficiency.
However, despite technical advances, ETH’s price has not performed well in recent months, which is seen as a major problem. As of 2024, Ethereum has seen a decline in real-world usage and its price has fallen significantly. The poor performance following the launch of a spot ETF in the US has made Ethereum’s future more uncertain. ETH has lost value throughout the year, indicating a lack of real usage or demand.
Technical improvements are expected to make the Ethereum network more scalable and efficient. However, it is clear that these innovations need to be translated into practical applications and the price needs to recover. While the Ethereum community believes that these technical advances will contribute to a more robust network, the real test will be whether these advances will lead to real-world applications and the price needs to recover.
In the coming months, Ethereum’s efforts to overcome the challenges it faces and regain a strong position in the cryptocurrency market will be critical. As the Ethereum network continues to technically evolve, innovative solutions and real-world applications will need to be developed to improve price performance.
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So who can benefit?
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I EXPLAIN IN DETAILED.
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