God V unexpectedly stole the spotlight when he "started singing", and the atmosphere was so exciting
At TOKEN2049, Asia's largest Web3 exhibition, Ethereum founder Vitalik Buterin (V God), in addition to sharing the latest technological developments, unexpectedly "sung" in his speech. The theme song of "Castle in the Sky" echoed at the scene, triggering a burst of warm applause from the audience. This usually introverted crypto star used his singing to break the serious atmosphere of traditional speeches, turning a technical sharing into a relaxed and interesting one.
However, V God not only brought fun, but also revealed many latest developments about Ethereum, especially the breakthroughs in Ethereum’s Layer2 technology. He emphasized that with the development of Layer2 solutions such as Optimism and Arbitrum, transaction fees have dropped significantly, even close to zero, which makes the Ethereum network more scalable, functional and practical.
Transaction fees drop to nearly zero, making the Ethereum ecosystem more attractive
Buterin pointed out in his speech that with the advancement of Layer 2 networks, transaction fees have dropped from US$10 to US$0.50 per transaction in the past to "less than 1 cent." This improvement significantly reduces the cost of using decentralized applications (DApps), paving the way for mainstream user adoption. He even recalled that during the peak period of Ethereum transactions, he once paid as much as $800 in fees for a private transaction. This situation is now history. (I also spent nearly $9,000 in gas to grab NFTs)
Source: Ethereumscan "CryptoCity" editor's Gas spent grabbing NFT during the Gas War in the past
In addition, Buterin also emphasized the changes brought about by the transformation of Ethereum from Proof of Work to Proof of Stake after the Merge. The transaction confirmation time has also been greatly shortened from the past Minutes have shrunk to today's 5 to 15 seconds. He believes that these technical improvements will allow Ethereum to achieve greater potential in industries such as decentralized finance (DeFi) and non-fungible tokens (NFT).
How does Ethereum move forward in the face of competition?
Although Ethereum continues to innovate in technology, Buterin also admitted that Ethereum still faces challenges from Bitcoin and other competing chains. He mentioned that Bitcoin’s current market share is still stable at 58%, while the price of Ethereum has been hovering below $2,500 for a long time. While the price of Ethereum has recovered since the merger, activity in decentralized applications (DApps) has declined.
At the same time, Buterin also pointed out the rapid growth in application activity of other blockchains such as Solana and BNB Chain, emphasizing that Ethereum needs to focus more on solving practical problems in the future and continue to improve user experience. He believes that while maintaining the spirit of decentralization and open source, meeting the needs of mainstream users will be the key to the future development of Ethereum.
How to balance decentralization and practicality
Buterin also talked about the challenges of decentralized applications (DApps) in his speech. He mentioned that although Ethereum has made significant technical progress, it still needs to face the problem of how to balance decentralization and practicality. He emphasized that the blockchain industry must simultaneously meet the needs of mainstream users and maintain the value of decentralization, so as to achieve the next wave of large-scale application popularity.
Buterin said: "We don't need to make compromises. We can have the value of open source and decentralization at the same time and meet the needs of practical applications."
Picture source: TOKEN2049 Vitalik gave a speech at the main venue, showing a crowded situation
Continuous technological innovation to meet future challenges
Buterin’s speech not only reviewed the development of Ethereum in the past few years, but also looked forward to the future technology roadmap. He pointed out that the continued advancement of Layer 2 technology and the application of multi-signature wallets and privacy technologies will greatly improve the usability and security of Ethereum. In addition, he also emphasized the future development potential of decentralized applications and called on the entire crypto community to not sacrifice the core value of decentralization while pursuing practicality.
In the past, everyone believed that "Bitcoin is the next revolutionary payment application", and even many merchants and individual households proudly declared: "We accept Bitcoin payment!" Ethereum is also moving in the same direction, even in the future There will be many challenges, and Ethereum will continue to uphold the vision of "Mass Adoption + Open Source + Decentralization" and continue to forge ahead. It draws a promising blueprint for the future Ethereum ecosystem.
[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice, and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.
