- Vitalik Buterin encourages reducing Ethereum’s transaction time to improve experience and competitiveness in blockchain.
- Lowering the minimum staking requirement to 1 ETH may improve accessibility, inviting more participants to contribute to Ethereum.
- Buterin’s proposals for single secret leader election and quantum resistance aim to fortify Ethereum against potential security threats.
Ethereum co-founder Vitalik Buterin discussed his hopes for the protocol in a blog post on his site that debated a number of fixes for improving accessibility, security, and the efficiency of transactions. Indeed, since the Merge in 2022 switched Ethereum’s proof-of-stake onto proof-of-work, Buterin has remained loud about what needs fixing. He listed several key challenges, the longest of which was the time of transaction processing.
At the moment, Ethereum transactions can take up to fifteen minutes. Users become irritated by this delay, which can cause network congestion. To address this, Buterin proposed the concept of single-slot finality. This solution could dramatically reduce transaction times. Consequently, it would make Ethereum more competitive and enhance user experience.
Improving Accessibility for Solo Stakers
Buterin also emphasized the need for increased accessibility. For many people, there are obstacles because of the present 32 Ether (ETH) staking threshold. Buterin proposed lowering this barrier by lowering the minimum staking value to only 1 ETH.
This change would allow more people to participate in the network, enhancing security and governance. Furthermore, it would promote decentralization, reducing the risk of a single entity dominating the network.
In his post, Buterin stressed the importance of protecting Ethereum from potential attacks. He recommended implementing a cryptographic technique called single secret leader election. This measure would make it more challenging for attackers to disrupt the network.
Additionally, Buterin mentioned the need to improve Ethereum’s resistance to quantum computing threats. He proposed increasing the quorum threshold and improving recovery methods against 51% of attacks.
Upcoming Developments on the Roadmap
Ethereum anticipates the Prague-Electra (Pectra) upgrade in the first quarter of 2025. Buterin proposed several technical solutions to enhance the protocol’s effectiveness. He believes improving the signature aggregation protocol with ZK-SNARKs could optimize processing.
He talked of implementing a chain finalization method through an Orbit committee. Finally, he proposed a two-tier staking structure that would accommodate different deposit amounts. Ethereum price is now up 2.34% from the day before to trading at $2,525.
The post Buterin’s bold vision for Ethereum aims to speed up transactions and enhance access appeared first on Crypto News Land.
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