Ethereum co-creator and visionary Vitalik Buterin has suggested a roadmap with three significant milestones: Layer 2 scalability, improved wallet security, and privacy safeguards.
In a recent blog post, Ethereum co-founder Vitalik Buterin outlined a plan for the future of the Ethereum blockchain that includes three critical technological changes in his estimation.
Buterin argues that these changes, including Layer 2 scalability, improved wallet security, and privacy safeguards, will be crucial in maintaining Ethereum’s decentralisation and guaranteeing the network’s open and permissionless nature for all users.
Buterin argues that Ethereum’s long-term viability is at risk if these changes don’t take place. Layer 2s scaling is the first. Ethereum’s Layer 2 ecosystem, including Optimistic Rollup and Zero Knowledge-Rollup solutions, has emerged fast over the last few years. The L2 area still has to grow and expand because most activity still occurs on the main network, even though these solutions have helped cut transaction costs.
Without Layer 2 scalability, Buterin said, Ethereum’s transaction costs might rise, especially during market growth stages or “bull runs.” He cautioned that this may lead people to seek centralised alternatives.
With the initial [L2 scaling], Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and any product designed for the general market ultimately abandons the chain in favour of centralised solutions, as Buterin put
Buterin stressed the significance of wallet security even more in his blog posts. He said that people could be wary of entrusting the Ethereum network with their money, instead preferring the safety of centralised exchanges.
Buterin warned that without improved wallet security, Ethereum would collapse. “Without the second [wallet security], Ethereum fails because users are uncomfortable storing their funds (and non-financial assets), and everyone moves onto centralized exchanges,” he stated.
He advocated for a shift to smart contract wallets, which are analogous to account abstraction but offer more advanced features like social recovery. Buterin suggests that if we care about security and user experience, we must implement social recovery wallets.
The Ethereum co-creator also stressed the need for privacy as the third shift. He worried that if solid data protection safeguards weren’t implemented, people wouldn’t utilise Ethereum. Buterin proposed adding anonymity to the Ethereum network using “stealth address protocols.”
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