Vitalik Buterin explained why Ethereum needed Layer2 scaling solution protocol instead of self-improvement through upgrades.
Ethereum is the second biggest crypto asset after Bitcoin and the team behind the Ethereum project is working on a new experiment in the growing ecosystem of the crypto industry to step with the advancement in this space. Recently, the Ethereum co-founder talked about the scaling of the Ethereum network.
Vitalik Buterin, the co-founder of Ethereum, talked about the need for a Layer2 scaling protocol in the Ethereum blockchain, in speaking with the 2021 Shanghai International Blockchain Week yesterday.
Vitalik asserted that the Ecosystem of the Ethereum blockchain network is increasing day by day and new Defi & NFTs projects are living on the Blockchain network. So for now Ethereum must provide high scale transactions and also high-efficiency speed.
But as we know, the developer team behind Ethereum is working to shift Ether from Ethereum Proof-of-work consensus to Ethereum Proof-of-Stake consensus. But all these will not happen soon. For this, the Ethereum blockchain network will go through several upgrades and after several upgrades, Ethereum will change into Ethereum 2.0. But here we should be much careful about the period because it will take years to make Ethereum 2.0.
So, Vitalik Buterin believes that the main and best way for better scaling in the Ethereum Blockchain is Layer2 scaling solution, which can give better scalability to the Ether based projects and also it will not influence the network security issues also.
Ethereum EIP-1559 Upgrade
The developer team behind Etherrum knows very well that if they will not make Ethereum in favour of the user-friendly ecosystem then adoption will not go forward. That is why the team is doing their best to improve the Ethereum network to make it better for use in terms of tradable assets also.
Recently through the London upgrade, the Ethereum team introduced EIP-1559 that is made for the burning of transaction fees in the network. It is a concept to reduce the supply of Ethereum.
Read also: SEC Expected To Head US Stablecoin Regulation And Enforcement