In a recent interview, Vitalik Buterin—co-founder of the Ethereum network—made some thought-provoking remarks. As an example, he disclosed the worst-case scenario that often occurs on the Ethereum network.
Vitalik said that losing money is the worst thing that can happen on Ethereum. But it’s important to note that this statement was in response to his previous ones on the effects of dictatorships and wars on human life. He had recently said some “heavy things,” so this was supposed to be a lighter topic.
In the meantime, Vitalik thinks crypto may play a big part in any effort to limit the power of the powerful. He said that cryptocurrency may “counter-pressure” the influence of these powerful states and businesses.
Crypto is already doing this; he brought attention to the fact that individuals have more control over their own money and that the government cannot just seize it to pay for wars. In passing, he brought up ZK (zero knowledge) technology and how it allows individuals to establish their identities without fear of government exploitation.
Vitalik has reiterated that cryptocurrencies are fundamental to the development of a decentralized economy in his remarks. Crypto has offered a refuge for those seeking more financial autonomy as people’s trust in the conventional banking system decreases.
Ethereum and the need for specific protocol improvements were also mentioned by Vitalik. He went into detail about the monetary benefits of several of the changes. Vitalik thinks the Ethereum community should step forward and help prevent a repeat of the system that crypto is trying to do away with.
The co-founder of Ethereum suggested a new kind of voting system where users could cast ZK votes to get their opinions heard in order to accomplish this. Additionally, he said that there would be a need to create systems that can identify and exclude those who do not really belong to the group. In this approach, the engineers working on the heart of Ethereum may really incorporate community feedback into future improvements.
When asked about Ethereum’s future, Vitalik also seemed upbeat. In his words, the network has made tremendous strides and is now seeing “amazing success” in areas like scalability, user experience, privacy, and security. According to him, these were among the most significant issues that Ethereum has faced over the last decade.
The co-founder of Ethereum claims that the development of more secure rollups was the “biggest thing” that occurred in 2023 with regard to scalability. Ethereum could be able to grow to 100,000 transactions/second with the support of these layer-2 networks.
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