Vitalik Buterin shares the new vision of Ethereum by U.Today


© Reuters Vitalik Buterin shares a new vision for Ethereum

U.Today – articulated a new vision for the platform that seeks to address its most pressing challenges and leverage emerging technologies to reshape infrastructure. Central to this vision is a renewed focus on scalability and privacy, supported by the development of Layer 2 solutions and new privacy technologies.

Buterin acknowledges arguably the biggest problem on the web right now — high fees. This barrier has not only hindered widespread adoption, but has also skewed the network towards financial applications, as only users with significant resources can afford peak-time transactions. The proposed solution to this predicament lies in the development of rollups. Rollups perform transactions outside of the Ethereum main chain (Layer 1), but send transaction data to Layer 1, increasing the capacity of the network while maintaining its security.

Source: The advent of rollups, especially optimistic and with zero knowledge, has been the primary way to reduce network fees. These aggregators promise to execute large numbers of transactions at a fraction of the cost currently required on the main chain, potentially lowering the barrier to entry for new users and different applications.

Account abstraction is another key part of the vision. It represents a shift in the way user accounts and transactions are managed, offering a more flexible and user-friendly model that could open up new opportunities for app developers.

Lighter clients, which have been on the decline for some time, are now closer to implementation. Their role is key to allowing users to interact with the Ethereum network without running full nodes, thereby lowering the technical barriers to entry and participation.

The most revolutionary development he pointed out is the practical application of zero-knowledge proofs (ZKP). Once considered a technology of the distant future, ZKPs are now increasingly developer-friendly and on the verge of consumer application. This technology could revolutionize privacy and scalability on Ethereum by allowing users to verify transactions without revealing underlying information.

This article was originally published on U.Today