Ethereum co-founder Vitalik Buterin shared four important milestones that will shape the future of Ethereum in a speech he gave in Shanghai recently. These goals focus on Ethereum’s wider adoption, improving user experience, and increasing the platform’s security. These milestones are of great importance for Ethereum to continue its leadership as a smart contract platform.
Ethereum founder’s “100,000 transactions per second” and instant transfer target
The first goal Buterin stated in his speech is for the Ethereum network to reach a capacity of 100,000 transactions per second. This stands out as a development that will greatly increase Ethereum’s scalability. Currently, the transaction capacity on the Ethereum network can cause serious delays and high transaction fees for users, especially during busy periods. Great importance is given to Layer-2 (L2) solutions to solve these problems. L2 technologies aim to provide faster and cheaper transactions by reducing the load on the main network. Rollup technology plays an important role in this context, and with the development of this technology, Ethereum will become a much more efficient platform for decentralized applications (dApps).
Buterin’s second big goal is to reduce cross-chain transfer times to under two seconds. This means that transactions made between different blockchains are completed almost instantly. Today, cross-chain transactions can be complex and time-consuming for users. Transactions between different networks can require the user to take many steps, which negatively affects the user experience. However, Buterin aims to speed up these transactions and make Ethereum offer a more fluid experience within a multi-chain ecosystem. Achieving this goal will allow users to move more easily between different blockchains and increase the overall use of the crypto world.
What are the 3rd and 4th goals?
Ethereum’s third big milestone is to make the user experience more secure and standardized across the entire ecosystem. Buterin acknowledges that Ethereum has made great strides, but notes that there are still some security and ease of use issues that users face. Especially in cross-chain transactions, a small mistake can lead to huge costs. This increases the risk of users making mistakes and can jeopardize security. In order to solve this problem, the Ethereum team continues to develop new protocols. For example, a new standard called ERC-7683 will allow users to make more secure and trouble-free transactions. With these protocols, Ethereum is aimed to become a user-friendly platform.
The fourth and final goal Buterin underlined in his speech is security. Emphasizing that the Ethereum Virtual Machine (EVM) needs to be developed in terms of cross-chain security, Buterin stated that ensuring this security is vital for Ethereum’s long-term success. The increasing number of decentralized applications and protocols puts more strain on Ethereum’s security infrastructure. Establishing a strong cross-chain security structure for Ethereum will ensure the long-term success of these decentralized applications and protocols. Especially for large institutional investors, security is one of the most important factors when deciding to invest in crypto projects. Therefore, Ethereum’s security breakthroughs are considered a positive signal for investors.
What is the latest situation in the ETH price?
It was predicted that these four milestones would also have a major impact on the price of Ethereum. Because the increase in Ethereum’s transaction capacity, the speed of cross-chain transactions and the increase in security directly affect the use and adoption of the platform. After retesting the critical resistance level around $ 2,620 last week, the Ethereum price successfully broke through on Sunday to reach a range of around $ 2,750. The large-cap altcoin, which has a fully diluted valuation of approximately $ 329 billion and a daily average trading volume of approximately $ 17 billion, has gained approximately 4% in the last 24 hours and traded around $ 2,739 in the early European session on Monday, October 21.
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