Vitalik Buterin Issues a Roadmap for Addressing Ethereum Scaling, Privacy and Wallet Security Issues

Vitalik Buterin, the co-founder of the second largest crypto asset by market value, Ethereum, issued a synthesized roadmap for the technical transition of the network. In a blog post dated June 9, Buterin explained three fundamental aspects that would improve Ethereum scaling, privacy, and security.

He explained the importance of the technical transition in improving the sustainability of the Ethereum network. In the Buterin post “the three transitions,” he elaborated on the technical feature the Ethereum team should prioritize.

Scope of Vitalik Buterin Blog Post

Buterin stated that the firm would focus on providing the user with a permissionless blockchain network that supports the protocol’s functionality. 

Buterin underscored the need for the three technical transitions documented on his blog post. However, the 29-year-old computer programmer stated that the necessary transition for the Ethereum network required effective collaboration to resolve the technical issues.

In his report, Buterin mentioned that the transition would involve layer 2 scaling, wallet security, and privacy tools. The initial component, which involves layer 2 scaling, will support Ethereum in overcoming scaling and data concerns.

A recent statistic shared by the Ethereum group revealed that the network supports around 1.5 million transactions daily. Ideally, on the Ethereum mainnet, the network processes 15 transactions after every second.

Recently the Layer-2 ecosystem has gained popularity due to its cost-effectiveness. However, since most of the Layer 2 transactions are completed on the main chain, Buterin highlighted the need to improve the scaling of the Ethereum network.

It implies that in case the protocol experiences high network activity, the mainnet would suffer from data congestion.

Importance of Improving Ethereum Scalability

As reported by Buterin, if Ethereum experiences scalability concerns due to massive transactions when processing products in the mass market, then the user might opt to adopt the centralized approach. He noted that a heavy workload on the main chain results in the shift of transactions to other chains.

The subsequent component of Buterin’s technical transition roadmap involves wallet security. Wallet security consists of a modus operandi that moves user wallets across smart contract wallets. The shift to a smart contract wallet will support the performance of account abstraction features on the protocol, such as social recovery.

Buterin mentioned the benefits of social recovery wallets in improving wallet security and boosting user experiences. 

Based on the Buterin report, security concerns limit users from storing their crypto and data on the on-chain network. Such limitations will compel most users to opt for centralized wallets.

Irrespective of this, Buterin noted that any privacy breaches on the Ethereum network would result in disclosing confidential customer information to the public which will lead to ethical concerns. In his transition roadmap, Buterin mentioned the need to improve user privacy.

Therefore, to achieve the expected transition, Buterin stated that not only will the features of the Ethereum protocol undergo further development, but the crypto firm will also work on improving the application and the wallets. 

Overview of Ethereum Latest Upgrades

Commenting on Buterin’s three transition roadmap, the co-founder of StarkWare, Eli Ben-Sasson, stated that proposed remedies would stimulate the growth of the Ethereum use case. Ben-Sasson mentioned the benefits of using smart contract wallets.

Initially, Ben-Sasson and his team integrated the smart contract wallet on their StarkNet platform. He remains optimistic that Buterin’s latest proposal will steer the Ethereum network toward success.

Buterin proposed changes came months after integrating zero knowledge rollups on the Layer-2 network. In late March, Polygon Labs launcehd zero-knowledge Ethereum Virtual Machine (zkEVM) that enabled developers to explore the Web3 sector.

The zkEVM platform aims to support developers in creating innovative solutions to improve the zero-knowledge space. Before this, the Berlin-based Ethereum scaling platform Matter Labs launched zkSync Era to the public.

The zkSync utilizes the Account Abstraction technology, which excludes the user from paying Ether transaction charges. Beyond this, the Ethereum company had announced plans to invest in major upgrades dubbed Dencun. The Dencun upgrade will integrate photo-dank sharding to reduce the cost of the rollups.

The post Vitalik Buterin Issues a Roadmap for Addressing Ethereum Scaling, Privacy and Wallet Security Issues first appeared on CryptocyNews.com.

from CryptocyNews.com https://www.cryptocynews.com/vitalik-buterin-issues-a-roadmap-for-addressing-ethereum-scaling-privacy-and-wallet-security-issues/
via Bitcoin News
via Bitcoin News Today