Vitalik Buterin Outlines 4 Milestones for Ethereum’s Growth

Highlights:

• Vitalik Buterin highlighted four crucial milestones that Ethereum must attain to achieve expansion prospects.
• The co-founder spotlighted factors centered around transaction speed, security, and user experience.
• Despite concerns about Ethereum’s exorbitant gas fees, Buterin neglected it in his speech.

Ethereum’s (ETH) co-founder, Vitalik Buterin, has highlighted four crucial landmarks he hopes Ethereum will achieve to drive its ecosystem expansion. Interestingly, the co-founder spotlighted milestones centered around Ethereum’s weaknesses, making the cryptocurrency vulnerable compared to competitors like Solana (SOL) and Cardano (ADA).

None of the top blockchains are ready yet to onboard the masses.

Ethereum – Astronomical transaction fees
Solana – Transactions fail
Cardano – Slow transactions

With Ouroboros Leios and Hydra, Cardano will solve this issue, what about the others ? 🤔

— Sssebi🦁 (@Av_Sebastian) June 19, 2024

For context, crypto enthusiasts have always compared Ethereum’s decentralized capabilities to Solana or Cardano’s. While Ethereum has consistently stood tall in valuation, it has also lacked in other aspects like transaction speed, costly gas fees, network security, etc.

Ethereum Transaction Speed Goals

Speaking at an event in Shanghai, the co-founder raised concerns about the Ethereum network’s transaction speed. Notedly, Buterin was specific in his operational speed target, pegged at 100,000 transactions per second (TPS).

The co-founder hopes the Ethereum blockchain will attain such speed via the network’s Layer-2 solutions. Considering its relevance in the crypto space, a significantly enhanced operational speed implies better Ethereum suitability for decentralized Applications (dApps).

Still on transaction speed targets, Buterin spotlighted the possibilities of cross-chain transfers occurring in less than two seconds. By achieving such a feat, one could assert that the massive complexity associated with transfers across several blockchains will become a forgotten experience. In addition, it would enhance Ethereum blockchain functionalities as it gears toward becoming a seamless multi-chain ecosystem.

Enhanced User Experience

In the crypto space, any platform that aims for longevity places an all-encompassing and satisfactory user experience at the bedrock of its functionalities. Buterin understood this concept. Therefore, he included it among his targets for the Ethereum ecosystem.

According to the co-founder, his concept of improved user experience focuses on the safety and simplicity of accessing and utilizing the blockchain’s features. Notably, errors from cross-chain transfers are common occurrences costing users massive losses. Buterin said the unfortunate events are avoidable if users are familiar with the features. Hence, he mentioned introducing simplified standards like the ERC-7683 protocol.

On-Chain Security Advancements

Concluding his list of future Ethereum milestones, the Ethereum co-founder highlighted cross-chain security. Per Buterin, while the Ethereum Virtual Machine (EVM) remains a crucial aspect of blockchain transactions, ensuring high cross-chain transfer security should top the list of Ethereum’s future goals. Aside from safekeeping users’ valuables, the advanced security feature will significantly enhance dApps and other protocols running on the Ethereum blockchain.

Vitalik Buterin said in Shanghai that Ethereum has several important goals in the future:
– More than 100,000 TPS through L2
– Cross-chain transfers within 2 seconds
– Provide a unified user experience
– Cross-chain security takes precedence over EVM https://t.co/K3JSBISuWP

— Wu Blockchain (@WuBlockchain) October 21, 2024

Ethereum Exorbitant Gas Fee Challenges Might Likely Persist

While the potential developments highlighted by the Ethereum co-founder will improve the coin’s fortunes, the expensive network gas fees will remain a concern for intending users. Based on multiple shared sentiments, market participants have consistently decried the transaction charges on the Ethereum blockchain.

Gas fee $55
Why does anyone use Ethereum? pic.twitter.com/EX09nBBOLm

— dubzy (@dubzyxbt) October 18, 2024

If Ethereum can achieve the milestones highlighted by its co-founder in this insight, incorporating a drastically slashed gas fee will improve the platform by attracting more Ethereum users. Consequently, the token could witness considerable improvements in its market actions.

Meanwhile, ETH is changing hands at about $2,670, reflecting a 0.6% decline in the past 24 hours. It boasts about $322.1 billion in market capitalization with roughly $19.45 billion in its 24-hour trading volume.