As an analyst with years of experience in the cryptocurrency market and a keen interest in Ethereum, I find Vitalik Buterin’s recent roadmap for Ethereum scalability, titled “Surge,” both intriguing and promising. With his deep understanding of the Ethereum ecosystem and its challenges, it is evident that he is committed to pushing the boundaries of what is possible with blockchain technology.
Vitalik Buterin, one of Ethereum‘s co-creators, has revealed his ambitions for scaling up Ethereum’s blockchain further, outlining a strategy known as “Surge”.
On Thursday, October 17, a technical blog post revealed Vitalik Buterin’s primary objectives. These goals encompass facilitating 100,000 transactions per second (TPS) on the mainnet and other Layer-2 blockchains. Furthermore, he intends to enhance the compatibility between various Layer-2 platforms.
Vitalik Buterin expressed his vision for Ethereum to function as a unified ecosystem, rather than 34 separate blockchains. Moreover, he commended the developers’ progress on Ethereum’s rollup-focused strategy, which gained momentum following the Dencun upgrade earlier this year. Yet, he acknowledged that this method also presented some distinct challenges of its own.
The Dencun upgrade, a fusion of the Shanghai and Cancun-Deneb updates, brought in several scaling advancements, like “blobs” for cost-effective data storage and lower fees on Layer 2 (L2) networks. This strategy focusing on rollups has drawn criticism, as some believe that “extractive L2s” are drawing users and resources away from Ethereum’s mainnet, potentially increasing security risks and causing Ether to become inflationary.
In his blog post, Buterin emphasized the necessity for Ethereum’s blockchain to make advancements in several key aspects. These include enhancing data compression, developing efficient data availability sampling methods, ensuring that L2 networks are truly “trustless” while maintaining a user-friendly interface between different blockchains, and overall improving the user experience.
He explained that the development of trustless Ethereum rollups, similar to the Ethereum mainnet, has been delayed due to worries about potential “bugs in the code.” Buterin emphasized that Ethereum “needs” trustless rollups so certain Layer 2 solutions can “inherit Ethereum’s core properties”, enabling more reliable scaling in the long term.
Vitalik Buterin Explains Need for Ethereum Scalability
As the popularity of the Ethereum mainnet increases, it’s crucial for Vitalik Buterin to emphasize the importance of scaling the fundamental chain. In other words, if second-layer solutions become highly scalable and thrive but the primary layer can only handle a minimal number of transactions, there could be potential risks for Ethereum that may surface.
In addition, Vitalik Buterin (Ethereum’s co-founder) proposed a possible remedy: raising the gas limit. Yet, he cautioned that this method could potentially lead to higher chances of centralization because the increased gas costs would disproportionately affect the stakers.
He suggested an alternative approach aimed at reducing the cost of specific features and calculations, all while maintaining a decentralized structure. This includes proposing enhancements such as “multi-tiered” gas pricing, the introduction of fresh byte code formats, and decreasing gas expenses for particular operation codes (opcodes).
Initially, Ethereum’s growth was steered by the ETH 2.0 blueprint, which sought to expand the network massively by using a method called “sharding.” This technique is similar to having 64 Ethereum blockchains working harmoniously at the same time.
Instead, he abandoned the concept of sharding in October 2020, as alternative methods such as Optimistic and Zero-Knowledge rollups were gaining more prominence. These Level 2 platforms maintain their security by transferring the execution and computations away from the primary chain.
Buterin stated that it’s time for us to finish the rollup-focused project and tackle any issues that arise, all while maintaining the strength and decentralization characteristics that set Ethereum L1 apart.
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2024-10-17 12:07