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Ethereum (ETH) Founder Vitalik Buterin Indicates Third Pillar of Ethereum (ETH) After Rollups and AA

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Fri, 9/06/2023 - 16:15
Ethereum (ETH) Founder Vitalik Buterin Indicates Third Pillar of Ethereum (ETH) After Rollups and AA
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The evolution of Ethereum (ETH) from experimental niche technology into a mainstream tech stack includes three roadmaps. Should the network fail at one of them, it would be difficult for it to achieve massive adoption in competition with centralized competitors. Vitalik Buterin described these "building blocks" of a mature Ethereum (ETH).

Scaling transition, security transition, privacy transition: Vitalik Buterin on Ethereum (ETH) maturing

In order to continue its evolution into a mature tech stack that is able to bring an "open, global and permissionless experience" to a new generation of users, Ethereum (ETH) needs to undergo three transitions. The second largest blockchain needs to focus on scalability, security and privacy; the three milestones should be accomplished almost simultaneously, Buterin claimed in his recent article.

In terms of L2-centric scaling, rollups are the best solution: every dApp should move its operations to a rollup-based network. The wallet security transition will be achieved through "smart conract wallets" enabled by the Account Abstraction concept.

Related

As covered by U.Today previously, Account Abstraction, or EIP 4337, is a recent update of the Ethereum (ETH) protocol design. It blurs the line between on-chain wallets and smart contracts: every wallet can now become a "decentralized bank."

Meanwhile, the privacy transition is of paramount importance: privacy should be available for all operations - both existing and potential - on Ethereum (ETH) blockchain, Vitalik stresses:

...making sure privacy-preserving funds transfers are available, and making sure all of the other gadgets that are being developed (social recovery, identity, reputation) are privacy-preserving.

Vitalik highlighted that we should not view these changes as simple EIPs or even hardforks as they are far more sophisticated. To achieve the mentioned goals, in some aspects, Ethereum's (ETH) design needs to change "pretty fundamentally."

"You only can choose three out of three"

At the same time, all three goals should be addressed simultaneously: we cannot focus on one or two of them. Without a scaling transition, Ethereum (ETH) fees will be too high, and products will be seeking centralized alternatives to moving money on-chain.

Without advanced wallet security, it would be uncomfortable for users to store Ethers and Ethereum-based tokens in noncustodial wallets so that they would yet again need centralized custody.

Regarding the third roadmap, the situation looks the same for Vitalik: future users of Ethereum (ETH) will not be happy about having all of their activities exposed to third parties with no obfuscation.

Related

As covered by U.Today previously, Bitcoiners (BTC) accused Ethereum (ETH) developers of "lying" about the scaling potential of their L1 blockchain.

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