Vitalik Buterin Unveils Ambitious Plan for Ethereum’s Future: Faster Transactions and 1 ETH Staking

Vitalik Buterin, the co-founder of Ethereum, has shared his updated vision for the future of the blockchain platform, outlining a series of ambitious proposals aimed at enhancing scalability, accessibility, and security.

On X Vitalik linked to a new blog post called, “Possible futures of the Ethereum protocol, part 1: the Merge”

These proposals, detailed in a comprehensive blog post, build upon Ethereum’s existing Proof-of-Stake (PoS) system, which was implemented two years ago in a landmark transition known as “the Merge.”

Key Goals

Vitalik wrote that he will focus on the “Merge” part: what can still be improved in the technical design of proof of stake, and what are some paths to getting there?

This is not meant as an exhaustive list of things that could be done to proof of stake; rather, it is a list of ideas that are actively being considered.

Source: Vitalik

Speeding Up the Pace of Transactions:

One of Buterin’s key priorities is to significantly accelerate transaction processing speeds. He advocates for “single-slot finality,” a mechanism that would reduce the time it takes to finalize a block of transactions from the current 15 minutes to a mere 12 seconds. This change would address a long-standing criticism of Ethereum, whose transaction speeds lag behind those of competitors like Solana and Algorand.

“Today, it takes 2-3 epochs (~15 min) to finalize a block,” Buterin wrote in his blog post. “This was originally a compromise.”

Source: Vitalik

With single-slot finality, users would see their transactions finalized almost instantaneously, significantly improving the overall user experience. While acknowledging that implementing this change presents technical hurdles, Buterin believes it is crucial for Ethereum to remain competitive in the rapidly evolving blockchain landscape.

Source: Vitalik

Opening the Doors to Wider Participation in Staking:

Buterin also proposes a significant reduction in the barrier to entry for individuals who want to participate in Ethereum’s validation process, known as staking. Currently, users need to stake 32 ETH, a substantial sum, to become validators. Buterin suggests lowering this requirement to just 1 ETH, a move that could dramatically increase participation and further decentralize the network.

“Poll after poll repeatedly show that the main factor preventing more people from solo staking is the 32 ETH minimum,” Buterin noted. “Reducing the minimum to 1 ETH would solve this issue to the point where other concerns become the dominant factor limiting solo staking.”

Balancing Scalability with Security:

Buterin acknowledges that implementing both single-slot finality and lower staking requirements could create challenges, potentially increasing overhead and impacting network security. To address these concerns, he proposes a range of potential solutions, including:

• Brute Force: Developing sophisticated signature aggregation protocols, possibly utilizing ZK-SNARKs, a cryptographic technique, to enable rapid processing of millions of validator signatures.
• Orbit Committees: Establishing randomly selected committees of validators to finalize blocks, balancing the need for economic finality with the efficiency of smaller validator groups.
• Two-Tiered Staking: Creating two classes of stakers with different deposit requirements, potentially allowing lower-stake validators to participate in different aspects of the consensus process.

Buterin emphasizes that these proposals are not intended to replace the existing Ethereum roadmap, but rather to enhance its scalability within the current PoS framework.

Looking Ahead:

Buterin’s proposals have sparked considerable interest and discussion within the Ethereum community. While the technical challenges of implementing these changes are significant, they represent a bold vision for the future of the platform, one that could solidify its position as a leading force in the blockchain world.