Ethereum’s co-founder Vitalik Buterin recently shared insights on the next steps on Ethereum’s roadmap in his blog, outlining a stage called “The Splurge.”
This phase aims to strengthen Ethereum’s resilience and user accessibility and even future-proof it against potential technological challenges like quantum computing.
Preparing Ethereum for the Quantum Computing Future
According to Buterin, these upgrades continue his vision of “fixing everything else” in Ethereum. He wants to make it faster, safer, and easier for a wider audience to use. A significant part of Buterin’s “Splurge” focuses on preparing Ethereum for the arrival of quantum computers. This technology, he says, could theoretically disrupt current encryption standards.
“There are lots of ‘little things’ in Ethereum protocol design that are very valuable for Ethereum’s success, but don’t fit nicely into a larger sub-category. This is what ‘the Splurge’ is for,” Buterin said.
Read more: A Deeper Look into the Ethereum Network
The proposal acknowledges that practical, encryption-breaking quantum computers are not yet a reality. However, as a proactive measure, Buterin highlights the importance of staying ahead. By investing in “advanced cryptography,” he envisions Ethereum becoming resistant to potential encryption-breaking capabilities of quantum technology, ensuring long-term blockchain security against such advancements.
The Splurge also brings Ethereum closer to Buterin’s goal of making blockchain technology more user-friendly. A key update called “account abstraction” is set to enhance Ethereum’s usability by allowing users to pay transaction fees in tokens other than ETH. This flexibility simplifies the user experience, especially for those interacting with decentralized applications (dApps).
Another element of The Splurge is the upgrade to the Ethereum Virtual Machine (EVM) system, which runs smart contracts on the blockchain. This update, expected in an upgrade called “Pectra” later this year or early next, introduces a new “EVM Object Format” (EOF). EOF aims to simplify the code structure within the EVM. It will make it easier for Layer-2 solutions — Ethereum’s “second-layer” blockchains — to manage and scale operations.
This move is crucial for Ethereum’s long-term scalability and aligns with Buterin’s “Purge” initiative. The Purge focuses on reducing the network’s storage needs and optimizing data management. As the Ethereum ecosystem grows, these updates are intended to make the network faster and more cost-effective, especially as more dApps and users join.
Fee Structure and Decentralizing The Staking System
Ethereum’s transaction fee system has often been criticized for high costs, especially during times of network congestion. In response, Buterin proposed “multidimensional gas,” a concept that would separate fees based on different network resources, like data storage and computational power.
Breaking down fees into categories could help Ethereum avoid “worst-case” resource consumption scenarios and lower overall transaction costs. This approach seeks to make the network more affordable and sustainable for users and reflects Buterin’s broader commitment to enhancing Ethereum’s efficiency and accessibility.
Further, a recurring concern within the Ethereum community has been the risk of staking centralization, where a few large holders dominate staking activities. To address this, Buterin advocated for the “Scourge,” lowering the entry threshold for staking, which currently stands at 32 ETH.
Reducing this requirement aims to encourage broader participation in staking, leading to a more decentralized and resilient network. Buterin has also proposed using cryptographic techniques to protect the identities of those proposing new blocks, minimizing targeted attack risks and enhancing security.
Read more: Staking Crypto: How to Stake Coins and Grow Your Income.
Taken together, Buterin’s ongoing proposals reflect his commitment to making Ethereum faster, more secure, and more inclusive. These upgrades, from transaction speed improvements to staking accessibility, ensure that Ethereum stays at the forefront of blockchain innovation, paving the way for a more decentralized internet.
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Source: https://beincrypto.com/vitalik-buterin-explains-splurge/