Vitalik Buterin, the co-founder of Ethereum, has shared a blog post on social media musing on the network’s future. Posted earlier this morning (October 14), Buterin titled the blog ‘The Possible Futures Of The Ethereum Protocol, Part 1: The Merge.’
In his detailed post, Vitalik focuses on several key areas for Ethereum that need improvement. Two more prominent issues are the need for faster transaction speeds and greater accessibility for solo-stakers.
Possible futures of the Ethereum protocol, part 1: the Mergehttps://t.co/JycODdM4wW
— vitalik.eth (@VitalikButerin) October 14, 2024
Speed Is Key: Vitalik Understands That Faster Transaction Times Are Needed On Ethereum
When Vitalik mentions the ‘Merge’, he is referencing Ethereum’s transition from proof-of-work to proof-of-stake, which took place in September 2022. Buterin labeled the historical event ‘hard-earned’ and ‘long-awaited’ but was keen to stress that their work is far from finished.
One of the primary goals for Ethereum’s future is to reduce the time it takes to finalize a transaction. Currently, it takes around 2-3 epochs (around 15 minutes) to finalize a block. Buterin makes it clear that this is an area that needs improvement.
He suggests exploring solutions like single-slot finality, which could drastically reduce transaction time. With single-slot finality, users would see their transactions finalized almost as soon as they are confirmed.
High Barrier For Entry: Buterin Proposes A Reduction In Solo-Staking Requirement To 1 ETH, Down From 32
reducing the minimum staking requirement from 32 ETH to 1 ETH to allow more solo stakers to participate would be so sexy. small fish could be relevant again 👍👍 https://t.co/I6REMCSuBG
— MonarchBTC (@MonarchBTC) October 14, 2024
Buterin also noted the large amount of ETH required to become a solo-staker as another issue that needs addressing. The current staking requirement of 32 ETH can be a barrier for many individuals looking to participate in the network. To combat this, Buterin proposed lowering the minimum staking amount to 1 ETH, enabling more people to contribute to Ethereum’s security and governance.
Vitalik also highlighted security and decentralization as areas that need improvement in Ethereum’s post-merger world. Lowering the staking requirement to 1 ETH would also help solve both issues. The more solo stakes contribute to Ethereum, the more decentralized the network becomes while also reducing the risk of a single entity gaining too much control.
Security Of The Network Also On Vitalik’s Mind
Further to his point on security, Buterin stressed the importance of protecting Ethereum from potential attacks. He discussed implementing a cryptographic technique called ‘single secret leader election,’ which, if implemented, would make it harder for attackers to disrupt the network.
Right now, which validator will propose the next block is known ahead of time, allowing a potential attacker to monitor the network and match validators to IP addresses. Using the single secret leader election technique would randomize the validator selection, hiding their information until the block is produced.
Deeper into the post, the Ethereum co-founder discusses the technicalities of Ethereum’s problems and ways to improve the network. The next significant step for the network is the upcoming Prague-Electra (Pectra) upgrade. It was originally scheduled for late 2024 but is now slated to go live in Q1 2025.
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