Author: Coinrule; Translated by: Plain Language Blockchain
Ethereum co-founder Vitalik Buterin gave a comprehensive overview of the current state and future of the ETH blockchain at the Ethereum Community Conference (EthCC) in Brussels.
EthCC is a major event where developers and enthusiasts gather to discuss Ethereum's progress and challenges. In his keynote, Buterin faced a full audience and pointed out both Ethereum's strengths and vulnerabilities, as well as ways to strengthen the network against potential threats.
The Ethereum co-founder began by outlining Ethereum's strengths, highlighting its ability to support complexsmart contractsthat have facilitated a robust ecosystem of decentralized applications (dApps). These applications range from decentralized finance (DeFi) to non-fungible tokens (NFTs), demonstrating Ethereum's versatility. He also praised the Ethereum community for its internationality and intellectual diversity, which drive the network's development and governance. It is this community that ensures the integrity and continuous improvement of the Ethereum blockchain.
Buterin did not shy away from discussing Ethereum's weaknesses. He noted that the network has trouble processing a large number of transactions, leading to increased fees and delays. Security is also an issue, and Ethereum can be vulnerable to a variety of attacks, including those against smart contracts. In addition, using Ethereum can be complicated for new users. Newbies may find it difficult to manage wallets and interact with decentralized applications. There are also challenges in becoming a validator on the network. The validation process requires a large amount of Ether (32 ETH) and technical knowledge to run a node. These issues could limit the growth of the network and its ability to attract more users.
To address these threats, Buterin proposed several solutions. He suggested raising the arbitration threshold from 75% to 80%. This means that a larger majority of validators will need to agree to confirm a transaction, a change that will make it harder for malicious actors to take control of the network. Buterin also advocates for an automated response to 51% attacks. In this attack, a malicious actor controls more than half of the network's computing power. The automated mechanism will allow honest validators to quickly move to a new chain fork. The goal of this improvement is to reduce reliance on manual coordination. Simplifying the protocol and improving usability are also key points, aiming to make Ethereum easier and safer to use for everyone.
In his speech, Buterin demonstrated his commitment to the continued improvement of Ethereum. He has been a regular at EthCC and has discussed a variety of topics at the conference in recent years. In previous sessions, he has explored issues such as abstraction and network evolution. His continued engagement with the community highlights his determination to improve Ethereum and address its challenges head-on.
Buterin's keynote at EthCC emphasized the dual nature of Ethereum's journey - its strengths and areas for improvement. By focusing on decentralization, community engagement, and protocol simplification, Ethereum can overcome current challenges and pave the way for a more robust future. As blockchain continues to evolve, Buterin’s insights and leadership will continue to play an important role in shaping its direction.
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