Ethereum

Vision

2024

In a recent blog post on December 28th, Vitalik Buterin, one of the founding figures behind Ethereum, called for a rekindling of the platform’s original ‘cypherpunk’ vision, stressing the importance of returning to fundamental values that underpinned its inception.
Originally conceived as a “public decentralized shared hard drive,” Ethereum aimed to harness peer-to-peer messaging and decentralized file storage. However, Buterin highlighted a divergence from this vision in 2017, with a notable shift towards financialization on the Ethereum network, according to Cointelegraph.
Buterin advocated for the resurgence of core ‘cypherpunk’ values such as decentralization, open participation, censorship resistance, and credible neutrality within Ethereum’s future trajectory. He expressed optimism about the potential for non-financial applications to thrive on the blockchain.
Noting the increasing prevalence of technologies like rollups, zero-knowledge proofs, account abstraction, and second-generation privacy solutions, Buterin suggested these advancements could reinforce the cypherpunk ethos within Ethereum.
The term ‘cypherpunk’ refers to individuals who utilize encryption to safeguard privacy, particularly against government intervention, when accessing computer networks.
Beyond financial realms, Buterin envisioned broader cypherpunk-like activities on Ethereum, including anonymous participation in polls and the integration of mechanisms like quadratic voting and cross-tribal consensus finding for organizational governance.
However, Buterin cautioned against certain trends within the crypto ecosystem that contradict these values. He cited examples like the creation of highly centralized layers, NFT ecosystems reliant on centralized storage platforms rather than decentralized ones like IPFS, and interfaces that drive users toward already-dominant staking pools.
Acknowledging the challenges in resisting such pressures, Buterin warned of the risk of diluting the unique value proposition of the crypto ecosystem. He emphasized the danger of inadvertently replicating the inefficiencies of the existing web2 ecosystem within the crypto space.
Despite these concerns, Buterin commended the industry’s progress in addressing critical issues. He highlighted decentralized exchanges as a solution to hacks on centralized counterparts and applauded initiatives like Cowswap, Flashbots Protect, and MEV Blocker for mitigating exploits such as sandwich attacks on Ethereum users.
<h2 class="wp-block-heading" id="h-buterin-proposes-new-changes-to-ethereum-pos">Buterin Proposes New Changes to Ethereum PoS</h2>
On another note, Vitalik proposed a substantial enhancement to Ethereum’s proof-of-stake consensus, aiming to simplify and lighten the blockchain’s load.
Addressing the strain posed by a high number of validators—approximately 895,000—to ensure decentralization, Buterin advocated reducing the required number of signatures made by validators.
The current load, with around 28,000 signatures per slot, presents significant technical challenges and limitations, hindering quantum resistance and wider accessibility due to the substantial 32 ETH minimum for validator participation.
Instead, Buterin proposed a moderate approach, advocating for about 8,192 signatures per slot, envisioning simplified technicalities, enhanced quantum resistance, and sustained security measures with slashing mechanisms.
His proposed solutions include decentralized staking pools, a tiered staking system, and accountable committee rotations to manage signature loads efficiently.
These adjustments aim to set a manageable signature load for future protocol development, ensuring ease in infrastructure and protocol advancements without compromising network security—an imperative, given Buterin’s prior warnings about overextending Ethereum’s consensus capabilities.
The post <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com/115120/vitalik-buterins-2024-vision-for-ethereum-and-pos-enhancements/">Vitalik Buterin’s 2024 Vision for Ethereum and PoS Enhancements</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Vitalik Buterin’s 2024 Vision for Ethereum and PoS Enhancements

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