This week, Ethereum co-founder Vitalik Buterin revealed on his blog post how he plans to make Ethereum bigger and better. Ethereum is a popular blockchain network that allows people to use digital money (ETH), build dApps and much more. Lately, Ethereum has encountered issues scaling out, which refers to requesting additional transactions and users efficiently.
There’s a multi-step strategy that Buterin has outlined to fix these problems. Funding L2 solutions is one key part of his plan, L2 refers to platforms built on top of Ethereum’s main blockchain, or Layer 1. These L2 solutions make Ethereum process transactions faster and at lower cost.
Also, Buterin proposes that L2 networks should use more ETH, and dedicate some of the money they earn from operations to the benefit of ETH, such as burning it, or staking it.
Blob scaling is also an important part of Buterin’s plan. He wants to push the number of ‘blobs’ Ethereum can support higher. The blobs are one way for Ethereum to handle more transactions while not slowing down or giving up security. By making this change, Ethereum will become more efficient and scale up for the better.
And for Buterin, L2 solutions have to become more connected and easier to use, so that Ethereum is less like a series of disconnected blockchains, and more like a single unifying system. Bringing L1 and L2 networks together and centering ETH is just what Ethereum needs to get stronger and continue to lead in the blockchain world, he believes.
Buterin’s objective in the end is simply to make Ethereum as more efficient, secure, and valuable, and that it can continue to grow and support more users in the long term.
Also read: Ethereum Gets Wall Street Sales Force: Can ‘Etherealize’ Boost ETH Price?
