At the recent Ethereum Community Conference, Vitalik Buterin, the co-founder of Ethereum, discussed both the strengths and weaknesses of the popular cryptocurrency. He emphasized the decentralized nature of the Ethereum ecosystem and the wide range of applications it offers, showcasing its versatility.
However, Buterin did not shy away from acknowledging Ethereum’s shortcomings. One major issue he highlighted was the complexity of the network, making it challenging for non-experts to navigate and discouraging for new users. He suggested simplifying the protocol to make it more user-friendly for developers and users.
Another issue Buterin addressed was the difficulty of solo staking, which currently requires 32 ETH to become a validator and involves a complicated process of running a node. He assured the audience that these challenges are not insurmountable and can be addressed.
In the event of a 51% attack, Buterin expressed concerns about network censorship and proposed increasing the quorum threshold from 75% to 80% to help the network recover more effectively. He emphasized the importance of automating responses to such attacks to maintain network integrity.
To tackle scalability issues, Buterin suggested implementing shards to distribute workloads among parallel chains. He also emphasized the importance of ongoing research to enhance security measures and address potential vulnerabilities.
In conclusion, Buterin stressed the significance of building on Ethereum’s strengths while actively working to address its weaknesses. His insightful analysis and proposed solutions demonstrate a commitment to improving the Ethereum network for all users.