Vitalik Buterin Unveils Ethereum ETH’s Next Steps: Speed and Security Enhancements After the Merge
Ethereum co-founder Vitalik Buterin recently shared his vision for the network after its major shift to proof-of-stake (PoS). In a detailed blog post, Buterin reflected on the opportunities for Ethereum’s future and outlined areas for improvement.
He highlighted critical areas on Ethereum that require advancement, including transaction speed, security, accessibility, and solo-staking. Buterin also provided insights into what could be next for the popular blockchain.
Ethereum ETH’s Post-Merge Landscape
The Ethereum “Merge” occurred in September 2022, transitioning the platform from a proof-of-work (PoW) consensus mechanism to proof-of-stake. This marked a significant milestone for Ethereum, aiming to improve energy efficiency and network security.
In a blog post, Buterin described the Merge as “long-awaited” and “hard-earned” but admitted that some key areas still need improvement.
Before the Merge, Ethereum relied on miners to validate transactions through a competitive process requiring significant energy consumption. After the Merge, validators secure the network by staking their Ether (ETH). This change was expected to make Ethereum faster and more scalable.
However, Buterin emphasized that while the switch to PoS was a success, there are still issues to address. One of the main challenges that Buterin highlighted is the time it takes to finalize transactions.
Under the current system, Ethereum transactions can take up to 15 minutes to finalize. This long wait can frustrate users, especially considering Ethereum’s high usage and traffic levels.
Given Ethereum’s millions of daily transactions, this delay can lead to congestion, affecting the overall user experience.
Buterin has suggested a solution called “single-slot finality.” This proposal could reduce transaction times significantly by allowing finalization in a single block. If implemented, this would make Ethereum much faster and more competitive against other blockchain platforms that boast quicker transaction times.
Improving Accessibility for Validators
Another area Buterin focused on was increasing accessibility for validators. Participating in Ethereum’s PoS system requires a minimum of 32 ETH (around $82,000 at recent prices), which is too high for many potential validators and limits the network’s decentralization.
Buterin acknowledged this issue, stating that the high barrier to entry restricts the number of people who can secure the network and contribute to its governance.
To address this, Buterin has proposed lowering the minimum staking requirement. He suggested reducing it from 32 ETH to 1 ETH, allowing more people to become validators.
This change could further decentralize the network, reducing the risk of centralization and increasing the number of participants.
Strengthening Ethereum’s Security
Security remains a critical focus for Ethereum as it evolves. In his blog post, Buterin shared his thoughts on how to enhance Ethereum’s resistance to attacks.
One of his ideas is implementing a “single secret leader election.” This cryptographic technique would help make it more difficult for bad actors to identify the block proposer in advance.
Buterin also addressed the future threat posed by quantum computing. While quantum computing is still in its infancy, its development could one day pose risks to blockchain systems, including Ethereum. Buterin suggested that Ethereum should begin preparing defences against this potential threat.
In addition to these measures, Buterin discussed increasing Ethereum’s quorum threshold. This would help the network better resist 51% of attacks, which most validators could attempt to control.
Raising the quorum threshold would make it harder for any single entity or group to gain too much influence over the network’s operations.
Vitalik Buterin’s post-Merge reflections outline a future where Ethereum becomes faster, more secure, and more accessible. While the Merge was a significant milestone, Buterin’s vision highlights the ongoing efforts to refine the network and address lingering challenges.
