The co-founder of Etherium published a post about three “major technical innovations” that are needed to guarantee the success of the network of the second-capitalization cryptocurrency.
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Vitalik Buterin said that developers continue to work on scaling Etherium, as it is necessary to improve the security of cryptocurrency wallets and improve the operation of privacy measures. If this is not done, Ethereum’s stability could be undermined.
The blockchain co-founder noted that scalability has improved dramatically in recent years thanks to layer 2 networks. However, most transactions still take place on the project’s core network. Accordingly, second-tier solutions need to develop and attract developers. Otherwise, says Buterin, the second cryptocurrency network will face a significant increase in commissions, and this will encourage users to use other networks.
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“Without scaling, Etherium will lose, because each transaction costs $3.75 and could rise to $82 in the event of a new bullish trend. And, of course, every project that seeks mass adoption will simply forget about blockchain, using more centralized solutions,” laments Vitalik Buterin.
Improving the security of cryptocurrency wallets is necessary, because if users can’t store assets simply and securely, they simply won’t use such a solution. One possibility would be to use wallets with social recovery features (where multiple users can team up to recover assets in a compromised wallet). Finally, Buterin called for refining the privacy features, such as adding support for “hidden addresses.
Earlier, the co-founder of Etherium said that when using multi-signature wallets, the custodians of these signatures should be chosen carefully.