Crypto ‘must turn into something useful’ by 2032: Vitalik Buterin

0

Key points to remember

  • Vitalik Buterin said blockchain applications will have to prove their usefulness rather than promise that they might be useful in the future within the next 10 years.
  • Buterin also said that he expects some Optimistic Rollup projects working on scaling Ethereum today to pivot to adopt ZK-Rollups due to their “fundamental benefits.”
  • He added that Ethereum should be upgraded to protect against quantum computing attacks in the future, but it could take a few decades before upgrades are needed.

Share this article

Buterin reiterated his view that ZK-Rollups are likely to be Ethereum’s best Layer 2 scaling weapon, and said quantum computing will be an important consideration for the protocol. in the future.

Buterin on the future of Ethereum

Vitalik Buterin is optimistic about the future of Ethereum, but he thinks there are big challenges ahead.

The creator of Ethereum discussed the long-term future of the protocol during a closed-door press conference before BUIDL Asia and EthSeoul today, focusing on scaling technology, quantum computing, and significant hurdles facing the network.

Buterin said the next decade will be crucial for blockchain technology, saying applications will soon have to prove their usefulness in an open market. “I think the next 10 years is when crypto has to transform into something that’s not based on promises of being useful in the future but is actually useful,” he said. declared. “Because many apps are promising in theory, but they just aren’t viable due to scaling issues today.” He added that if a blockchain application doesn’t work once Ethereum completes its “merger” with proof-of-stake and zero-knowledge proof technology takes off, there’s a good chance it “didn’t work.” no sense” to use blockchain in the first place.

Elaborating on the scaling issues facing Ethereum, Buterin expressed excitement for the next wave of layer 2 rollup solutions, taking the position that zero-knowledge proof-based ZK-Rollups are the would outweigh Optimistic Rollups as superior, albeit smarter, technology. “Longer term, ZK-Rollups will eventually beat Optimistic Rollups because they have these fundamental advantages, like not needing a seven-day cooling-off period,” he said, before commenting on the ZK-Rollups construction difficulties. “ZK is a difficult technology to develop. There are a lot of challenges, and the Optimistic Rollup technology is more mature. Buterin clarified that he’s still confident that some of today’s Optimistic Rollup projects will succeed, but expects some projects to pivot in the future. “They are going to do very well. But I expect they will eventually switch to ZK at some point.

A “complete” Ethereum

Buterin also commented on how a “complete” Ethereum would behave in the distant future following his recent comments at EthCC in Paris, where he said Ethereum would be “55% complete” after the merger. “After the big items– you know, merge, surge, purge, edge, madness – Ethereum will basically be at a place where the protocol doesn’t need to change. Everything can be done at level 2.”

Buterin added a caveat that Ethereum should consider quantum computing developments in the distant future. “We have to upgrade at some point for quantum security,” he said, considering moving to “new forms of cryptography” that would resist potential attacks. Crypto skeptics have often pointed out that quantum computing could kill blockchains, but Buterin said it will be a while before crypto builders need to make changes. “We are constantly in very close contact with AI researchers who continue to work on this problem and create better algorithms,” he said. “but it’s a long way off, and it could be 10, 20 or 30 years from now.”

Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.

Share this article

Share.

About Author

Comments are closed.