Vitalik Buterin Says Ethereum Will Fail Without Three Vital Changes

Joshua Ramos
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Source: techcrunch

In a recent blog post, the co-founder of the network Vitalik Buterin says that Ethereum will fail without three vital changes. Specifically, Buterin has introduced what he refers to as “The Three Transitions” in his recent post. Moreover, he spoke of their importance for blockchain’s continued development.

Buterin spoke on the future of the blockchain, and how Ethereum could expand its utilization. However, for that to take place, he has highlighted Layer-2 (LS) scaling, wallet security, and privacy, as important transitions for the network.

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Buterin Brings Forth Three Transitions for Ethereum

Within the digital asset industry, there are few names as revered as Ethereum. A blockchain network that has become one of the most popular in the world has clearly established itself as an important piece of the industry’s future. However, its co-founder has recently expressed what could stand in the way of that future.

In a recent blog post, Vitalik Buterin says Ethereum will fail without three vital changes. Specifically referred to as the “Three Transitions, the post discusses the necessity for the growth of the platform. Moreover, Buterin says they are utterly important “as Ethereum transitions from a young experimental technology, into a mature tech stack,” seeking to grow.

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Of the three transitions, Buterin first mentions L2 scaling. Buterin writes that “Ethereum fails because each transaction costs $3.75,” with it only increasing in the event of a bull run. Moreover, he notes, “Every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything.”

Additionally, Buterin references wallet security. Specifically, stating that “Ethereum fails because users are uncomfortable storing their funds,” and will too often utilize centralized exchanges.

Finally, Buterin discussed the privacy transition, discussing the necessity for its development. Buterin remarks that public availability for transitions “is far too high a privacy sacrifice for many users, and everyone moves onto centralized solutions that at least somewhat hide your data.”

“These three transitions are crucial,” Buterin conclusively states. Adding that, although they are challenging, the network requires “deep changes from applications and wallets.” Ultimately, calling for the transitions mentioned to “radically reshape the relationship between users and addresses.”