Ethereum Network to See Major Upgrades – Vitalik Buterin Shares Vision at Devcon 2024

• Ethereum’s Vitalik Buterin describes the network as the “world computer” to highlight its significant evolution to hosting a variety of applications.
• Vitalik also responds to a recent “attack” on the Ethereum Layer 2 and assures that they are working towards a “better future.”

Ethereum (ETH) co-founder Vitalik Buterin has hinted at potential upgrades to completely transform the network into a more scalable and efficient component of the Web3 ecosystem. Speaking at the recent Devcon 2024 in Bangkok, Buterin highlighted the evolution of the network to what he describes as the “world computer” with foundational technology.

In the keynotes analyzed by CNF, Buterin stressed the importance of the Merge upgrade which facilitated the transition from the Proof of Work (PoW) to Proof of Stake (PoS). According to him, this complete shift subjected the network’s energy consumption to a significant reduction without compromising its security and decentralization.

In our report on this upgrade, it was disclosed that the Merge was also a “curtain raiser” for the shard chains which was expected to offset data congestion, high gas fees, and the next generation of the layer 2 scaling systems.

Highlighting the advantages of the Ethereum PoS model, Buterin pointed out that it boosts security and promotes inclusivity. In addition to that, it enhances the resilience of the network.

Vitalik Buterin Speaks on Ethereum Layer 2 Roll-up

At the Devcon 2024 event, Buterin also spoke about the Layer 2 roll-up of Ethereum. According to him, layer 2 technologies such as Optimistic Rollups and ZK Rollups ensure that transactions in large quantities are seamlessly accommodated. The reason is that they happen off-chain and complete on the mainnet. In this way, Ethereum maintains its decentralized nature while enhancing faster and cheaper transactions.

Explaining this further, Buterin pointed out that fees for layer 2 have undergone a significant reduction from 50 cents to less than 0.1 cents. He also outlined that the situation has unlocked new opportunities for developers and users.

Meanwhile, the Author of The Infinite Machine, Camila Russo, believes that the Ethereum layer 2 experience is overrated. According to her, interacting with the Layer 2 is bad for experienced crypto users, and even worse for newbies. Outlining her grievances on X, Russo dismissed the suggestion of using a single chain. To her, experienced chains like Ethereum need to work on transforming to become seamless across all layer 2s and mainnet.

Using Ethereum means transacting across L2s. Ethereum is now a multi-chain ecosystem. Maybe the mint you really like is one chain, while the dapp you want to airdrop farm is on another. Maybe you’re a business like The Defiant, and get stables in three different chains because that’s where your clients have their cash. So no, the argument of “Just use one chain, and it’s seamless” is not a solution. The vision of many chains working seamlessly within one umbrella ecosystem is not a solution either.

Responding to this, Buterin stated that developers should not be compelled to justify the current limitations. Meanwhile, he shared the L2 roadmap to assure users that the team is working towards a “better future.”

Ethereum people should not feel a need to justify the inadequacies of the present. Justifying the present is a natural thing to gravitate toward when one feels powerless to build the future. But we are building the future. Cross-L2 interop roadmap: https://t.co/WJnt4HERAH pic.twitter.com/uxfV2YBxru— vitalik.eth (@VitalikButerin) October 29, 2024

At press time, ETH was trading at $3,172 after surging by 20% in the last seven days.