Ethereum’s roadmap for global influence took a significant step forward with the successful Dencun hard fork, but a crucial mindset shift is needed to achieve it, according to co-founder Vitalik Buterin.
Following the Dencun upgrade, which paves the way for cheaper and more scalable layer-2 (L2) solutions, Buterin addressed a packed crowd at the ETH Global’s Pragma London event. He emphasized the importance of transitioning from a layer-1 centric approach to one focused on L2 applications.
Dencun Delivers, Buterin Sets Sights on the Future
The Dencun hard fork, implemented smoothly on March 14th, marked a major milestone for Ethereum. This upgrade included Ethereum Improvement Proposal (EIP-4844), which introduces “blob space” for rollups to store data on the mainnet. This significantly reduces costs associated with submitting cryptographic proofs, a key bottleneck for scalability.
Shifting Focus: From Engineers to Application Builders: Buterin, reflecting on his roadmap outlined after the Merge in 2022, acknowledged that many initial milestones were engineering-focused, culminating with Dencun. He now urges the Ethereum community to shift their focus towards application development.
“The tech geeks were trying to satisfy tech geeks and create beautiful technology,” Buterin said. “The second decade needs to see Ethereum breaking out and having a big impact on the world.”
L2 Rollups: The Key to Scalability and User Adoption:
The Dencun hard fork signifies a move away from a layer-1 centric approach. While base layer upgrades will continue, a more stable and secure foundation will allow L2 rollups to flourish. These rollups process transactions off-chain, significantly improving scalability and reducing costs.
Also Read: Ethereum Eyes Breakout in 2024: Dencun Upgrade, ETF Approval & Technicals Point to Upside
Zero-Knowledge Proofs
Buterin highlighted the importance of utilizing contemporary tools like zero-knowledge proofs, which enable highly scalable and privacy-preserving applications. He encouraged developers to embrace an “Ethereum 2.0” approach, leveraging these advancements to build the next generation of decentralized applications (dApps).
The Road to Global Impact
With the technical groundwork laid by Dencun, the Ethereum ecosystem now sets its sights on achieving a global impact. By fostering a developer-centric environment focused on L2 solutions, Ethereum can unlock its true potential to revolutionize the internet and financial systems worldwide.
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