Ethereum co-founder Vitalik Buterin says The Splooge is a roadmap phase to enhance Ethereum’s security, user experience, and scalability, including defending against future quantum computing threats. .
In a recent blog post, Ethereum co-founder Vitalik Buterin detailed The Splash, a significant Ethereum roadmap aimed at solving lingering issues around security, user experience, and scalability. did. As part of a larger vision, this step will make blockchain more usable for average users while protecting it from potential quantum computing attacks.
Splurge is an accessory for Ethereum to proactively address the latest technological development, the thrust of quantum computing. Although there are theoretically more quantum computers capable of breaking current cryptographic standards, Buterin said there are ” Exploring advanced cryptography.
In theory, quantum computers could perform complex calculations much faster than classical computers, potentially weakening the encryption that protects blockchain data. While actual crypto-breaking quantum computers are still a long way off, Buterin’s plan is a positive step toward keeping Ethereum’s crypto infrastructure secure. By incorporating stronger encryption protocols now, Ethereum has the potential to remain a secure decentralized platform well into the future, powered by quantum.
Simplify user experience with account abstraction
Splurge also focuses on improving user experience through a feature known as account abstraction. Currently, Ethereum users must hold Ether (ETH) to pay transaction fees, but this planned upgrade will allow them to cover fees with other ERC-20 tokens. This change is expected to make decentralized applications (dApps) more accessible, especially for new users who lack large ETH holdings.
Account abstraction not only increases the versatility of transactions, but also potentially facilitates interactions within the Ethereum ecosystem. For example, users can make transactions without constantly converting their assets to ETH, reducing friction and making Ethereum a more user-friendly platform for dApp engagement.
Ethereum Virtual Machine Upgrade: Pectra Update
Buterin also announced that Ethereum’s virtual machine (EVM), which is responsible for running smart contracts, will be upgraded in the next Pectra update, expected by early next year. This update introduces the Ethereum Virtual Machine Object Format (EOF), which separates code and data to improve processing efficiency, especially for Layer 2 scaling solutions. By simplifying the EVM structure, Pectra is poised to improve network scalability and responsiveness while reducing developer barriers.
The Splurge, 2023 Roadmap Source: Vitalik Buterin
These updates are in line with Buterin’s broader goals for scalability and cost reduction, and further the efforts started during the previous purge phase. Together, these phases aim to streamline data management, reduce network congestion, and pave the way for more efficient and affordable transactions.
Efforts to optimize fees using multidimensional gas
A recurring challenge with Ethereum is high transaction fees, which can hinder user adoption during periods of high network demand. In response, The Splurge proposes a multidimensional gas model that separates charges based on resource usage, such as storage and compute. This approach allows for more accurate pricing and reduces the likelihood of “worst-case” resource consumption that could result in higher rates during peak usage.
By adopting multidimensional gas, Ethereum aims to create a more sustainable fee structure that can reduce transaction costs for users without sacrificing network performance. This model reflects Buterin’s commitment to making Ethereum more accessible with lower fees and fewer barriers to entry.
Decentralization of the Ethereum staking system
In parallel, Buterin also mentioned concerns about centralization within Ethereum’s staking model. Currently, the participation threshold for staking is relatively high at 32 ETH, which may limit participation to only wealthier investors and institutions. As part of the Scourge phase, Buterin proposed lowering this threshold to encourage a more decentralized staking environment. By lowering the barrier to entry, Ethereum seeks to allow more users to participate in staking and help improve network resiliency and security.
Buterin also proposed cryptographic measures to protect the identity of block proponents, an additional layer of security to prevent targeted attacks against individual interests. These joint efforts aim to decentralize the Ethereum staking network and ensure a more secure and evenly distributed validator system.
Looking ahead: A roadmap to security, ease of use, and scalability
So this is the latest step in Buterin’s roadmap. Splurge is a broad-based approach that improves Ethereum’s long-term sustainability by making it more cryptographic and user-friendly, optimizing its fee structure, and enabling decentralized staking. This will ensure that Ethereum maintains its leading role in blockchain. Future updates represent further evolution to Buterin’s dream of Ethereum. Faster, more secure, and easier to use with a growing community of developers and users. In Ethereum’s journey to solving scalability and decentralization challenges, The Splurge marks one such critical juncture while remaining relevant within the technology landscape.
