In a recent blog post, Ethereum's co-founder, Vitalik Buterin, shared a visionary roadmap for the evolution of the second-largest blockchain network in the world. The proposed progression focuses on three critical elements – Layer 2 scaling, wallet security, and privacy, urging that they must be tackled simultaneously to ensure the platform’s robustness and global reach.
Buterin’s article, aptly named "The Three Transitions," accentuates that a well-coordinated effort is imperative to successfully navigate these transitions, which are vital yet pose challenges due to the intricate collaboration required.
The Three Transitions:https://t.co/rtewRnm2wK
— vitalik.eth (@VitalikButerin) June 9, 2023
In the realm of Layer 2 scaling, Buterin emphasizes its importance, stating that failure in this area would push every product aiming for the mass market to ditch the chain and adopt centralized solutions. Over the past few months, Ethereum has seen an uptick in Layer 2 networks, with ZK rollups introduced by Polygon and Matter Labs. The network is also preparing for a significant upgrade later this year called Dencun, incorporating a feature known as proto-danksharding to make rollups more affordable.
Wallet security, the roadmap's second component, involves transitioning all user wallets to smart contract wallets. Buterin asserts this move is necessary to instill confidence in users to store their cryptocurrency payments and data on-chain, else they might turn to centralized entities.
Lastly, the roadmap also highlights privacy as a critical area of improvement. Buterin warns of the potential failure of Ethereum if privacy is not prioritized, as users would then have their on-chain activities open to public scrutiny.
In conclusion, Buterin emphasized that both the protocol features and the manner in which we interact with Ethereum require fundamental changes, necessitating profound shifts in applications and wallets.
