Vitalik Buterin, the renowned figure behind Ethereum, is here to discuss what lies ahead for the blockchain platform following the successful Dencun hard fork. This event marked a significant milestone for Ethereum, as it introduced proto-danksharding, also known as EIP-4844 or “blobs,” which revolutionized the scalability of the network.
The implementation of blobs drastically reduced the cost of rollup transactions, making them over 100 times cheaper. This was due to the fact that blobs were essentially free. Recently, there has been an increased utilization of blobs, and the cost associated with their usage has stabilized as more people began adopting the blobscriptions protocol.
According to Vitalik, after the introduction of blobs, the focus has shifted from making massive leaps in scaling Ethereum to fine-tuning the system and addressing issues that are more relevant to app developers and users. Vitalik emphasizes that most of the groundbreaking changes to Ethereum have already been witnessed, and now it’s time to concentrate on optimizing the platform.
One significant direction that Ethereum has been moving towards is the development of a Layer 2 (L2) centric ecosystem. This approach involves offloading the heavy computational tasks from the main Ethereum blockchain (Layer 1) to new layers built on top of it. Major applications are transitioning to L2, and payments are defaulting to L2. Wallets are also being designed to accommodate multiple L2s. This shift aims to create a separate space within Ethereum blocks that can store data for L2 projects without interfering with the main Ethereum Virtual Machine (EVM).
The purpose of this shift is to enable nodes to verify data by checking specific bits without the need to examine everything. This technique, known as data availability sampling, has the potential to allow Ethereum to handle significantly more data, with a target of approximately 16 MB per slot. While EIP-4844 lays the foundation for this capability, the real game-changer, data availability sampling, can be implemented later without the need for substantial modifications. Only minor adjustments to the settings will be necessary.
So, what comes next for Ethereum? Vitalik highlights two key priorities: increasing the amount of data stored in each blob and enhancing the intelligence of L2s in utilizing this data. There are discussions around a simplified version of data availability sampling called PeerDAS, which involves nodes sharing the responsibility of storing data. This approach could enable Ethereum to handle a significantly higher volume of data.
To maintain control over the system, proposals like EIP-7623 have been suggested to limit the size of regular Ethereum blocks. This ensures that Ethereum can handle more data and transactions without compromising security.
Improvements to L2s are also being explored. Vitalik identifies several areas for enhancement, including reducing the space occupied by transactions, enhancing L2 security without relying heavily on L1, optimizing the performance of rollups and other L2s, and strengthening the security of rollups through the transition from trust to proof.
Vitalik emphasizes that Ethereum has already undergone substantial transformative changes, and the focus is now on refining the existing infrastructure. He also acknowledges the significance of Ethereum for app developers and users. With the reduced fees made possible by blobs, there are new opportunities for cost-sensitive applications. However, Vitalik cautions that there is still work to be done in terms of scaling, as fees may increase if the network becomes overly congested.
Vitalik asserts that developers now have the necessary tools to create secure, user-friendly, and scalable applications. He cites examples such as the Daimo wallet, which aims to replicate the functionality of Venmo on Ethereum, and Farcaster, a decentralized social networking platform focused on usability.
In conclusion, Vitalik emphasizes that Ethereum is prepared for the next wave of applications, and it is up to developers to seize the opportunity. He also highlights that Ethereum is no longer solely focused on transactions but aims to build an entirely new internet ecosystem centered around privacy, voting, and community.
For applications that are still operating on Ethereum’s main layer, Vitalik urges them to embrace L2 solutions and take advantage of the new tools offered by Ethereum. It’s time to level up and adapt to the evolving landscape.
