Cryptocurrencies ‘must turn into something useful’ by 2032: Vitalik Buterin

important point

  • Vitalik Buterin said blockchain applications need to prove their usefulness rather than promise that they might be useful in the next decade.
  • Buterin also expects some optimistic rollup projects working on scaling Ethereum to pivot to adopt the ZK rollup because of its “fundamental benefits.” said.
  • He added that Ethereum will need to upgrade to defend against quantum computing attacks in the future, but it could be decades before an upgrade is needed.

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Buterin echoed his view that ZK-Rollups will likely become Ethereum’s top-of-the-line Layer 2 scaling weapon, and said quantum computing will be a key consideration for future protocols.

Buterin on the future of Ethereum

Vitalik Buterin is optimistic about the future of Ethereum, but believes that big challenges lie ahead.

Ethereum creators discussed protocol’s long-term future in private press conference Essoul His current focus is on scaling technologies, quantum computing, and the key hurdles facing networks.

Buterin said the next decade will be critical for blockchain technology, arguing that applications need to prove utility on the public market soon. “I think the next 10 years is the time when cryptocurrencies have to change from being based on promises of future usefulness to actually being useful,” he said. “Many applications are theoretically promising, but not entirely viable because of scaling issues today.” He added that if blockchain applications do not work after zero-knowledge proof technology is launched, it likely “makes no sense” to use blockchain. first place.

Buterin elaborates on the scaling issues facing Ethereum, expressing enthusiasm for the upcoming wave of layer 2 rollup solutions and taking a zero-knowledge proof-based stance. ZK-rollup optimists will win Rollup as a good technology, albeit a tricker. “In the long run, ZK-Rollups will eventually beat Optimistic Rollups because it has fundamental advantages such as not requiring a 7-day withdrawal period,” says Building ZK-Rollups He said before commenting on the difficulty. “ZK is a difficult technology to build. There are many challenges and the Optimistic Rollup technology is more mature.” Buterin is still confident that some of today’s optimistic rollup projects will succeed. “They’re going to do great things, but eventually they’ll switch to ZK at some point.” Deaf and I fully anticipate.”

“Complete” Ethereum

Buterin also commented on how “perfect” Ethereum might work in the future, following his recent comments at EthCC in Paris. “55% complete” Follow the merge. “After big items— You know, merge, surge, purge, barge, splurge — Ethereum basically becomes a place where you don’t have to change the protocol. Everything can be done at Layer 2. ”

Buterin added a caveat that Ethereum should account for quantum computing developments in the far future. “We have to upgrade at some point because of quantum safety,” he said, considering switching to “new forms of encryption” that are more resistant to potential attacks. Crypto skeptics have frequently pointed out that quantum computing could disrupt blockchains, but Buterin said it will be a while before crypto builders need to make any changes. rice field. “We always We are in very close contact with AI researchers who continue to work on that problem and create better algorithms. “But that’s still a long way off, and it could be 10, 20, or 30 years from now.”

Disclosure: At the time of writing, the author of this work owned ETH and several other cryptocurrencies.

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