Home Technology Vitalik Buterin talks about what Ethereum (ETH) and Crypto should become in the next 10 years

Vitalik Buterin talks about what Ethereum (ETH) and Crypto should become in the next 10 years

Vitalik Buterin talks about what Ethereum (ETH) and Crypto should become in the next 10 years

During a closed-door press conference at the ongoing ETH Hackathon Seoul 2022the co-founder of Ethereum (ETH) spoke about the future expectations of the Ethereum blockchain and the crypto industry in general.

Among the things he spoke of were ZK-Rollup technology, quantum computing, and why crypto should turn into something useful over the next decade. He also talked about the completeness of the Ethereum blockchain after the merger and the challenges it would face in the future.

According to the creator of Ethereum, the next 10 years is the time for several crypto and blockchain applications to prove their usefulness. Essentially, some blockchain applications just promise what they will become in the future.

“I think the next 10 years is when crypto has to transform into something that’s not based on promises of being useful in the future but is actually useful,” he said. declared. Because a lot of apps are promising in theory, but they just aren’t viable due to scaling issues today,” he said.

On ZK-Rollup technology, Vitalik Buterin noted that he expects some existing Optimistic Rollup projects aimed at making Ethereum scalable to adopt ZK-Rollups due to the key benefits of ZK-Rollups.

Therefore, the Co-founder of Ethereum argues that zero-knowledge proof-based ZK-Rollups would trump Optimistic Rollups technology in years to come.

Related: Ethereum’s Vitalik explains the benefits of zero-knowledge rollups (zk-rollups) after Polygon zkEVM deployment

“ZK is a difficult technology to develop. The challenges are many and the Optimistic Rollup technology is more mature. In the longer term, ZK-Rollups will eventually beat Optimistic Rollups because they have these fundamental advantages, like not needing a seven-day cooling-off period,” he said.

It has been frequently noted by some crypto pessimists that quantum computing could kill blockchains. However, during the closed-door press conference, Vitalik Buterin said that Ethereum undergo future developments to be safe from potential quantum computing attacks.

Read also : Vitalik Buterin: Ethereum (ETH) will be 55% complete after the merger and will process 100,000 TPS

In his words, “We need to upgrade at some point for quantum security, considering moving to newer forms of cryptography.” He added; “We are constantly in very close contact with AI researchers who continue to work on this problem and create better algorithms, but it’s a long way off, and it could be 10, 20 or 30 years from now.

The biggest update on the Ethereum blockchain, the merger is expected to take place in September. This event will cause the second-largest crypto project by market capitalization to migrate to a Proof-of-Stake (PoS) consensus algorithm.

Meanwhile, Buterin noted that the Ethereum blockchain will be 55% complete after the highly anticipated merger is implemented.

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