Vitalik Buterin, the renowned figure in the world of blockchain, is here to discuss the future of Ethereum after the groundbreaking Dencun hard fork. This event propelled the Ethereum network into a new era of scalability with the introduction of proto-danksharding, also known as EIP-4844 or blobs.
The introduction of blobs significantly reduced the cost of rollup transactions, making them over 100 times cheaper. This was due to the fact that blobs were practically free. Recently, there has been a surge in the usage of blobs, and their cost has started to stabilize as more people adopt the blobscriptions protocol.
According to Vitalik, after the emergence of blobs, scaling Ethereum has transitioned from a monumental leap to focusing on the finer details. The goal now is to maximize the potential of blobs and ensure that rollups utilize each blob to its fullest extent. Vitalik believes that we have already witnessed most of the groundbreaking changes to Ethereum, and the focus now is on fine-tuning and addressing issues that are more relevant to app developers and users.
Ethereum’s new direction is centered around a Layer 2 (L2) ecosystem. This means that the heavy lifting is carried out by layers built on top of the main Ethereum blockchain (Layer 1). Major apps are migrating to L2, payments are defaulting to L2, and wallets are being designed to support multiple L2s. This strategic shift aims to create a dedicated space within Ethereum blocks to store data for L2 projects without interfering with the main Ethereum Virtual Machine (EVM).
The ultimate goal is to enable nodes to verify the presence of data without having to examine everything. This technique, known as data availability sampling, could allow Ethereum to handle a significantly larger amount of data, targeting approximately 16 MB per slot. While the blob feature introduced by EIP-4844 is not sufficient to achieve this goal, it lays the foundation for future implementation of data availability sampling without requiring a complete overhaul. Only minor adjustments will be necessary in the future.
So, what comes next? Vitalik highlights two key tasks: increasing the amount of data stored in each blob and enhancing the intelligence of L2s in utilizing this data. One potential solution being explored is PeerDAS, a simplified version of data availability sampling where nodes share the responsibility of storing data. This would enable Ethereum to handle a much larger volume of data effortlessly.
To avoid chaos, proposals like EIP-7623 are being considered to keep the size of regular Ethereum blocks in check, ensuring that Ethereum can handle increased data and transaction volumes safely.
Improving L2s is also a priority. Vitalik suggests several ways in which L2s can be enhanced:
1. Reducing data size to make transactions more efficient.
2. Enhancing security measures to ensure the safety of L2s without always relying on L1.
3. Optimizing the functionality of rollups and other L2s to increase transaction capacity.
4. Strengthening the security of rollups, transitioning from trust to proof.
Vitalik emphasizes that the era of major, revolutionary changes to Ethereum is behind us. The focus now is on refining what has already been built. He also contemplates the implications of these developments for app developers and Ethereum users. With lower fees enabled by blobs, the door is open for apps that were previously too costly to operate. However, Vitalik cautions that there is still work to be done on scaling, as fees could rise if the network becomes too congested.
For developers, it is now the opportune time to capitalize on the tools available to create secure, user-friendly, and scalable applications. Vitalik has noticed promising signs of progress, such as the Daimo wallet, which aims to be the Ethereum equivalent of Venmo, and Farcaster, which seeks to create a decentralized social networking experience that is actually enjoyable.
Vitalik’s message is clear: Ethereum is prepared for the next wave of applications, and it is up to developers to bring them to fruition. He also emphasizes that Ethereum is not solely focused on transactions; it aims to build a new kind of internet that prioritizes privacy, voting, and community.
As for the apps that are still operating on Ethereum’s main layer, the time has come to embrace L2 and take advantage of the new tools that Ethereum has to offer. It’s time to level up and adapt to the changing times.