Vitalik Buterin EDCON 2024 Speech Highlights: The Next Decade of Ethereum

Compiled by: Mia, ChainCatcher

Since its inception, Ethereum has been at the forefront of innovation and development in blockchain technology. Since the official launch of the Ethereum blockchain on July 30, 2015, it has attracted the attention of developers worldwide with its unique charm, collectively sketching the blueprint for a decentralized future.

At EDCON 2024, Ethereum co-founder Vitalik Buterin once again stood in the spotlight, delivering a keynote speech on "The Next 10 Years of Ethereum." He reviewed Ethereum's significant progress in transaction fees, transaction inclusion times, and wallet security, and anticipated that smart contract wallets would be widely adopted in the next five years.

Review and Achievements

Vitalik recalled that summer of 2015, standing in an office in Berlin surrounded by passionate developers. Their eyes were fixed on the Ethereum testnet, holding their breath for that decisive moment—the arrival of block number 1028201. As the number jumped, the bell for the mainnet launch finally rang. Within half a minute, blocks began to surge like a tide, marking Ethereum's official entry onto the historical stage. At that time, the Ethereum development team was fewer than a hundred people, yet they carried the dream of changing the world and moved forward step by step.

Today, the Ethereum ecosystem is vastly different. Large conferences have followed one after another, attracting thousands of developers and enthusiasts; on the application front, millions of users are enjoying the convenience and security brought by Ethereum, and the visions initially depicted in the white paper have gradually become reality.

Transaction Fees

Looking back, high transaction fees were once a major issue for Ethereum users. In 2019, the cost of a single transaction could reach tens or even hundreds of dollars, which was undoubtedly a heavy burden for ordinary users. However, with the implementation of the EIP-1559 proposal and the rise of Layer 2 solutions, Ethereum's transaction fees have seen a revolutionary decrease. Today, most transaction fees have dropped to less than one cent, greatly enhancing user experience and transaction efficiency.

Transaction Speed

Meanwhile, Ethereum's transaction speed has also achieved a qualitative leap. In the past, users might have to wait several minutes or longer to confirm a transaction; now, thanks to network architecture optimization and Layer 2 technology support, transaction confirmation times have been reduced to a few seconds or even instant completion. This change not only improves transaction efficiency but also lays a solid foundation for Ethereum's large-scale applications.

Wallet Security

In terms of wallet security, Ethereum has also made significant progress. From the initial single private key control model to the diverse smart contract wallet options available today (such as Gnosis Safe), Ethereum provides users with a more flexible and secure account management method. The rise of multi-signature wallets has found a perfect balance for users between self-sovereignty and centralized trust.

Consensus Mechanism

Another major innovation of Ethereum is its shift in consensus mechanism. From the initial Proof of Work to the current Proof of Stake, Ethereum has not only significantly reduced energy consumption but also laid a solid foundation for future scalability and security improvements. Future updates, such as the Shanghai upgrade, will further enhance Ethereum's functionality, pushing it towards a more efficient and environmentally friendly direction.

Innovation and Applications

The Leap from EtherTweet to Firefly

When discussing Ethereum's application innovations, one cannot overlook the leap from EtherTweet to Firefly. EtherTweet, as the first decentralized Twitter application on Ethereum, although simplistic in interface and limited in functionality, marked Ethereum's initial exploration in the social media realm. Today’s Firefly client integrates various functions from Farcaster, Twitter, and Lens, providing users with a more convenient and efficient experience. This change not only showcases Ethereum's tremendous progress in technological applications but also heralds an infinite potential for future development.

The Rise of DeFi

Driven by Ethereum, the decentralized finance (DeFi) sector has ushered in unprecedented development opportunities. Applications such as stablecoins, decentralized exchanges, prediction markets, and non-fungible tokens (NFTs) have emerged like mushrooms after rain, offering users a richer and more diverse range of financial services. These applications not only lower the barriers and costs of traditional financial services but also provide users with a more transparent and efficient trading experience.

Future Outlook

Scalability

Vitalik predicts that by 2034, Ethereum's scalability will achieve a qualitative leap. With the implementation of upgrades such as Verkle trees and the continuous development of Layer 2 technologies, the number of transactions Ethereum can process per second will significantly increase to thousands or even millions. This will greatly promote Ethereum's expansion and popularization in large-scale applications.

Further Reduction in Transaction Fees

With the continuous maturation and improvement of Layer 2 technologies and further optimization of network architecture, Ethereum's transaction fees are expected to continue to decline over the next decade. This will further reduce user costs and improve transaction efficiency, thereby promoting the widespread adoption and popularization of Ethereum.

User Experience and Security

While enhancing scalability and reducing transaction fees, Ethereum will also strive to achieve a perfect combination of user experience and security. By introducing more advanced security technologies and optimizing user experience design, it aims to improve overall user satisfaction and trust. In the future, using Ethereum's Layer 2 network will be as seamless as using the mainnet, breaking down hierarchical boundaries and providing users with a seamless experience.

Exploration and Application of Emerging Technologies

In addition to expanding traditional fields, Ethereum will actively explore the application of emerging technologies such as wearable devices, local AI, augmented reality (AR), and brain-computer interfaces (BCI). These emerging technologies will bring unprecedented interaction methods and user experiences to Ethereum applications, pushing them towards a more intelligent and convenient direction. At the same time, Vitalik encourages developers to go beyond the existing Web2 framework, daring to innovate and continuously explore unknown fields, injecting new vitality and momentum into Ethereum's future development.

Security and Community

Vitalik emphasized the core role of the community in Ethereum's future development. He believes that strengthening community participation and introducing advanced technological means such as formal verification can significantly enhance the overall defense capability of the Ethereum ecosystem. He also suggested embedding community notes, prediction markets, and other technologies directly into wallets or browsers to provide users with more convenient and comprehensive services, ensuring their asset security and personal privacy are not compromised.