TL;DR
- Vitalik Buterin, co-founder of Ethereum, emphasizes the need for a shift towards building decentralized applications on Layer-2 (L2) of the ETH network.
- The implementation of Dencun has paved the way for significant advancements in the scalability of ETH and the reduction of associated costs.
- The introduction of “blobs” allows for cheaper data aggregation on the Ethereum blockchain.
The evolution of Ethereum has taken a significant leap. Recently, Vitalik Buterin, co-founder of ETH, has spoken about the need for a mindset shift in the community towards building decentralized applications on Layer-2 (L2) of the ETH network.
This call becomes especially relevant after the successful implementation of the Dencun hard fork, a crucial milestone that has paved the way for a future focused on Layer-2. Thanks to this hard fork, significant advancements have been made in the scalability of Ethereum, reducing costs associated with proof submission on the base layer of the network.
The focus on scalability and cost reduction is fundamental for the growth and widespread adoption of Ethereum. With the implementation of Dencun, the path has been cleared for Layer-2 solutions, such as rollups, to scale effectively and efficiently, opening up new opportunities for the development of decentralized applications.
The Dencun hard fork has also introduced significant changes in the way information is stored on the ETH network. With the introduction of EIP-4844, a new storage space known as “blob space” has been created, allowing for cheaper data aggregation into blocks. This innovation has significantly reduced the costs associated with data storage on the Ethereum blockchain.
Ethereum Forever Transforms Layer 2 Solutions
Buterin highlights the importance of this mindset shift in the future development of Ethereum. He sees the first decade of ETH as a period of internal focus, where the community was focused on meeting the needs of developers and improving technology. However, now is the time to look outward and make a significant impact on the world.
The future of Ethereum lies in its ability to adapt and evolve continuously. While the focus on Layer-1 will remain important, it is crucial for the community to adopt a mindset focused on Layer-2 to fully leverage scalability and cost reduction solutions.
Vitalik Buterin’s call marks a turning point in the evolution of the ecosystem. With the successful implementation of the Dencun hard fork, a new chapter opens in the history of this blockchain, propelling its path towards widespread adoption and global impact in the blockchain industry.
