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Buterin pointed to stablecoins and non-financial applications like social and identity as key opportunities for Ethereum to reach new users.

Vitalik Buterin, Ethereums co-founder and chief scientist, believes the next five years will be critical in determining whether the network can achieve mainstream adoption.

Speaking during aninterviewat the ETHTaipei conference on March 20, Buterin predicted that the next half-decade will prove whether Ethereum is ready for real-world adoption.

Buterin said stablecoins have emerged as the leading use case for crypto in recent years. Indeed, stable tokens facilitate frictionless payments, protection from price fluctuations and inflation for users residing in countries with volatile fiat currencies, and a popular on-and-off ramp to the broader web3 ecosystem.

Buterin asserted that low fees and high-quality user interfaces are critical to ensure that stablecoins continue to reach new audiences.

Historically, Ethereum has not had those things, but, over the next five years, Ethereum will start to have those things, Buterin said. Were already seeing Layer 2s starting to get there... I expect Ethereum to be a very leading player in helping to make stablecoin accessible to people in a way that actually is open, actually is decentralized, and actually doesnt require trusting fragile third-parties.

Buterins comments came a little over one week after Ethereums highly-anticipatedDencun hard forkwent live, ushering in a huge reduction in Layer 2 transactions through the activation ofEIP-4844.

Data from GrowThePie shows the average transaction fees on leading L2s plummeting byup to 98%since Dencuns deployment, making Ethereums Layer 2 ecosystem competitive with low-cost Layer 1s like Tron and BNB Chain while inheriting the decentralization of Ethereums base layer.

Tron and BNB Chain, networks that offer low fees at the expense of adopting a highly centralized network architecture, currently dominate on-chain stablecoin activity.

A recentreportfrom the Brevan Howard hedge fund found that 49% of weekly active wallets using stablecoins resided on Tron at 2.41 million, followed by BNB Chain with 1.37 million users or a 28% dominance. Ethereum came in third with just 379,769 or a 7.7% market share.

Data from DeFi Llama also suggests Tether (USDT) on Tron boasts a 70% dominance with $104 billion of the on-chain stablecoin sectors $148 billion market cap.

Buterin also predicted that non-financial applications will have a significant impact as a vehicle driving mainstream adoption, noting the success of decentralized social platforms includingFarcasterandLens.

There is a big desire to have alternatives to things like Twitter and Facebook at the moment, he said. Farcaster has] managed to be used by non-crypto people in a way that a lot of other applications have not. I think thats an important success to build on and for other applications to try to replicate.

Vitalik also highlighted the growing interest in decentralized identity and proof-of-personhood protocols on Ethereum amid the backdrop of increasing concerns regarding the rise of artificial intelligence.

One of the big challenges that people are worrying about right now is how to prove that an account on some platform is a person, as opposed to being a bot, Buterin said. The big risk I see is that when people need to solve that problem, people will jump to centralized solutions, and centralized solutions are going to have very bad risks in terms of excluding all kinds of people.

Buterin also noted that prominent ideas underpinning the ethos of web3 are also beginning to penetrate the mainstream. He cited the upcoming initial public offering fromReddit, the popular social media platform, which will give highly active users including contributors and moderators the ability to participate on the same terms as institutional investors.

Reddit likely drew inspiration from theairdropmodel that rewards early adopters of web3 dApps.

Looking forward, Vitalik emphasized his excitement for Verkle Trees, which will be implemented as part of Ethereums next hard fork, Pectra. Buterin noted that technical barriers are persistently cited as a major factor discouraging ETH holders from staking.

With Verkle Trees, as a node, you would not have to store the state locally. And with EIP-4444: History Expiry, you would not have to store most of the history locally, Buterin said. The amount of data that you would need to be a node would decrease from multiple terabytes to... being able to run a node in RAM.

Vitalik continued that the future introduction of zk-SNARKs will reduce the data burden for nodes even further.

In the long term, running a node will feel like a few very simple computations that will be very easy to do as a background process on any computer, maybe even a phone, even inside a browser, Buterin said. Theres a pre-existing technology roadmap to get to that point.

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Vitalik Says Ethereum Must Achieve Mainstream Adoption Within Five Years - The Defiant - DeFi News

Ethereum Co-Founder Vitalik Buterin spoke at the ETHTaipei 2024 event, which takes place in Taipei from March 21 to 24.

Buterin stated that one of the critical problems with Ethereums proof-of-stake (PoS) is the potential centralization. He supported the concept of rainbow staking, initiallyintroduced in February by Barnabe Monneau of the Ethereum Foundation. The proposed mechanism is designed to motivate all categories of service providers, both single and professionals, to participate.

Vitalik continued to discuss the centralization risk of ETH staking on ETH Taipei, emphasizing that LIDO COINBASE BINANCE and others have an excessive share, and introduced the idea about "rainbow staking", a conceptual framework allowing protocol service providers, whether pic.twitter.com/rfFlcxNzyc

One of the main ideas of the developer is to consolidate the existing division into operators and delegators, as well as the introduction of classes of heavy and light services with different levels of responsibility and income.

In his speech, Buterin drew attention to a category he called lazy stakers. Its representatives own 32 Ethereum (ETH), the minimum threshold for the validator to operate. Typically, such a group uses pools and liquid staking instruments. The Ethereum founder believes stakeholders could opt for individual staking to reduce centralization risks.

Buterin also noted that users were repeatedly told not to use Lido Finance, while its total value locked (TVL) is now $34.3 billion, being the largest Ethereum validator and controlling more than 30% of assets. Other major providers of liquid staking services include Binance and Coinbase, which are major crypto exchanges.

In October 2023, Buterin proposed staking changes aimed at reducing Ethereums centralization. He expressed concern about asset distribution among Ethereum liquid staking providers. At that time, the liquid pool of the Lido Finance platform controlled more than 70% of Ethereum in staking, although the asset is distributed among various validators.

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Vitalik Buterin supports 'rainbow staking' to fight centralization issues - crypto.news

Vitalik Buterin says the coming five years will be a turning point. At ETHTaipei 2024, he shared his thoughts on what's next for Ethereum and how it could change the real world.

What caught him off guard on the crypto scene? NFTs and meme coins have had a wild ride nobody saw that coming five years ago. But what's really got him excited is the leap in ZK technology, or zero-knowledge proofs, which allows users to prove ownership of assets without performing additional operations.ETHUSD Chart by TradingView

Ethereum has been changing fast, merging and tweaking its code. But with all these big companies getting into crypto, Buterin has been thinking hard about how to keep Ethereum true to its roots. He is talking about getting the community to agree on common rules and making sure all kinds of people can have their say in Ethereum's future. He wants to make sure Ethereum keeps up its spirit as it steps into the big leagues and deals with the rules of the game set by governments.

When asked about people who do n'ot speak English getting in on the action, Buterin is all for it. He thinks non-English speakers have a big part to play by raising awareness of Ethereum in their own languages and jumping into chats and votes. He says just showing up and getting involved is the way to go.

Why is he into the idea of living for a really long time and making Ethereum's longevity an industry standard? Simply, he loves life. If he were to live forever? Well, he would keep doing his thing, just for a lot longer.

So, there you have it, Vitalik Buterin's lowdown on Ethereum's next big chapter. It is all about making the tech better, getting everyone on board and making sure Ethereum helps in the real world all while keeping it as the people's platform. Here's to seeing how it all plays out in the next five years.

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Vitalik Buterin on Ethereum: Next 5 Years to Be Crucial - TradingView

One of the greatest innovations discovered in the realm of computer science is quantum computing. While this promises huge benefits for humanity, there are threats related to what quantum computing can cause.

Speaking at the ETHTaipei, Vitalik Buterin explained the potential of quantum computing in the blockchain space, what is being done today, and how to stand against quantum-based threats in the industry.

Quantum-enabled threats refer to cybersecurity risks and vulnerabilities that arise from advancements in quantum computing technology.

Quantum computing has the potential to transform computing by solving complex problems much faster than traditional computers. However, this same power can also pose a huge challenge to current encryption methods.

One major concern is that quantum computers could render many current encryption algorithms obsolete.

For example, algorithms used to secure sensitive data during transmission, such as RSA and ECC (Elliptic Curve Cryptography), rely on mathematical problems that are difficult for traditional computers to solve but could be easily solved by quantum computers using algorithms like Shors algorithm.

As a result, sensitive information protected by these encryption methods could become vulnerable to interception and decryption by adversaries with access to quantum computers. This includes personal data, financial transactions, government communications, and more.

Quantum-enabled threats also include the potential for quantum attacks on blockchain networks and other decentralized systems.

These attacks could compromise the integrity of transactions, disrupt consensus mechanisms, and undermine the security of digital assets.

Vitalik mentioned that despite concerns about these threats, there are quantum-resistant algorithms available for every vulnerable aspect affected by quantum computers.

Quantum computers break existing elliptic curve signatures, but we have various quantum-resistant alternatives based on hash functions, lattices, and isogenies, he added.

He continued, explaining that although solutions like lattice-based and isogeny-based algorithms, as well as Starks, have been theoretically addressed, they are not yet entirely practical.

However, he also disclosed that there are currently systems in place with recovery mechanisms to protect most funds. Efforts are ongoing to achieve complete quantum resistance for both users and protocols.

To tackle this challenge effectively, he explained that incorporating account abstraction would enable users to select quantum-resistant signature algorithms.

This means that users would have the option to utilize signature algorithms that are resilient against attacks from quantum computers, thus enhancing the security of their accounts and transactions.

He also suggested enhancing the Ethereum consensus layer to withstand quantum attacks. He proposed reconsidering the use of current signature schemes like BLS, advocating for the adoption of 8192-bit signatures per slot as a more secure option.

BLS (Boneh-Lynn-Shacham) signatures play an important role in Ethereum, particularly in its beacon chain protocol for Proof of Stake. These signatures offer efficient signature aggregation and verification, enhancing scalability and efficiency within the network.

Using BLS signatures with the BLS12-381 elliptic curve, Ethereum can reduce computational costs and improve the verification process, which makes it more scalable.

In the context of Ethereum, 8192-bit signatures refer to the number of signatures processed per slot in the Ethereum chain. This specific number is significant because it represents the load that the Ethereum network has to handle in terms of signatures per slot, impacting the efficiency and scalability of the system.

The handling of 8192 signatures per slot is crucial for Ethereums Proof of Stake mechanism, where validators sign messages to secure the network.

This high volume of signatures poses technical challenges due to the computational complexity involved in processing and verifying such a large number of signatures. The goal is to manage this load effectively while maintaining network security and decentralization.

In summary, Vitalik envisions a future where quantum threats will pose challenges to the blockchain space. To address this inevitable scenario, he suggests that beyond the ongoing experiments, there may be a need to transform the Ethereum blockchain into a quantum-threat-resistant infrastructure.

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Vitalik Buterin on tackling quantum threats in blockchains - CryptoTvplus

The world of cryptocurrency continues to be a hotbed of innovation and debate. This week, two major stories dominated the headlines: Vitalik Buterins endorsement of Layer-2 (L2) solutions for Ethereum and the explosive rise of a brand new memecoin, Rebel Satoshi ($RBLZ).

Layer-2 solutions have been gaining traction recently. They promise to address Ethereums scalability issues and alleviate the burden of high transaction fees. Buterins support for these solutions underscores their importance in the ongoing development of the Ethereum network.

By implementing Layer-2 solutions, Ethereum can potentially process a higher number of transactions per second, making it more efficient and accessible to users. This scalability upgrade is crucial for Ethereum to maintain its position as one of the best cryptocurrency platforms in the market.

Amidst Buterins call for Layer-2 enhancements, the cryptocurrency community has witnessed the emergence of a fresh memecoin on the Uniswap exchange Rebel Satoshi ($RBLZ). Memecoins, while often associated with humor and irreverence, have become a significant part of the crypto landscape, offering entertainment and investment opportunities.

Rebel Satoshi ($RBLZ) stands out as one of the best memecoins to watch, promising lucrative opportunities for investors seeking to diversify their portfolios. With its unique governance and membership token system, $RBLZ allows users to become Recusant members and gain access to a vibrant ecosystem, including exclusive NFT collections and community governance participation.

Investors diving into Rebel Satoshis universe are met with a plethora of unique assets and characters, each with its distinct features and roles. From Rebel Satoshi himself to Rac Catesby, Thomas The Owl, BW Wintour, and Red Wintour, users have the chance to explore and collect these assets, potentially earning a coveted spot in the Rebel Meme Hall of Fame.

As one of the top altcoins to watch, Rebel Satoshi ($RBLZ) represents more than just a memecoin; it embodies a rebellious spirit and a sense of community among its holders. With the ongoing development and expansion of the Rebel Satoshi ecosystem, theres no telling what exciting opportunities lie ahead for investors and enthusiasts alike.

In addition to Rebel Satoshi ($RBLZ), the Rebel Satoshi ecosystem has introduced another token Rebel Satoshi Arcade ($RECQ). Serving as the native transactional token, $RECQ facilitates various interactions within the ecosystem, including purchasing NFTs, accessing arcade games, and paying fees.

Currently in its presale stage, $RECQ presents investors with another opportunity to participate in the growing Rebel Satoshi universe. With its Early Bird presale price of $0.002, now is the perfect time for investors to get involved and explore the potential rewards and opportunities offered by this new token.

As Vitalik Buterin advocates for Layer-2 solutions to enhance Ethereums scalability, the cryptocurrency market continues to see the emergence of exciting projects like Rebel Satoshi ($RBLZ) and Rebel Satoshi Arcade ($RECQ). These tokens offer lucrative investment opportunities and embody the innovative spirit driving the evolution of the crypto space. As investors navigate this dynamic landscape, staying informed and seizing opportunities is key to maximizing returns and embracing the future of cryptocurrency.

For the latest updates and more information, be sure to visit the official Rebel Satoshi Website or contact Rebel Red via Telegram

Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.

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Vitalik Advocates for Layer-2s on Ethereum, Uniswap's Fresh Memecoin Promises Lucrative Opportunities - NewsBTC