Vitalik’s speech revealed 2 important arrangements for Ethereum

On May 20, at the ETHshanghai conference held online, Vitalik Buterin, the founder of Ethereum, made a live broadcast. During the live broadcast, he expressed two opinions and two important arrangements related to Ethereum.

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1. Vitalik said that the Ethereum ecosystem is now too focused on financial applications such as DeFi. The risks of financial applications are too high, and there is little room for improvement. More applications in other fields need to be developed.

The author adds: More than 95% of the Ethereum ecological projects are financial applications, and the defi LEGO atmosphere evolved based on the composition of smart contracts allows many defi application tokens to be applied to each other, resulting in extremely high leverage. That is, an asset provides liquidity in multiple agreements and derivative agreements, and casts various assets. When the price continues to fall, it is very easy to trigger liquidation, resulting in systemic risks.

2. Vitalik talked about the “Soul bound tokens” recently proposed in the paper “Finding the Soul of Web3: Planning for a Future Based on Trust”, saying that more application layer instances will benefit from this new type of identity token, and again Emphasizes the importance of DAO, privacy and decentralized governance to the Ethereum ecosystem.

The author’s note: Soul bound tokens are a new type of asset after a more detailed description of the asset definition on Ethereum, that is, a non-transferable asset that conforms to the social attributes of people, and this type of asset and other erc20, erc721 and other assets correlation will occur.

important arrangements

1. Vitalik said that Ethereum 2.0 is currently undergoing final network testing. If all problems are resolved, the merger may take place as early as August, and if other conditions occur, it may also occur in September or October.

The author’s note: The merger was probably determined in June this year in January this year. After the current announcement of Vitalik, the merger time has been postponed accordingly. The main difficulty of the merger is still the unknown disposal difficulty of the pow chain. All applications run on the pow chain. In order to ensure that the merger does not affect the normal operation of the Ethereum network, it is necessary to prepare enough execution layer nodes to ensure the processing efficiency of Ethereum. It is also required that multiple execution clients and node clients can communicate with each other. Works well together.

2. Vitalik Buterin said that the Ethereum team has proposed an expansion plan called Dank sharding, which will expand the block capacity of Ethereum to 80,000 TPS in the long run. Proto-danksharding will be completed first, supporting 1MB block size and (Rollup) 5000 TPS.

The author’s note: The processing efficiency on the blockchain is difficult, and the difficulty is that all calculations are constantly scrambling to be stored in a block space. Therefore, the expansion idea must also include expanding the block size. The first step in the future will be a protocol upgrade. Proto-dank sharding will be performed before the shard chain is launched, and the shard chain will be rolled up. The data availability size of the future block can be Raised to 16M, but this will be completed after the progress of the shard chain.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/vitaliks-speech-revealed-2-important-arrangements-for-ethereum/
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