Vitalik examines Ethereum’s strengths and weaknesses at ETHCC.

Vitalik Examines Ethereum'S Strengths And Weaknesses At Ethcc.


The co-founder of Ethereum explained some Ethereum issues at EthCC. Simplifications such as protocol simplification and lone clamping have provided solutions to these problems.

At the Ethereum Community Conference, Vitalik Buterin, the founder of cryptography, gave a keynote speech about its strengths and weaknesses. He began by highlighting the strength of the Ethereum ecosystem, describing it as “large and reasonably decentralized,” and highlighting the number of these applications that demonstrate Ethereum's versatility.

Buterin mentioned that Ethereum's weaknesses still need to be addressed. The co-founder is known for openly discussing the downsides of cryptocurrency despite his many successes.

Among the most prominent weaknesses is Ethereum's usability, which makes the network incredibly unsophisticated and frustrating for unsophisticated professionals and new users alike. It pushed to simplify the existing protocol to make things easier for developers and users.

Minergate

Additionally, Buterin pointed out that in addition to the complicated process of running a node, solo staking is still too difficult as the current process requires 32 ETH before becoming a validator. However, he assured the public that these issues are “very solvable”.

He also stressed the need to be prepared for the hypothetical case of a 51% attack, and the biggest risk, he said, could be network censorship. He admitted that it is not easy to prepare a solution for this “it depends on many assumptions about different settings, ideology and other issues, and it is not clear how something like this will work in 10 years.”

However, he suggested that increasing the quorum limit from 75% to 80% would help prevent the network from recovering from attacks when the chain is complete.

“We want the response to 51% of attacks to be as automated as possible,” Buterin said. Essentially, if a validator or transaction is censored, it will challenge the majority chain, and all trusted nodes will collaborate on the same minority software.

Vitalik Buterin provides an honest and unbiased representation of the current state of Ethereum while addressing specific issues through various technological innovations.

For example, to solve Ethereum's elasticity problem, Vitalik explained that the solution lies in shards, which allow the workload to be divided between parallel chains. He also pointed out that a series of studies will be conducted to improve and solve security problems.

To conclude his speech, he emphasized the importance of doubling down on strengths while recognizing shortcomings and correcting them.

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