Four significant benchmarks that Ethereum hopes to hit in the upcoming years were outlined by Vitalik Buterin in his Shanghai speech. Ethereum’s future and its position as the top smart contract platform are expected to be shaped by these significant achievements.
More scalable network
The first objective is over 100,000 transactions per second via layer-2 solutions. By handling a great number of transactions, this would greatly improve Ethereum’s scalability and make it much more effective for decentralized applications (dApps). To do this, L2 technologies like rollups are essential, and as they continue to advance, Ethereum may reach a new level of widespread use.
Cross-chain transfers in less than two seconds are the focus of the second objective. As Ethereum moves closer to a seamless multi-chain ecosystem, Buterin stressed the significance of enhancing the user experience, where cross-chain transactions become nearly instantaneous. Additionally, this would lessen the complexity that users currently encounter when navigating multiple chains.
Ensuring a uniform user experience throughout the ecosystem is the third benchmark. Despite Ethereum’s significant advancements, Buterin pointed out that increased safety and ease of use are still necessary for interacting with the ecosystem. In cross-chain operations, for instance, mistakes can have a high cost. Ethereum wants to simplify and improve cross-chain operations by introducing new standards such as the ERC-7683 protocol.
Improving security
Finally, the Ethereum Virtual Machine (EVM) is subordinated to cross-chain security. According to Buterin, achieving robust cross-chain security is of utmost importance. For Ethereum to succeed in the long run, cross-chain security is essential, particularly given the increasing number of decentralized apps and protocols that depend on it.
Long term, these developments may have a major positive influence on Ethereum’s price by fostering bullish sentiment. The incorporation of these technologies would augment Ethereum’s functionalities and overall user experience, rendering it increasingly appealing to developers and institutional investors.
As Ethereum continues to encounter resistance such as at the $2,800 mark (as indicated by the chart), we might see short-term fluctuations. But reaching these benchmarks could drive Ethereum’s price far higher than it is now, securing its hegemony in the blockchain industry.
Read the full article here
