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Ethereum co-founder Vitalik Buterin proposed several improvements for the platform on social media. He outlined plans to speed up transaction times, enhance security and lower the staking requirement from 32 Ether (ETH) to 1 ETH. His proposals also included exploring quantum computing threats and reducing network attack vulnerability. The updates were shared following the “Merge” event, marking Ethereum’s transition from proof-of-work to proof-of-stake. Changes are anticipated ahead of the planned Prague-Electra (Pectra) upgrade in early 2025.

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Vitalik Buterin, one of the founders of Ethereum, recently chatted about the future of this platform on social media. His post dropped right after the majorly hyped up “Merge“ event.

Vitalik made note of several areas where the Ethereum network could go up several notches – faster transactions, tougher security and making it easier for individual users.

The “Merge” in question is a fancy name for Ethereum’s changeover from proof-of-work to proof-of-stake. Even though the event was a success, according to Vitalik, there are still pieces in the puzzle that needs tweaking.

One of the future directions Vitalik wants to take Ethereum into is cutting down the time it takes to finalize a transaction. Right now, with Ethereum being super busy, one transaction can take up to 15 minutes. This, on the one hand, is super annoying for a user, and on the other hand, contributes to traffic congestion. One way to combat this, Vitalik suggested, is to have single-slot finality, which would considerably cut the transaction time and make Ethereum more competitive.

Another point Vitalik brought up was making Ethereum more user-friendly. At present, for someone to stake on the Ethereum requires 32 Ether (ETH), which can be pretty steep for normal folks. To counter that, Vitalik has suggested bringing it down to 1ETH, which will make it possible for more common people to get involved in the governance and security of Ethereum.

Vitalik didn’t forget about network security as well. He dived deep into techy stuff like implementing a cryptographic technique called single secret leader election, which makes it harder for attackers to mess up the network. Increasing the quorum threshold and recovery from 51% attacks were also part of his discussion.

He also emphasized the importance of future-proofing the platform by looking into quantum computing threats and accelerating transaction confirmation time.

These thoughts came into light as the team gears up for the next big thing in Ethereum’s roadmap – the Prague-Electra (Pectra) upgrade that is supposed to go live somewhere in early 2025. So, that’s something worth looking forward to!

Source: Cointelegraph