Vitalik Buterin, one of the original creators of Ethereum, has put forth an ambitious plan to revamp the Ethereum network, a move that could significantly impact both users and developers. During a presentation at Devconnect in Turkey, Buterin detailed his strategy to improve Ethereum staking and tackle persistent performance issues that have plagued the network.
Buterin envisions a transformation that involves incorporating private mempools and ERC-4337. Private mempools aim to bolster user privacy and security by enabling transactions without exposing details to the public mempool, where miners could potentially exploit them. ERC-4337, or account abstraction, would grant users more sophisticated control over their accounts, making operations like multisig wallets more accessible and secure.
At Devconnect in Turkey, Buterin shared his plan to overhaul Ethereum staking and resolve performance issues. He acknowledges the UTXO payment model and aims to integrate features such as private mempools, ERC-4337, code precompilation, ZK-EVMs, and improved liquid staking. — Wu Blockchain (@WuBlockchain) November 27, 2023
Code precompilation is another key feature Buterin wishes to integrate. This could enhance the efficiency of smart contract deployment, potentially making them faster and more cost-effective by preprocessing certain code elements.
Buterin also expresses a keen interest in improving liquid staking, a process allowing stakers to convert staked assets into a liquid form. However, he raises concerns about the centralization of existing liquid staking solutions, emphasizing the risk posed to the network if control falls into the hands of a few entities, like Lido Finance. Decentralizing this aspect could democratize the staking process, enabling more users to participate without sacrificing liquidity.
If Buterin’s proposed redesign comes to fruition, Ethereum stands to become more scalable, secure, and efficient. These changes could reduce barriers for new users and developers, creating a more inclusive and robust ecosystem. While the precise impact on Ethereum’s price and the broader crypto market remains speculative, improvements addressing fundamental issues and enhancing usability generally bode well for the network’s value and adoption.