Category Archives: Vitalik Buterin
Ethereum co-founders reflect on 10-year anniversary EthCC – Cointelegraph
Ethereum has evolved extensively since its inception in 2014, but usability and technical improvements remain hurdles as the protocol enters its second decade of life.
Ethereum co-founders Vitalik Buterin and Joseph Lubin highlighted these focal points as the ecosystem gathered in Brussels for a week-long program of events centered around EthCC.
Recent years have seen Ethereum successfully shift to proof-of-stake consensus and adopt a layer-2 centric approach to scaling the base layer of the network.
This journey has been dotted with successes and challenges as the ecosystem looks to attract mainstream acceptance and adoption.
Cointelegraph spoke exclusively to Lubin during a side event hosted by Consensys Ethereum zkEVM Linea.
Buterin and Lubin have openly hailed the advent of zero-knowledge (ZK) proof-powered layer 2s (L2s) as the future of Ethereums development.
The ability of these platforms to batch transactions offchain and submit cryptographic proofs to Ethereums base layer has brought significant performance and cost reductions to end-users.
Reflecting on the current state of the ecosystem, the Consensys CEO said major strides had been achieved in terms of performance:
Lubin also added that zkEVMs have proven to be the key technological approach that is best suited to bringing high-speed, low-cost functionality to the ecosystem.
Optimistic rollups presented a stopgap for scaling challenges. As Lubin explained, optimistic approaches had edge use cases, and fraud proofs that required up to two weeks for final settlement were just not going to be the real direction of travel.
With ZK tech, we believe we developed the right course. I dont imagine that these, network states will be heavily built on optimistic technology, Lubin said.
Related:Exclusive: Joe Lubin unpacks SEC battle, Ethereum roadmap and Vitalik Buterin
While he admitted that optimistic technology will remain useful for certain things, Lubin said it would be foolish to use technology that is less efficient and less effective when validity proofs will be available.
User experience remains a crucial hurdle to overcome as the wider Ethereum ecosystem looks to abstract some complexity away from end-users.
Buterin drew a full house for his keynote talk at EthCC, and he focused on addressing his views on the challenges remaining for Ethereum as a base layer for its L2-centric approach.
Key concerns highlighted by the Ethereum co-founder included the barriers stopping Ether (ETH) holders from solo staking and pooled staking.
Buterin also said that censorship is one of the biggest risks facing the ecosystem. This could include the censorship of transactions by nodes and other more technical concerns related to malicious parties influencing how transactions are processed.
A proposed approach to combating network attacks or censorship is to increase the quorum threshold to 75% or more. Buterin explained that this could avoid a potentially censored chain reaching finality.
Related:MetaMask unveils new toolkit to streamline Web3, user onboarding
The Ethereum co-founder also highlighted his vision for the majority of Ethereum users to be able to run light clients on mobile devices to verify the base layer and L2s.
Protocol simplification was top of mind as Buterin wrapped up his address, highlighting how the layer 1 can be improved while still leaning heavily on the benefits afforded by L2 networks.
Ethereum has unique strengths as a robust base layer, including some that are not even held by Bitcoin, Buterin said.
Magazine:As Ethereum phishing gets harder, drainers move to TON and Bitcoin
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Ethereum co-founders reflect on 10-year anniversary EthCC - Cointelegraph
Vitalik Explores Ethereums Strengths and Weaknesses at ETHCC – CoinJournal
At the Ethereum Community Conference, the co-founder of the cryptocurrency, Vitalik Buterin, gave a keynote speech regarding its strengths and weaknesses. He began by highlighting the strength of the Ethereum ecosystem, describing it as large and reasonably decentralised, and highlighting the range of these applications that shows Ethereums versatility.
Buterin mentioned that Ethereums weaknesses still need to be addressed. The co-founder is known for openly discussing the cryptocurrencys weaknesses despite its numerous successes.
Among the more prominent weaknesses is Ethereums usability, which renders the network incredibly complicated for non-experts and discouraging for new users. He pushed for simplifying the existing protocol to ease things for developers and users alike.
Furthermore, Buterin noted that solo staking is still very difficult as the current process requires 32 ETH before one can become a validator in addition to the complicated process of running a node. However, he reassured the crowd that these issues are very addressable.
He also advocated for preparedness in the hypothetical case of a 51% attack and stated that his biggest concern is that it could result in network censorship. He admitted that developing a solution for this is not as simple as it depends on a lot of assumptions around coordination, ideology, and various other things, and its not clear how to do something like that as well in 10 years.
However, he proposed that increasing the quorum threshold from 75% to 80% can help prevent difficulties in the network recovering from attacks when the chain finalises.
We want to make the response to 51% attacks be as automated as possible, Buterin stated. Essentially, if a validator or transaction is censored, it will counter-censor the majority chain, and all honest nodes will coordinate on the same minority software.
Vitalik Buterin presented an honest and unbiased representation of Ethereums current state while proferring solutions to certain issues through various technological innovations.
For example, to address Ethereums scalability issues, Vitalik stated that a solution lies in shards, which will allow for the division of workload among parallel chains. He also stated that continuous research will be conducted to improve and address security concerns.
To round up his speech, he stressed the value of doubling down on strengths while still recognising and fixing any inadequacies.
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Vitalik Explores Ethereums Strengths and Weaknesses at ETHCC - CoinJournal
Vitalik Buterin just invested in this little-known blockchain project – DLNews
A version of this article appeared in our The Decentralised newsletter on July 2. Sign up here.
GM, Tim here.
Heres what caught my DeFi-eye recently:
Youve heard of ETH, but what on earth is MegaETH?
Thats what many myself included thought when hearing the little-known project had just raised $20 million.
MegaETH is a new blockchain (yes, another one) that says its the first to operate in real-time.
This, it claims, means it can achieve 100,000 transactions per second with millisecond-level responsiveness.
It can take up to 13 seconds to get transactions processed on existing blockchains like Ethereum.
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Dragonfly Capital led MegaETHs seed round.
I dont know if MegaETH will live up to the hype. But a lot of well-respected industry figures certainly thought it was a good investment.
Angel investors include:
Some onlookers have compared MegaETH to Monad, another project promising speed and throughput improvements compared to the current generation of blockchains.
In April, Monad Labs raised $225 million in a round led by Paradigm.
Jump Crypto president Kanav Kariyas resignation was a good thing for Lidos LDO, apparently.
After Kariya announced his departure on June 24, LDO jumped some 7%.
The reason, onlookers said, is that under Kariya, Jump Crypto sold off more than five million LDO tokens in 2022 and 2023, depressing the assets price.
It is not clear whether Kariya was personally involved in Jumps sale of LDO. He didnt immediately respond to a request for comment.
Its a mix of a joke and somewhat true, Will Sheehan, founder of crypto data platform Parsec Finance, said.
Jump was selling Lido through 2022 and 2023, and sometimes in crypto a [crypto Twitter] joke becomes an actual negative narrative.
Hivemapper, a Solana-based mapping project, has big ambitions.
It wants to overtake Google Maps, and its using token incentives to do so.
Like many so-called DePIN projects, short for decentralised physical infrastructure network, Hivemapper issues a token, called HONEY.
Those who use a dashcam to contribute to the projects mapping service can earn HONEY.
Hivemapper CEO Ariel Seidman told DL News this incentive setup can produce street-level imagery 20 to 100 times fresher than Googles.
But theres a hitch.
Hivemapper is struggling to generate demand for its product and thus demand for HONEY.
The tokens price is down 85% from its December peak.
Solana memecoin launchpad Pump.fun crosses $50 million in cumulative revenue.
At its current pace, pump.fun is set to bring in over $252 million annually. (DefiLlama)
VOTE: GnosisDAO to finance new GnosisVC venture fund
VOTE: Lido takes next step in bringing stETH to Ethereum layer 2s
VOTE: Compound votes to launch USDT market on its v3 version
Ethereum co-founder Buterin pens a blog post on how to speed up transaction confirmation on Ethereum.
DeFi users are withdrawing Ether liquid restaking tokens from protocols at an unprecedented rate.
Got a tip about DeFi? Reach out at tim@dlnews.com.
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Vitalik Buterin just invested in this little-known blockchain project - DLNews
Vitalik Buterin’s Ethereum Documentary Premieres This September – BeInCrypto
The highly anticipated documentary Vitalik: An Ethereum Story will premiere in September. This film offers an in-depth look into the life of Vitalik Buterin, the co-founder of the Ethereum (ETH) blockchain, and the transformative journey of his groundbreaking project.
The documentary is part of the Ethereum Stories initiative, which includes a series of short films, also set to release in September 2024.
After more than three years in the making, the documentary promises to reveal the human side of the Ethereum phenomenon. According to IMDB, the directors, known for their previous work on The Meme Economy, began filming in 2021 when they first met Buterin. The project gained significant support through the crowdfunding platform Mirror.xyz, raising 1,035.96 ETH, equivalent to $2.9 million.
Read more: Who Is Vitalik Buterin? An In-Depth Look at Ethereums Co-Founder
Vitalik: An Ethereum Story documents technological advancements and emphasizes the people and emotions driving the Ethereum movement. The filmmakers aimed to create a narrative accessible to community members, crypto enthusiasts, and skeptics alike.
The film directors Zach Ingrassi and Chris Temple captured key moments in the crypto industry. These events include the NFT boom, geopolitical turmoil, and the massive software upgrade known as Ethereum 2.0.
During the rollercoaster of 2021-2023, the Ethereum community experienced some serious growing pains. But no matter the chaos and challenges, Vitalik remained an anchor, steadfast in his vision for an open internet accessible to all, the team wrote in their blog.
The documentarys official trailer will debut on July 23 on the Zora network. This trailer also allows viewers to support the films distribution through minting tokens. An on-chain ticketing event will start on July 26, allowing buyers to watch the documentary for 30 days on ethereumfilm.xyz.
The world premiere is scheduled for September 18, with a broader theatrical release planned for the fall of 2024. The documentary will also be available on traditional streaming platforms in the winter of 2024/2025. This release will be accompanied by an extensive marketing campaign to reach a diverse audience and expand the films impact beyond the crypto community.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
This documentary follows a growing trend of films exploring the crypto industry. Recently, Bloomberg journalists produced a documentary on Sam Bankman-Fried, founder of the defunct crypto exchange FTX.
Additionally, in 2022, Coinbase released a film about its success story, available on platforms like iTunes, YouTube, Google Play, and Vimeo. These films highlight the increasing interest in and significance of the crypto industry in mainstream media.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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Vitalik Buterin's Ethereum Documentary Premieres This September - BeInCrypto
Vitalik Buterin Supports the Rejection of EU Chat Control Proposal – Crypto Times
Vitalik Buterin, the Ethereum co-founder, commented on the disapproval of the European Unions proposal which aimed to regulate chat control.
The EU has recently proposed a new detection order, which would allow government agencies to search messages, files, and photos on encrypted messaging services like WhatsApp and Signal.
Buterin implicitly supported the proposals failure, considering it beneficial for privacy rights. When sharing his opinions on X, he emphasized the need to prepare for future privacy invasion threats, given that technologies are rapidly progressing toward mind-reading capabilities.
This proposed legislation met strong resistance, mainly from privacy advocates such as the Electronic Frontier Foundation (EFF) and operators of encrypted messaging services. The proposal also contradicted the principle of end-to-end encryption, which ensures only the sender and the intended recipient can decrypt messages.
Moreover, the EU planned to use Artificial Intelligence to scan peoples messages for child sexual abuse materials.However, Critics have warned that this could lead to widespread public surveillance. Some people have also organized petition rallies in opposition, with campaigns like Dont Scan Me playing a role in the proposals withdrawal.
Also read: Vitalik Buterin Highlights Ethereum DApp Innovations
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Vitalik Buterin Supports the Rejection of EU Chat Control Proposal - Crypto Times
What’s the Deal with MegaETH? – Bankless
MegaETH, an upcoming L2 branded as the real-time Ethereum boasting sub-millisecond latency and capable of processing over 100k transactions per seco nd (TPS), just announced that it has received $20M in seed funding at a $100M+ valuation!
The star-studded raise was led by Dragonfly Capital and includes notable angle participation from Ethereum founder Vitalik Buterin, Consensys founder Joe Lubin, Lido/Flashbots strategy lead Hasu, prolific crypto trader Cobie, and EigenLayer founder Sreeram Kannan.
The big names involved have attracted some major attention to the upstart chain.
Today, were discussing how MegaETH is innovating on contemporary Ethereum Virtual Machine (EVM) blockchain implementations to provide industry-leading performance capabilities and decentralization guarantees.
High performance alt L1s require their nodes to perform identical tasks without specialization, imposing a fundamental tradeoff between performance and decentralization. In comparison, MegaETH takes advantage of Ethereums L2s technology to create differentiated roles for nodes with varying hardware requirements.
MegaETH decouples the task of transaction processing from full nodes and creates three major roles for infrastructure operators: sequencers, provers, and full nodes. Although actual block production becomes increasingly centralized with MegaETH, flexible hardware requirements from node specialization ensures trustless block validation and could provide industry-leading decentralization guarantees.
A single active MegaETH sequencer will be responsible for ordering and executing user transactions, eliminating the consensus process during normal operations, and will pass state differences (i.e.; changes to the blockchains state) to full nodes via a peer-to-peer network, who then apply the state diffs to update their local state. Notably, MegaETH transactions are not re-executed by full nodes to verify block integrity; they instead validate blocks indirectly using proofs provided by the prover.
Even the highest performance L2 in existence BNBs opBNB imposes significant limitations on its applications. Despite a relatively high throughput target of 100M Gas per second, opBNB can only process 650 Uniswap swaps per second, compared to modern Web2 databases which can achieve an equivalent 1M TPS.
Further, these networks tend to have long block times above 1 second that are impractical for applications that require real-time performance, like high frequency trading.
While blockchains have frequently turned to one-off solutions like parallelization in their pursuit of scale, enabling transactions touching different parts of state to be processed simultaneously on multiple CPU cores, the benefits of this specific approach are limited by the fact that many transactions contain dependencies, resulting in only modest boosts from parallelization for blockchain speed.
Addressing bottlenecks in isolation for any system often fails to yield significant improvement, as resolution of the initial limiting factor simply shifts the bottleneck to another component.
Instead of optimizing only a few components of its stack like competitors, MegaETH aims to identify the numerous problems plaguing existing blockchains and build a new system that fixes the litany of issues discovered simultaneously.
Such ambitions necessitate scaling node hardware to its limits while preserving decentralization (achieved through specialization) and require the creation of a system innately designed to approach the theoretical upper performance limit for a decentralized blockchain.
To this end, the MegaETH sequencer will store the entirety of its state in-memory and be the first blockchain to implement in-memory compute, a critical feature for high-performance Web2 applications that should enable MegaETH to accelerate state access by 1,000x compared to alternative solid state drive storage methods utilized by competitors.
Computation-intensive applications will receive a 100x boost to their performance on MegaETH thanks to a just-in-time (JIT) compiler that translates smart contract code into MegaETHs native machine code, a set of instructions that a servers CPU can directly interpret and execute, helping to increase smart contract speed and efficiency in execution.
Maintaining the Ethereum Merkle Patricia Trie (MPT), a core data structure that represents the current state of all assets and relevant information, is a major limiting factor for all EVM implementations, but MegaETH is creating a new state trie from scratch that will maintain full EVM compatibility while minimizing disk input/output operations and storing terabytes of state data.
Finally, MegaETHs 100k transactions per second must be propagated to its network of full nodes; a highly efficient peer-to-peer protocol will pass state updates from the sequencer with low latency and high throughput, allowing full nodes with even a modest connection to remain synchronized at max update rates.
The significant performance improvements targeted by MegaETH over contemporary EVM implementations should provide a major boost to L2 performance and could finally produce a decentralized blockchain capable of handling real-world adoption!
Although some contend that MegaETH is best suited as a competitor against an Ethereum ecosystem largely uninterested in scaling its base layer, the optimizations achieved by MegaETH are made possible solely through its ability to outsource security and censorship resistance to existing decentralized networks, like Ethereum and EigenLayer.
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Vitalik Buterin says crypto regulations have created ‘anarcho-tyranny’ – Cointelegraph
Ethereums outspoken co-founder Vitalik Buterin recently expressed his frustration over the current state of cryptocurrency regulation and offered up a surefire solution to the problem.
Responding to a user on Warpcast, a social media platform built on the Farcaster protocol, Buterin described a situation where current regulatory efforts have essentially painted good-faith cryptocurrency developers into a corner:
On the anarchy side of things, there appears to be no end to the glut of bad actors, scammers and baseless hypesters proliferating on social media and sharing platforms.
Buterin previously made three recommendations that purported to solve the problem of useless cryptocurrency products and services:limiting leverage, requiring audits and transparency, and gating usage with knowledge tests.
While its unclear how cryptocurrency knowledge tests could be implemented at a regulatory level or administered at the individual or corporate level, it would likely be a matter of policy to place limits on cryptocurrency project leverage and institute auditing and transparency reporting requirements.
Unfortunately, the cryptocurrency community's sentiment seems to be that the United States has both an outsized number of cryptocurrency users and an approach to cryptocurrency regulation that could best be described as nebulous or uneven.
Buterin said that rather than offer the most protections to companies and projects without a long-term vision or plan, he would much rather see us move to the opposite situation, where issuing a token without giving a clear long-term story for why it will maintain or increase in economic value is the riskier thing.
However, Buterin also alluded that implementing regulations that serve the cryptocurrency industry is only part of the battle:
Related: Vitalik Buterin endorses TiTok AI for onchain image storage
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Vitalik Buterin says crypto regulations have created 'anarcho-tyranny' - Cointelegraph
Funding Wrap: Vitalik Buterin backs MegaLabs in its seed raise – Blockworks
Two prominent raises led this weeks funding rounds.
Lets start with the most recent announcement, which came from the first real-time blockchain backed by heavy-hitters such as Vitalik Buterin.
MegaLabs raised $20 million in a seed round backed by Dragonfly. The funds will be dedicated to developing MegaETH. Other investors included Figment Capital and Consensys CEO Joseph Lubin, as well as Jordan Fish (also known as Cobie).
Blockworks podcast hosts Santiago Santos and Mert Mumtaz also participated in the round.
According to a press release accompanying the announcement, MegaETH is capable of streaming transactions at 100,000 transactions per second with millisecond-level responsiveness. Its near-instant performance unlocks fully onchain applications that can finally match the experience of best-in-class Web2 apps while delivering on the promises of decentralization.
Read more from our opinion section: Layer-3s are the future of scalability
Creating hyper-scalable EVM implementations is a key prerequisite for truly scaling Ethereum. I am excited to see brilliant developers taking on this challenge, Vitalik Buterin said in a statement shared on Telegram.
MegaETHs testnet is set to go live this fall.
But it wasnt the only funding round to hit double-digit raises this week.
Colosseum, a startup accelerator focused on Solana, announced a $60 million raise which will be put towards early-stage projects.
The last 15 years of crypto has taught us that the best ideas often arise from the most uncommon corners of the internet. Colosseums mission is to ensure more of those ideas are brought into production and accelerate the growth of the onchain economy, co-founder Clay Robbins wrote in an announcement.
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Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.
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Funding Wrap: Vitalik Buterin backs MegaLabs in its seed raise - Blockworks
Ethereum’s Buterin outlines ways to enhance transaction speed – crypto.news
Vitalik Buterin, co-founder of Ethereum, has put forward new proposals aimed at reducing transaction confirmation times, suggesting significant improvements to the system.
Ethereum co-founder Vitalik Buterin has outlined new strategies to reduce transaction confirmation times on the Ethereum network, saying there are some applications that require latencies on the order of hundreds of milliseconds or even less.
In a Jun. 30 blog post, the Ethereum co-founder noted that even though Ethereum has already improved a lot compared to five years ago, there is still value in improving user experience further. Buterin outlined several methods to enhance transaction speeds, including single-slot finality (SSF), which replaces the current complex slot and epoch architecture.
The main challenge with SSF is that naively, it seems to imply that every single Ethereum staker would need to publish two messages every 12 seconds, which would be a lot of load for the chain to handle.
Vitalik Buterin
Another proposal involves based preconfirmations, a mechanism allowing users to offer additional fees for immediate transaction guarantees.
The basic idea, Buterin says, is to create a standardized protocol where users could offer additional fees in exchange for an immediate guarantee that the transaction will be included in the next block. The key feature of this approach is that this mechanism can be used for any layer-2 solutions like Optimism, Arbitrum, or Base.
In Bitcoin, the expected block time is around 10 minutes, which is too long for everyday payments. However, BTC is increasingly being labeled as a store of value rather than a payment solution. In contrast, Ethereum is significantly faster, requiring around 12 seconds to generate a block.
However, this is still too slow compared to rivals like Solana, which generates blocks in 0.4 seconds. Ultimately, Buterin acknowledges that a 12-second block time might be enough for certain applications like Ethereum-based domains and some payments. However, he points out that for those seeking faster solutions, the only viable option so far is a slot-and-epoch architecture.
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Ethereum's Buterin outlines ways to enhance transaction speed - crypto.news
Vitalik Buterin Proposes Ethereum SSF for Faster Transaction – Crypto Times
Ethereum co-founder Vitalik Buterin has outlined a potential shift in Ethereums roadmap toward a Single-Slot Finality (SSF) mechanism to address current consensus challenges.
In a blog post, Buterin discussed the drawbacks of Ethereums existing epoch-and-slot system, highlighting its complexity and slow finality period of 12.8 minutes, which can inconvenience users.
The current Ethereum Gasper consensus mechanism uses a slot-and-epoch model where 32 slots are voted on in 12-second intervals, and epoch finality is achieved every 12.8 minutes.
Buterin pointed out several problems with this model, including interaction bugs between voting mechanisms and unreasonably long finality times.
In response to these issues, Buterin came up with the Single-Slot Finality (SSF) that is based on Tendermint consensus. In SSF, each block is completed as soon as it is produced, which enhances the confirmation of transactions compared to the traditional method.
This innovation is expected to enhance the quality of the services delivered to the users by cutting down the time taken to complete a transaction from minutes to milliseconds.
Buterin acknowledges that the initial SSF solution could overload the Ethereum network with validators messages and discusses ongoing efforts to address these challenges through the Orbit SSF proposal.
The Ethereum development community is constantly working on improving the SSF mechanism to make it even more effective. New developments show that Ethereum Layer-2 solutions have received a boost and are now more active.
These are among the improvements that Ethereum has been making as it seeks to address the challenges of scalability as more people adopt the technology and as competition intensifies in the blockchain space.
While Ethereum still works on improving its consensus algorithms and scalability approaches, Buterins proposals give a hint at the potential for the development of a quicker and more efficient blockchain environment.
Also Read: Vitalik Buterin Highlights Ethereum DApp Innovations
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Vitalik Buterin Proposes Ethereum SSF for Faster Transaction - Crypto Times