As per the recent question asked to Vitalik Buterin on “how to make Ethereum great again, the co-founder’s answer focused on two core goals: mass adoption and strong decentralisation with top-level security. Speaking on current progress and past challenges, he offered insights into how the ecosystem can move forward more safely and smartly.
Two Simple Goals: Adoption and Decentralisation
Vitalik Buterin is sure that ETH is capable of being great only in case it manages two significant things:
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Massive consumption by common citizens and corporations
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Not losing its initial spirit of security and decentralisation
He emphasised that ETH should not be used only by developers and cryptocurrency traders. It must be made available to ordinary users, without the risk of losing it or complicated tools. Simultaneously, Ethereum cannot afford to sacrifice its decentralised characteristic, which has enabled it to remain uncontrolled or uncensored.
Source: X
Why DeFi Was Risky—And Why It’s Safer Now
A couple of years ago, Vitalik stated that he could not advise DeFi (decentralised finance) as a saving instrument to ordinary users. At that time, DeFi platforms were too risky. There was a high risk of losing funds in hacks or smart contract bugs, and the additional returns did not justify the risk.
Nevertheless, the situation has changed. Vitalik pointed out that the existing statistics indicate an enormous decline in hacking risks. The DeFi hacking loss ratio is currently below 0.53% of the total value locked (TVL). This implies that for every 100 dollars that are locked in DeFi, less than 53 cents are lost to attacks.
It is a good indication that DeFi is getting more trustworthy. DeFi is safer with improved smart contracts, improved tools, and better audits, making it safe enough to be used by ordinary users. Such a shift would prompt more individuals to experiment with decentralised finance in saving and investing.
Ethereum Must Become Easier to Use
To achieve worldwide adoption, Vitalik explains that the network should be more user-friendly for ETH. That entails addressing such issues as high gas fees, slow transaction times, and complex wallets.
Some of the solutions he cited included Layer 2 scaling, notably zk-rollups and Optimism, which make ETH cheaper and faster. Such tools allow users to connect with dApps and DeFi platforms at reduced charges and faster confirmations.
Vitalik is also sure that it can be more user-friendly to new users who are not tech-savvy through improved onboarding tools and simpler user interfaces.
Ethereum Is Still Decentralised
As it is increasingly becoming scalable and efficient, Vitalik warned the community not to lose the decentralised structure. To him, real decentralisation makes ETH neutral, censorship-resistant, and not under the control of one group.
This is particularly significant in light of expansion. A decentralised system has a lower chance of corruption, manipulation, or failure. Vitalik cautioned that any attempt to pursue immediate profits or short-term expansion may be detrimental to the long-term prospects of Ethereum in the event that it undermines decentralisation.
Conclusion
Ethereum has been able to achieve greater heights with the current advancements in security and technology, and is more likely than ever to reach the world. When the community adheres to these objectives, it may become an easy, secure, and broadly reliable network. Get to know why Ark invests $116M in Ethereum.
