Vitalik Buterin, the founder of the largest altcoin Ethereum, reiterated his view that ZK-Rollups will be Ethereum's best Layer 2 scaling weapon and underlined that quantum computing will be an important topic for the protocol in the future. On the other hand, Buterin is quite optimistic about the future of Ethereum, but argues that it may face great challenges in the future.
At a closed press conference ahead of BUIDL Asia and EthSeoul today, Ethereum founder Vitalik Buterin made some notable statements regarding the long-term future of the protocol, pointing to the scaling technology, quantum computing, and major hurdles facing the Ethereum network. Buterin said the next decade will be crucial for blockchain technology, arguing that applications will soon need to prove their usefulness in an open market.
“I think the next 10 years will be a period when crypto needs to evolve into something that doesn't live up to promises of being useful in the future but is actually useful. Because many applications are promising in theory, but they're not entirely viable today due to scaling issues.”
Providing details on the scaling issues facing Ethereum, Buterin expressed his enthusiasm for the upcoming wave of Layer 2 rollup solutions, reiterating his view that zero-knowledge proof-based ZK-Rollups are technologically superior to Optimistic Rollups, albeit more fraudulently.
“In the long run, ZK-Rollups will eventually beat Optimistic Rollups because they have the fundamental advantage of not needing a seven-day pullback period. ZK is a difficult technology to build. There are many challenges and Optimistic Rollup technology is more mature. "
Buterin explained that he is still confident that some of today's Optimistic Rollup projects will be successful, but that he expects some projects to mark a turning point in the future. Buterin also commented on what a “full” Ethereum would cost in transaction fees in the deep future, after he announced at EthCC in Paris that Ethereum would be 55 percent complete after The Merge.
“As you know, after major developments like The Merge, The Surge, The Purge, The Verge and The Splurge, Ethereum will basically be at a point where its protocol no longer needs to be changed. In Layer 2, anything can be done.”
Buterin warns that Ethereum will need to take into account advances in quantum computing in the distant future, “We have to update at some point for quantum security.” He added that he is considering making the transition to new forms of cryptography that will be resistant to potential attacks. Cryptocurrency critics often argue that quantum computing can kill blockchains, but Buterin said it will take some time before cryptocurrency developers change it.
"We're in constant close contact with AI researchers who continue to work on this problem and make better algorithms, but that could be in the very distant future, 10, 20 or 30 years from now."