TL;DR
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Ethereum creator (aka “ETH Daddy”), Vitalik Buterin just outlined three major changes the network will have to go through if it is to succeed.
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Layer 2 roll up, allowing more transactions to be processed every second. Without them, ETH cannot scale to millions/billions of concurrent users.
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Smart contracts wallets would allow users to emulate a lot of different bank/credit card like functionalities. For example, fully automated payments (such as subscriptions).
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Privacy. Blockchain transactions are now fully public, meaning everyone can see how much crypto you have/how you spend it. Not good!
Full story
Ethereum creator (aka “ETH Daddy”), Vitalik Buterin just outlined three major changes the network will have to go through if it is to succeed.
According to Vitalik, without the following ‘Ethereum fails’:
Layer 2 Rollups
Shipping stuff used to be a total mess.
But over the years, shipping companies have learned how to pack cargo more efficiently so they can ship more stuff at once.
Layer 2 Rollups work the same way – every twelve seconds a group (or ‘block’) of transactions on the Ethereum network are processed one after the other – in a chain (block-chain).
Rollups fit more transactions into each block by packing everything more efficiently (see image ☝️).
Without them, the Ethereum network cannot scale to millions/billions of concurrent users.
Smart contract wallets
Smart contracts are rules that say, “If this happens, do that.”
For example, if Seb Chevy pays a down payment of 1 ETH, give him a loan of 5 ETH and charges 5% interest per year.
The thing is: they run automatically, according to any rules you set for them.
Smart contract wallets allow users to mimic a lot of different bank/credit card style functions.
E.g. Subscriptions. If a user accepts the terms of a subscription agreement, the smart contract pays a monthly fee to a service provider until stated otherwise.
It is an important feature for Ethereum to adopt if it wants to become a true banking alternative.
Privacy
Blockchain transactions are completely public.
This means anyone/everyone can see how much cryptocurrency you have/how you spend it, as long as they have your wallet address (which you need to share every time you make a purchase).
It’s a big deal – and it’s not lost on Vitalik:
“Having all transactions publicly available for literally anyone to see is far too great a privacy sacrifice for many users,”
Chevy is bullied by his mother for watching MAFS (Married at First Sight) on the family’s Netflix account.
…imagine if they heard about the NFTs he is been buying.
WE NEED CHANGE.
