Recently, the Ethereum co-founder, Vitalik Buterin, focused on the major successes of Ethereum in Layer 2 protocols. In particular, he covered how OP, a Layer 2 solution, is being actively decentralized. As Ethereum keeps developing, Buterin pointed at the next steps and milestones that the network is going to solve.
Vitalik Buterin praised the achievements of Ethereum’s Layer 2 solutions, especially Optimism. The above protocol has managed to incorporate the fault proofs into its smart contracts, which is a step towards decentralization. Even though Buterin took part in the creation of this contract, he had kind words for this accomplishment and took the opportunity to discuss Ethereum’s other achievements and challenges since its creation.
Since the creation of Ethereum on 30th July 2015, the platform has been receiving criticism and people have come up with different questions on the ability of the platform. To begin with, people questioned whether Ethereum would ever be launched at all. However, the platform has not only been launched but also developed and expanded.
There was one significant achievement such as the most recent hard fork after the DAO hack that people thought could not be overcome. Nonetheless, Ethereum managed to implement the fork within a year after the launch of the network.
Another major milestone was the upgrade from a Proof of Work (PoW) to a Proof of Stake (PoS) consensus algorithm called “The Merge”. In September 2022, this upgrade took place as a major step towards Ethereum reducing its energy consumption and enhancing scalability.
Another success for Ethereum’s Layer 2 protocols is Optimism’s recent success in attaining what is known as “Stage 1” of decentralization. Due to the use of fault proofs, Optimism guarantees users the ability to withdraw funds without intermediaries. This event is a step forward in the development and innovation of the Ethereum ecosystem.
Vitalik Buterin congratulated the Optimism team and stated that the rest of the L2 solutions should do the same. He showed a meme of how the criticism (FUD) has been leveled against Ethereum and how it has responded to them.
As Ethereum progresses, the success of Layer 2 solutions such as Optimism proves that there is a lot more room for advancement and decentralization in the network. However, Buterin also identified some issues including cross-L2 user interaction, full node storage, mev centralization, and builder censorship. These problems may be indications that the Ethereum team is working hard to address them. Although, there are major achievements to remind people that Ethereum can adapt and address the needs of its expanding community.
Also Read: Will Shiba Inu Steps In FLOKI’s Bold Educational Initiative?
