Latest Vitalik Buterin News and Insights | Yellow.com

Cardano founder Charles Hoskinson has launched a scathing critique of Ethereum's governance model. He claims the network operates like a "dictatorship" under the outsized influence of co-founder Vitalik Buterin. Hoskinson made these scandalous remarks during an interview in Singapore. He argued that Ethereum's development relies too heavily on Buterin's direction. "Everybody looks to him for the roadmap," Hoskinson said. "Everybody looks to him for inspiration, and he's also the only person who has enough power to rally people." The Cardano founder questioned Ethereum's ability to make decisions without Buterin. He pointed to recent shifts in Ethereum's scalability strategy as evidence of Buterin's influence and highlighted Ethereum's move away from sharding-based optimization. The network now focuses on rollups and layer-2 networks for scalability. "Where does this idea of embracing layer 2s come from, or rollups come from?" Hoskinson asked. "Was it some random Ethereum engineer — or was it Vitalik Buterin writing a blog post about it, talking about it, and advocating for it?" As one could expect, Hoskinson contrasted Ethereum's approach with Cardano's new governance model. He claims it solves the "governance trilemma" of efficiency, effectiveness, and integrity. Cardano's recent Chang hard fork transformed ADA into a governance token, which allows holders to elect representatives and vote on development proposals. "If you have those three things, then you have a fair shot of avoiding the anarchy of Bitcoin or the dictatorship of Ethereum," Hoskinson stated. "You actually have something that can move forward with one voice, but it's still decentralized at the end of the day because it represents everybody." Hoskinson acknowledged his own influential role in Cardano's development since 2015. However, he insists the new governance model ensures the network's continued innovation, with or without his involvement. The Cardano founder was previously involved with Ethereum. He served as one of eight original co-founders and CEO before departing in 2014 due to disagreements over the project's direction. He obviously sees things in a dark way till now. Although Hoskinson believes Ethereum is heavily influenced by Buterin’s vision, most of Ethereum fans would disagree. According to CoinTelegraph's Tom Mitchelhill, Buterin does not wield unilateral power in the decentralized network. The blockchain uses a mix of offchain and onchain governance that includes the Ethereum Foundation and community and stakeholder input into Ethereum Improvement Protocols. The most critical decisions are taken at core developer meetings. Contentious decisions can result in a hard fork, such as The DAO hack rollback that resulted in Ethereum Classic.

Ethereum's network is showing signs of trouble. Transaction numbers have hit their lowest point in five months. This downturn comes amid a broader cryptocurrency market slump, with investor interest and trading activity taking a hit. The mainnet is seeing less action. TOBTC, a trading platform, broke the news on X. The drop raises eyebrows about Ethereum's short-term prospects. Are investors in panic? Have they switched to Solana and other competitors? Anyways, this falling is a stark contrast to January's peak. Then, the network processed a whopping 36.02 million monthly transactions. Now, users seem to be looking elsewhere. TOBTC reports a significant slowdown. The seven-day moving average has settled at 1.12 million daily transactions. It's a level not seen since February. The transaction count isn't the only issue. Active wallet addresses have also taken a nosedive, dropping to about 400,000. But there's a silver lining. Ethereum layer 2 solutions are picking up the slack. Base network, backed by Coinbase, is leading the charge. It's clocking an impressive 3.83 million transactions in a single day. This surge highlights a shift. Users are flocking to layer 2 solutions over the Ethereum mainnet. Why? They're cheaper and faster, while still maintaining Ethereum's robust security features. The web3 ecosystem faces challenges. Interoperability across different networks has been a persistent headache. But Vitalik Buterin, Ethereum's co-founder, sees light at the end of the tunnel. As he usually does. Buterin's optimistic about layer 2 networks. He reckons they're on the cusp of solving these long-standing issues. He recently predicted that cross-L2 interoperability problems will soon be a thing of the past, once again proving that he is a force of nature rather than just an ordinary blockchain geek (like we didn't know that already).

Vitalik Buterin has a plan. The Ethereum co-founder wants to make cross-chain hopping a breeze. It's all about making Ethereum's layer-2 (L2) networks play nice together. Buterin's optimistic. He thinks smooth L2 interactions are within reach. But it's not a solo mission. He's calling for a team effort from the Ethereum community. Several Ethereum Improvement Proposals (EIPs) are in the pipeline. They're aimed at boosting L2 compatibility. EIP-3370 is one of them. It introduces a new address standard. The goal? Make chain-specific addresses easier to read. EIP-7683 is another big one. It's all about creating a standard communication protocol for L2 networks. This could make asset trading across chains a lot simpler. Right now, it's a bit of a headache. Then there's EIP-3668. It's proposing a way for Ethereum smart contracts to access off-chain data more easily. Buterin calls these "layer-2 light clients". They could make life easier for developers working with big data sets. Buterin's also talking about "cross-L2-replayable account state updates". It's a mouthful, but the idea is pretty cool. It lets L2 networks get recent layer-1 updates without compromising on security or speed. Looking ahead, Buterin's got more tricks up his sleeve. He mentioned keystore rollups and proof aggregation as part of "phase 2" updates. These could further boost L2 compatibility. Buterin reckons all rollups will eventually use zero-knowledge (zk) tech to finalize transactions on Ethereum. But he's not holding his breath. He thinks it'll take more than five years. There's big money at stake here. Investment firm VanEck predicts Ethereum L2 networks could hit a $1 trillion market cap in six years. That's no small change. But it's not all smooth sailing. Buterin's worried about overly complex L2 solutions. He's calling for a more balanced approach. The blockchain world seems to agree that Layer 1 should keep it simple. Let Layer 2 handle the fancy stuff. This L2 revolution could be a game-changer. It's all about bundling transactions and submitting them in batches to Layer 1. The end result? Faster, cheaper transactions for everyone. Buterin's vision is ambitious, but if anyone can pull it off, it's the guy who helped create Ethereum in the first place.

Ethereum's onchain activity is booming, despite its price hovering around $3250, while we all hoped for $4000 since ETFs were approved. Layer 2 blockchains are driving this growth. They're transforming how transactions work on Ethereum. Users and investors are flocking to these solutions. The numbers are eye-popping. Ethereum and Layer 2 chains saw onchain activity jump 127% in early 2024. More users and higher transaction volumes are behind this surge. A Coinbase and Glassnode report highlights the trend. Daily active addresses on Ethereum and L2s hit record highs. Vitalik Buterin, Ethereum's co-founder, calls L2s the "ultimate playground for action". He's not wrong. These platforms are attracting individuals and profit-hungry institutions alike. L2 chains like Linea, Base, and Arbitrum are killing it. They boast 1.8 million active daily addresses. These solutions offer cheap transactions before finalizing them on Ethereum. It's a win-win for efficiency and security. The Ethereum Dencun upgrade in March 2024 was a game-changer. It slashed transaction fees by 58% in Q2. This happened even as transaction numbers went up. Lower costs made Ethereum more accessible. Users jumped at the chance to get involved. Ethereum's versatility is another draw. Lending, staking, and trading are just a few use cases. The report authors reckon adoption will keep growing. Existing apps are maturing, and new ones are popping up left and right. BlackRock's getting in on the action too. They've launched Ethereum spot ETFs. These products faced some hurdles, but investors are biting. The iShares Ethereum Trust ETF (ETHA) scooped up 77,000 ETH in days. That's about $277 million, folks. This move by BlackRock is a big deal. They're already top dogs in the Bitcoin ETF market. Now they're doubling down on crypto. It shows how traditional finance and blockchain are getting cozy. Nate Geraci from the ETF Store thinks staking in Ethereum ETFs is inevitable. He reckons it's a question of when, not if. That's good news for the Ethereum ecosystem. But it's not all smooth sailing. Tron's nipping at Ethereum's heels with 81 billion transactions. Competition in crypto is heating up. Blockchain innovation isn't slowing down anytime soon. Buckle up, it's gonna be a wild ride.

Vitalik Buterin, Ethereum's wunderkind, has dropped a bombshell. He's introduced Circle STARKs, a new cryptographic protocol. It's set to revolutionize blockchain security and efficiency. Buterin laid it all out in his latest blog post. The protocol uses smaller fields like Mersenne31. This boosts proving speed dramatically. Security isn't compromised. "The most important trend in STARK protocol design over the last two years has been the switch to working over small fields," Buterin wrote. Traditional STARKs use 256-bit fields. They're secure but clunky. Circle STARKs change the game. They slash computational costs. Proving speeds skyrocket. The gains are impressive. An M3 laptop can verify 620,000 Poseidon2 hashes per second. That's a big deal. But there's a catch. Small fields are vulnerable to brute-force attacks. Buterin's got a fix for that. Circle STARKs perform multiple random checks. They use extension fields too. This creates a massive headache for would-be attackers. The computational barrier is sky-high. It keeps the protocol secure. Buterin explains the problem: "With STARKs over smaller fields, we have a problem: there are only about two billion possible values of x to choose from, and so an attacker wanting to make a fake proof need only try two billion times—a lot of work, but quite doable for a determined attacker!" Circle STARKs introduce a new approach called Circle FRI. It's crucial for maintaining cryptographic integrity. Non-polynomial inputs fail the proof. It's a clever workaround. The bottom line? Circle STARKs offer more bang for your buck. They're flexible and versatile. It's a major step forward for computational performance in the blockchain world.