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Vitalik Buterin at Futurist Conference - What the merge and rollups mean for the Ethereum ecosystem
Vitalik Buterin discusses Ethereum's future, including the merge and rollups, enabling faster, cheaper, and private transactions.
- The merge is not just about the merge, but also about other things that it will enable, such as proto-dank sharding, which allows for more data to be stored on the blockchain.
- Proto-dank sharding will massively increase the number of data blobs that the chain can hold, making transactions cheaper and more efficient.
- Faster and cheaper transactions will make Ethereum more viable for non-financial applications, such as social media, identity verification, and messaging.
- The merge will also enable on-chain attestations, which will allow for proof of identity and claims to be made on the blockchain.
- Better middleware is needed to unlock the potential of blockchain technology, including middleware that supports privacy and security.
- Social recovery will be a key concept, allowing individuals to choose who can recover their accounts if they lose access.
- The problem with the crypto space is that it has great incentives, but also has incentives that can go in weird directions, which can make it hard to create a decentralized identity ecosystem.
- Zero knowledge encryption and proofs will be key to improving privacy on the blockchain.
- The merge will increase the capacity of the Ethereum chain to hold more data, making it possible for more individuals to use the blockchain without having to trust centralized exchanges.
- The Ethereum ecosystem will become more decentralized and open, with individuals able to create their own cryptocurrency wallets and interact with the blockchain directly.
- Roll-up projects, such as Optimism and Arbitrum, will continue to improve, making it possible for transactions to be processed quickly and cheaply on the blockchain.
- The future of Ethereum will be shaped by its ability to make transactions faster, cheaper, and more private, and its ability to enable a decentralized identity ecosystem.
- Better middleware will be needed to support this vision, including middleware that supports privacy and security.
- The crypto space has great potential for good, but also has challenges and risks that need to be addressed.