Golden Outpost｜Vitalik's speech reveals 2 important arrangements for Ethereum

Jinse Finance reported that on May 20, at the ETH shanghai conference held online, Ethereum founder Vitalik Buterin conducted a live broadcast. During the live broadcast, he expressed two views and two important arrangements related to Ethereum.

1. Vitalik said that the Ethereum ecosystem is currently too focused on financial applications such as DeFi. The risks of financial applications are too high, and there is little room for improvement. More applications in other fields need to be developed.

The author added: more than 95% of the Ethereum ecological projects are financial applications, and the DeFi Lego style evolved based on the combination of smart contracts has allowed many DeFi application tokens to apply to each other, resulting in a very high leverage ratio. That is, an asset provides liquidity and casts various assets in multiple agreements and derivative agreements. In the case of continuous price declines, it is very easy to trigger liquidation and cause systemic risks.

2. Vitalik talked about the "Soul bound tokens" proposed in the recent paper "Finding the Soul of Web3: Planning for a Future Based on Trust", saying that more application layer instances will benefit from this new identity Token, and once again Emphasized the importance of DAO, privacy and decentralized governance to the Ethereum ecosystem.

The author added: Soul bound tokens is a new type of asset after a more detailed description of the definition of assets on Ethereum, that is, a non-transferable asset that is in line with human social attributes, and this type of asset is compatible with other erc20, erc721 and other assets There will be a correlation.

1. Vitalik said that Ethereum 2.0 is currently undergoing final network testing. If all problems are resolved, the merger may take place as early as August. If other conditions arise, it may also happen in September or October.

The author added: The merger was probably confirmed in June this year, and after Vitalik’s announcement, the merger time has been postponed accordingly. The main difficulty of the merger is still the unknown disposal difficulty of the pow chain. At present, all All applications run on the pow chain. In order to ensure that the merger does not affect the normal operation of the Ethereum network, it is necessary to prepare enough execution layer nodes to ensure the processing efficiency of the Ethereum. It is also required that multiple execution clients and node clients can communicate with each other. Work together smoothly.

2. Vitalik Buterin said that the Ethereum team has proposed an expansion plan called Dank sharding, which will expand the block capacity of Ethereum to 80,000 TPS in the long run. Firstly, Proto-danksharding will be completed, supporting the increase of 1MB block capacity and (Rollup) 5000 TPS.

The author added: The processing efficiency on the blockchain is difficult, and the difficulty lies in the fact that all calculations are constantly scrambling to be stored in a block header space, which is only about 1M in size. Therefore, the idea of expansion must also include expanding the size of the block header. The first step in the future will be a protocol upgrade. Proto-dank sharding will be carried out before the launch of the shard chain, and rollup will be added to the shard chain. The data availability of future blocks can be as large as possible. Increase to 16M, but this will be completed after waiting for the progress of the shard chain.