Vitalik Buterin: Ethereum Technology is Improving, Transaction Fees are Falling!

Bittime - Vitalik Buterin said that Ethereum continues to show progress in its technological development, ranging from reducing transaction costs on Layer 2 networks to improving application development tools.  

Transaction Fees in Layer 2 Ethereum

One of the network improvements is a decrease in transaction fees on Ethereum's Layer 2 network, which is now below $0.01.  

Optimism and Arbitrum, two Layer 2 networks compatible with the Ethereum Virtual Machine (EVM), have also reached the first phase of development. 

These two networks are an important part of the Ethereum ecosystem, helping to process transactions faster and with lower fees, as well as supporting a variety of DApps.

Read Also: Ethereum ETF Potentially Pushes ETH Price to Reach $6,000

UX Cross-Layer Wallet 2

Not only that, the UX in wallets that support cross-Layer 2 transactions has also improved. Previously, users often had to switch networks manually to transact across different Layer 2 networks. 

However, with recent improvements, this process has become smoother and easier, although there is still room for further improvement. This shows Ethereum's commitment to continuously improving comfort and ease of use for its users.

Zero-Knowledge (ZK) and Second Generation Privacy

Buterin also noted progress in the development of Zero-Knowledge (ZK) tools. This tool makes it easier for developers to build applications on the Ethereum network, namely by reducing technical complexity and speeding up the development process. 

Additionally, second-generation privacy tools, such as 0xbow.io, are starting to emerge and offer better privacy protection for Ethereum users. This improvement is important in protecting user privacy in the blockchain world.

These tools not only protect user data, but also ensure that Ethereum remains relevant and competitive amidst increasing competition in the blockchain industry.

Read Also: Ethereum Only Burns 210 ETH, a Record Low This Year!

Identity, Reputation, and Credentials in Ethereum

In addition, the identity, reputation and credential ecosystem on Ethereum is also getting stronger and starting to be widely used. This shows that Ethereum is not just a platform for transactions, but also a broader and more diverse ecosystem. 

With this advancement, Ethereum can provide a more complete solution for a variety of user needs, from financial transactions to digital identity management.

STARK Technology and Ethereum Staking Decentralization

Other than that, STARK technology is one solution to improve long-term security and decentralization on Ethereum. These advances in technology paint a clearer picture of the future of security and decentralization on the Ethereum network.

Decentralization in Ethereum staking also remains stable, breaking the notion that Proof of Stake (PoS) is more centralized than Proof of Work (PoW). This shows that Ethereum's transition to PoS is going well and still maintaining the decentralization principle that is the basis of blockchain technology.

Read Also: Ethereum Volatility Exceeds Bitcoin, Opportunity or Risk?

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