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HomeETHCrypto has to prove its utility by 2032: Ethereum Founder

Crypto has to prove its utility by 2032: Ethereum Founder

Ethereum founder, Vitalik Buterin in the press conference on August 6 provided insight into ZK-Rollups and the future of the Ethereum blockchain network and said ZK-Rollups would be its top priority in layer 2 scaling of Ethereum.

Additionally, Vitalik is quite confident and optimistic about Ethereum’s future. Apart from the optimism, Vitalik had some challenges and fears ahead for the network.

In the press conference, Vitalik focused on providing the long-term future of the network, quantum computing, scaling technology and challenges the protocol will face in the near future.

According to the Ethereum creator, the next decade would be very challenging for blockchain technology and said the upcoming blockchain applications need to prove their utility rather than making promises to be fruitful in the next 10 years.

He further said, “the upcoming technology is promising only in theory but actually they are not liable because of the scaling issues.”

Vitalik further stated scalability issues of ETH and expressed deep enthusiasm for the Layer 2 ZK-Rollup solution and said, “in the longer horizon, ZK-Rollup will eventually bypass the Optimistic rollups due to its fundamental advantages such as not needing a 7-day withdrawal period.”

Moreover, the Ethereum creator also commented on how Ethereum would proliferate in the forthcoming years when he declared Ethereum would be 55% complete after the merger.

Apart from the merging of Ethereum, Vitalik further said that ETH would be required to update quantum computing to protect itself in the forthcoming years.

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