Vitalik Buterin says he wants to ‘make Ethereum cypherpunk again’

• Ethereum founder Vitalik Buterin talked about the blockchain’s future in his recent blog.
• Usage of network remained high, however, its price saw a correction.

Even though multiple altcoins have followed suit after Bitcoin’s [BTC] rally, Ethereum’s [ETH] price has not seen much growth in the recent past.

Despite this developments have ensued on the network with founder Vitalik committed to the vision of Ethereum.

Has Ethereum lost its Cypherpunk?

In a recent blog post titled “Make Ethereum Cypherpunk Again,” Vitalik Buterin outlined a promising future for the network, driven by significant developments across various fronts.

He stated that scalability solutions, such as rollups, are addressing Ethereum’s historical scalability challenges, allowing for more efficient transaction processing. Second-generation privacy solutions, including projects like Railway and Nocturne, are enhancing user confidentiality.

He also mentioned the concept of account abstraction is gaining traction, enabling users to interact with smart contracts without the need for native cryptocurrency holdings, making Ethereum more accessible.

Progress in the development of light clients is reducing resource requirements and increasing network accessibility. Zero knowledge proofs, once considered a distant technology, are becoming more developer-friendly, offering enhanced privacy and verification capabilities.

The blog post also emphasizes a return to core values within the crypto community, including open global participation, decentralization, and a cooperative mindset.

These updates collectively aim to address scalability concerns, reduce transaction fees, and bolster privacy and security.

As a result, Ethereum may experience improved efficiency, making it more appealing to a wider user base and enabling a broader array of applications.

However, the success of these changes depends on community adoption and effective implementation.

How is Ethereum doing?

Coming to the state of the protocol, it was seen that the gas usage on the network has remained consistent. This meant activity on the network was high.

However, the number of NFT trades occurring on the Ethereum network has fallen.

Read Ethereum’s [ETH] Price Prediction 2023-24

This could have a negative impact on Ethereum in the future as NFT trades make up a large amount of the overall activity on the network.

At press time, ETH was trading at $2,361.39 and its price had fallen by -1.21% in the last 24 hours. Only time will tell whether Vitalik’s long term vision will help ETH’s price see further growth.

Source: Santiment