Ethereum creator Vitalik Buterin believes that the altcoin was not ready for mass adoption in its original form
Vitalik explained the development of the Ethereum network in 2021 and future expansion plans. He said that the current fees are one of the most pressing issues for ETH. As well as highlighted the need for rollups and other second-layer expansion solutions. “ETH today, the Layer 1, is not a system that is ready for direct mass adoption,” he said.
High fees on the Ethereum network make it unfeasible for daily transactions. Therefore, the founder reiterated the urgent need for ETH scaling solutions and lowering transaction fees. Buterin revealed the roadmap for the launch of ETH 2.0 in 2022.
In order to achieve ultimate scalability and decentralization, Butalik claimed that Ethereum needs to be more agile and more lightweight in terms of blockchain data so that more people can manage and use it. At the beginning of December, Buterin also published an article titled “Endgame” where he makes the case that all blockchains will ultimately converge in the future while listing the tools that would allow for block verification to happen in a decentralized and censorship-resistant way.
The crypto community has been discussing Ethereum-related issues for a very long time. According to experts, high transaction fees aren’t just a huge disadvantage of the cryptocurrency. But also the main reason for Ethereum’s unpopularity among newcomers to the market. As a result of poor scalability, inexperienced crypto investors have almost no chance to make money from their investments, with all their income immediately eaten up by the system.
The next big event in Ethereum’s roadmap is its transition to Proof-of-Stake. The update is planned to take place in the first half of 2022 and will drastically improve Ethereum’s energy efficiency. However, it’s unlikely to reduce gas fees on Layer 1. Users will have to wait until the network implements blockchain sharding to see any real reduction in Layer 1 transaction costs.