Co-founder Vitalik Buterin has an ambitious redesign for the Ethereum network that, if implemented, could have profound implications for users and developers. Speaking at Devconnect in Turkey, Buterin outlined a strategy to improve Ethereum staking and address performance issues that have been a persistent thorn in the network’s side.
Buterin’s vision includes the integration of private mempools and ERC-4337. Private mempools could offer users greater privacy and security by allowing them to conduct transactions without exposing their intentions to the public mempool, where miners could see and potentially exploit them. ERC-4337 refers to account abstraction, which allows users to have more sophisticated control over their accounts, making operations like multi-sig wallets easier to implement and more secure.
Code precompilation is another feature that Buterin is keen to integrate. This could potentially increase the efficiency of deploying smart contracts, making them faster and cheaper to execute by pre-processing some elements of the code.
Liquid staking, a process that allows stakers to liquidate staked (or locked) assets, is a feature Buterin would like to see improved. He has expressed concerns about the centralization of liquid staking solutions, which could pose a risk to the network if too much control is in the hands of a few entities like . Decentralizing this aspect could democratize the staking process, allowing more users to participate without sacrificing liquidity.
The proposed redesign would likely make Ethereum more scalable, secure and efficient. These changes could lower the barriers to entry for new users and developers, fostering a more inclusive and robust ecosystem. The exact impact on Ethereum’s price and the broader crypto market is speculative, but in general, improvements that address fundamental issues and improve usability bode well for the network’s value and adoption.
