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- Vitalik Buterin spoke at Devcon 2024 in Bangkok
- He highlighted Ethereum’s key role in creating a decentralized global ecosystem
- He also highlighted the progress Ethereum has made in moving from PoW to PoS.
- And the role of L2 solutions such as Optimistic Rollups and ZK Rollups in the development of the ecosystem
Ethereum co-founder Vitalik Buterin has recently faced criticism, and Ethereum itself has been lagging behind other assets in terms of growth.
However, Ethereum experienced a rise, and Vitalik Buterin spoke at Devcon 2024 in Bangkok and reminded everyone of Ethereum’s key role and great contribution to the creation of a decentralized global ecosystem enabling a multitude of digital activities and applications.
He also outlined the progress of Ethereum itself from PoW to PoS and noted how L2 solutions like Optimistic Rollups and ZK Rollups have allowed to further scale the network, making it more accessible and efficient.
More About Vitalik Buterin’s Keynote at Devcon 2024
Vitalik Buterin opened the Devcon 2024 conference, it took 30 minutes and touched on many fundamental aspects regarding the Web3 infrastructure and Ethereum’s place in it.
Among the main talking points was that Ethereum remains the key infrastructure player for Web3, which has created a solid and flexible platform for many other players.
He pointed out that Ethereum is actively developing and recalled its transition from Proof of Work (PoW) to Proof of Stake (PoS), which has made the platform that hundreds of projects rely on – much more decentralized, secure, efficient, and energy-independent.
He also pointed out that the ecosystem that has emerged and continues to expand because of this – is also rapidly improving with L2 solutions like Optimistic Rollups and ZK Rollups taking much of the computation out of the main chain and helping to make the network even more efficient and scalable.
“This year, Layer 2 fees went down from 50 cents to less than 0.1 cents. This is a huge change. For an incredibly wide number of applications, Ethereum has gone from being basically unaffordable to being completely affordable.”
Conclusion
Ethereum’s role cannot be overstated, as it has truly revolutionized decentralized applications and accelerated the arrival of Web3.
Hopefully, it will continue to evolve to continuously justify its place as a key infrastructure platform, making Web3 even more accessible, secure, efficient, and feature-rich.
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