Crypto Assets Enter a New Stage, Outlook on Ethereum Development

Recently, the co-founder of Ethereum shared his views on the current state and future of crypto assets at an industry conference. He believes that crypto assets have entered a new stage of development, which can be likened to "teenage years". Although its actual applications are still in the early stages, they are gradually strengthening. In the past, high transaction fees and unfriendly user interfaces hindered the popularization of crypto assets, but the situation is now improving.

Breakthroughs in Layer 2 Network Solutions

The Ethereum network once faced serious congestion issues, causing transaction fees to soar to unbearable levels. However, the emergence of Layer 2 network solutions has completely changed this situation. These solutions move some transactions to auxiliary blockchains for processing, significantly reducing the burden on the mainnet and improving overall scalability.

Currently, some leading Layer 2 networks have reduced transaction fees to below $0.1, which is an important milestone. It not only makes transactions more affordable but also enhances security, opening the door for ordinary users to utilize blockchain technology.

Balancing Decentralization and User Needs

In addition to reducing costs, Ethereum has also made significant progress in improving transaction speeds. By transitioning to a proof-of-stake mechanism, Ethereum has halved the block generation time, reducing transaction confirmation times to 5 to 15 seconds. On layer two networks, this time can even be shortened to about 1 second.

However, maintaining decentralization while meeting user needs remains a challenge. The founder of Ethereum emphasized that layer 2 networks should inherit the security and decentralization characteristics of their base layer. He proposed a set of evaluation criteria requiring layer 2 networks to achieve a certain level of decentralization in order to gain recognition.

Innovation of User Experience

Blockchain technology is empowering the internet with new capabilities, creating a "digital concrete" that can build robust and lasting digital structures. Now, users can create smart contract wallets, bringing back social recovery features from Web2 into the Web3 world, enhancing account security and usability.

Multisignature smart wallets are considered an ideal solution that balances security and convenience. By requiring multiple private keys to authorize transactions, these wallets provide stronger protection for users' funds while maintaining a high level of privacy.

The Future Development Direction of Ethereum

Ethereum is undergoing multiple technological improvements aimed at enhancing decentralization, reducing confirmation times, and increasing scalability. In the future, the Ethereum ecosystem may evolve towards social networks, payment systems, private mining pools, zero-knowledge proofs, and human authentication, while maintaining a balance between decentralization and practicality.

As this "Youth" protocol matures, we look forward to seeing how it continues to drive the development of the crypto assets industry and brings innovation to the broader technology and financial sectors.