If there’s one person who is not happy with how Ethereum (ETH) turned out to be, that would be its co-founder, Vitalik Buterin. In a recent discussion, the Russian-Canadian programmer revealed he plans to redesign the network from the ground up to address some of its pressing flaws, especially in performance and staking.
The Problem of Ethereum According to Vitalik Buterin
Vitalik Buterin unveiled his ambitious plan to reform the second-biggest crypto by market dominance during the Devconnect event in Turkey. The developer of Ether is apparently not pleased with how are things going within his brainchild with Gavin Wood, Charles Hoskinson, Anthony Di Iorio, and Joseph Lubin.
The soft-spoken crypto personality particularly cited concerns over the performance issues that have been a constant pain in the network’s side and the heavy reliance of its liquid staking in a Proof-of-Stake (PoS) model.
The Proposed Overhaul
Based on the information shared by Wu Blockchain on the X platform, Buterin is looking to integrate private mempools to safeguard Ethereum users’ privacy and security. The feature will allow them to transact without exposing their reason for doing so to the public mempool. This way, miners will not be able to take a peek of their intentions and potentially exploit them.
Additionally, the infusion of ERC-4337 for account abstraction gives users the ability to deploy smart contracts to manage their accounts without giving up control over them when using applications. This also paves the way for their convenience in the implementation of multisig wallet functionalities.
Speaking of smart contracts, Buterin wants to make their deployment more efficient, faster, and cheaper. He said this could be accomplished through code precompilation, which preprocesses some elements of the cryptograph. For a basic illustration of the term, it repurposes input data to generate output which is, in turn, used as input again, and so the cycle goes.
Lastly, Buterin emphasized the need to rectify the liquid staking of ETH that’s now dangerously falling into the control of a few players. For context, the top five liquid stakers of Ethereum — Lido, Coinbase, Figment, Kraken, and Binance — have a combined 50% influence on the PoS chain. Among them, Lido accounts around a third of the pie.
Ethereum Now
As of this writing at 2:00 AM UTC time, Ethereum remains in the $2,024 range, only moving downward by 1.6% on the 24-hour timescale. A voluminous transaction was noted within this period nearly 30% as the coin hovered between a low of $1,988 to a high of $2,054.