“The ethereum killer is ethereum, the ethereum of China is ethereum, the ethereum of Taiwan is ethereum… 2.0.”
That was the opening statement of Vitalik Buterin, Ethereum’s inventor, at BeyondBlock in Taipei where he laid out a plan to reach Visa levels scalability within the next 3-5 years.
The main problems facing ethereum are privacy, safety and scalability, he said. With privacy being 3/4th solved, according to Buterin who was wearing a Byzantium t-shirt, referring to the latest ethereum hardfork.
That upgrade introduced some fairly fancy new cryptographic algorithms, Buterin says, including zero-knowledge proofs and ring signatures which don’t solve the privacy problem on their own but can give coders tools to build solutions.
From a base layer perspective, the privacy problem is three quarters of the way to being solved, he said. The one quarter that isn’t solved… there’s still leaks at the protocol level. If you use a mixer and pay for gas there may be privacy leaks, but most of the work from here is at layer 2 he says.