$ETH Vitalik Buterin, co-founder of Ethereum, has repeatedly warned that Ethereum risks losing its dominant position if it does not address some core challenges.
His concerns are particularly focused on:
♦️True decentralization: Buterin stresses that decentralization must be more than just a "buzzword." He warned that the future of Ethereum could be at risk if genuine decentralization is not earnestly pursued in all aspects of the network, including challenges related to zero-knowledge-based digital identity systems (ZK-IDs) and how they can impact privacy and decentralization.
♦️Excessive complexity: Buterin expressed concern that Ethereum has become unnecessarily complex, calling for a significant simplification of the chain architecture. He points out that this complexity can lead to higher development costs, security risks, and limited participation in protocol research.
♦️Scalability: Despite ongoing advancements in scalability, Buterin sees that Ethereum needs to achieve significant leaps in this area to face increasing competition and ensure its ability to handle a larger volume of transactions and applications.
♦️Governance: Buterin discussed the importance of dual governance in Ethereum to enhance system protection and engage users as stakeholders.
At its core, Buterin emphasizes that Ethereum needs to continue evolving and focus on its core principles, especially decentralization, to avoid falling behind against new competitors and emerging technologies in the blockchain space😌😌.
