Vitalik Buterin, the co-founder of Ethereum, has revealed the blockchain’s roadmap for 2024. While the changes may seem minor compared to the previous year, they can propel Ethereum to new heights. In this article, we’ll explore the key components of Ethereum’s 2024 game plan, its impact on its price, and the measures taken to combat economic centralisation.
Ethereum’s Price Soars
Analysts are optimistic about Ethereum’s price, with projections reaching as high as $5,300. Raoul Pal, CEO of Real Vision, attributes this bullish sentiment to liquidity indicators. Raoul anticipates that Ethereum could reach all-time highs in the first half of 2024, particularly with the potential launch of an Ethereum ETF following a Bitcoin ETF.
Vitalik Buterin’s Vision
Here was the one from last year. Notice that it's actually quite similar! As Ethereum's technical path forward continues to solidify, there are relatively few changes. I'll go through the important ones.https://t.co/F1MpfNdfa7
Vitalik Buterin’s updated roadmap for Ethereum focuses on continuous improvement and innovation. One crucial update involves implementing Single Slot Finality (SSF) in post-merge Proof-of-Stake (PoS) improvement. SSF is expected to address several current PoS design flaws, resulting in faster and more secure transactions.
The Six Core Priorities
Ethereum’s roadmap for 2024 encompasses six core priorities:
The Merge: This section focuses on maintaining a robust proof-of-stake consensus, achieved through integrating the Ethereum mainnet with the Beacon Chain in September 2022.
The Surge: The goal is to achieve 100,000 transactions per second across Ethereum and its Layer 2 networks.
The Scourge: This priority prioritises mitigating risks associated with Maximum Extractable Value (MEV) and liquid pooling, combatting economic centralisation in Ethereum.
The Verge: Simplifying block verification processes for enhanced efficiency.
The Purge: Aims to streamline the protocol, making it more user-friendly and efficient.
The Splurge: Encompasses all other innovations and improvements, ensuring Ethereum remains at the forefront of blockchain technology.
SSF: A Key Solution
The role of single slot finality (SSF) in post-Merge PoS improvement is solidifying. It's becoming clear that SSF is the easiest path to resolving a lot of the Ethereum PoS design's current weaknesses.
Single Slot Finality (SSF) is highlighted as a key solution to many of Ethereum’s PoS design challenges. It ensures that changes to a blockchain block are irreversible without burning at least 33% of the total staked ETH. Vitalik firmly endorses SSF as “the easiest path” to address these issues.
Addressing Economic Centralisation
The Scourge has been redesigned somewhat. It's now about fighting economic centralization in PoS in general, in two key theaters: (i) MEV, (ii) general stake pooling issues.
The Ethereum ecosystem is not without its challenges. Economic centralisation, particularly with the growth of the staking service Lido, has raised concerns. However, Ethereum’s roadmap includes measures to combat this issue, safeguarding the network’s integrity and decentralisation.
Conclusion
Ethereum’s 2024 roadmap, as outlined by Vitalik Buterin, promises exciting developments and improvements. With the potential for price surges and innovative solutions like Single Slot Finality, Ethereum remains a force to be reckoned with in blockchain technology. As the year unfolds, we can anticipate Ethereum’s continued growth and influence in the cryptocurrency space.
