Vitalik Buterin: The encryption industry enters a new stage, Ethereum needs to meet mainstream demands.

Vitalik Buterin delivered a speech titled "Things That Excite Me in the Next Decade" at the TOKEN2049 conference. He believes that the current encryption field is no longer in its early stages, but has entered a special phase of development. Today's Ethereum needs to meet the demands of mainstream adoption while maintaining the values of open source and decentralization.

Buterin pointed out that the Ethereum project has existed for more than 10 years, and in the 15 years since the birth of Bitcoin, we have witnessed technologies like ChatGPT emerge from nothing and completely change people's understanding of artificial intelligence. Therefore, we must rethink the development stage of the encryption industry.

He reflected on his experience visiting Argentina in 2021, where people were enthusiastic about encryption and widely used it. However, high transaction fees became one of the main factors hindering the popularity of encryption. Nevertheless, the situation has significantly changed recently.

Currently, Ethereum's transaction fees have dropped from $10 to less than 1 cent, almost approaching zero. At the same time, major Layer 2 solutions such as OP and ARB have also reached important security milestones. These improvements have made cryptocurrency trading more affordable.

In addition to lower fees, the transaction confirmation time has also been significantly reduced. With the implementation of EIP-1559, the transaction confirmation time on the Ethereum mainnet is stable between 5 and 15 seconds. If Layer 2 solutions are used, the confirmation time can even be shortened to 1 second. These advancements greatly improve the user experience of decentralized applications.

Buterin also mentioned advancements in technologies such as account abstraction, security tools, and ZK-snarks, as well as improvements in user interface quality. These enhancements have made the use of cryptocurrency more convenient and secure.

He emphasized that the value of cryptocurrency lies not only in efficiency improvements but also in its unique characteristics. Cryptocurrency can create a form of digital sturdiness that enables us to build lasting and robust digital structures. This characteristic allows blockchain not only to bypass the weaknesses of traditional structures but also to construct better alternatives.

Buterin likened blockchain to "digital concrete" used to construct "virtual sky castles." These digital castles can serve as fortresses that protect communities, entertainment venues, cultural preservation sites, or various types of digital councils.

Regarding the future development direction, Buterin believes that the key is to meet the needs of mainstream adoption while maintaining the values of open source and decentralization. He particularly emphasized the importance of wallet security and proposed the concept of multi-signature smart wallets, which can provide more flexible control options while protecting the security of funds.

Finally, Buterin looked forward to the technical improvements of the Ethereum mainnet, including reducing final confirmation times, increasing capacity, while maintaining decentralization and ease of verification. He believes that these advancements will lead the development direction of the Ethereum ecosystem and the entire encryption industry in the next decade.