In a new tweet, Ethereum creator Vitalik Buterin lists some of the new upgrades coming to Ethereum. After a series of improvements are being executed, he credits that the newly updated blockchain smart contract platform will process better with 3,000 transactions per second following the Istanbul upgrade.
Ethereum’s Istanbul update is currently prepared for launch in early December.
Account abstraction, first-class smart contract wallets
Casper proof of stake
Resource-efficient light clients
Optimistic rollup, 3000+ TPS post-Istanbul
Non-interactive ZKPs for privacy and scalability
Your staking will be rewarded
Much more TPS post-sharding— vitalik.eth (@VitalikButerin) November 19, 2019
Buterin also updates a list of what he states are some of the most difficult problems in the crypto market that traders are dealing with. In 2014, he made a post and a presentation with this list in math, computer science, and economics that he thought were significant for the cryptocurrency space. However, many things have been changed for the last five years, so he wrote a new update after previewing all his entries.
There are a few similar items to the 2014 list, such as cryptographic obfuscation, oracles (decentralized success metrics), unique human identities (anti-Sybil systems) and reputation systems.
In addition, Buterin has also added some new entries:
- Ongoing work on post-quantum cryptography: including hash-based functions as well as structured mathematical objects after quantum security
- Anti-collusion infrastructure: continuous work and refinement, including extra privacy against the operator, more multi-stakeholder calculations in the most practical way…
- Homomorphic encryption and multi-party calculations: still need continuous improvement for practice Decentralized governance mechanism: DAO is great, but still very primitive.
- Decentralized governance mechanisms: DAOs are cool, but current DAOs are still very primitive; we can do better
- Fully formalizing responses to PoS 51% attacks: ongoing work and refinement of responding to 51% attacks in Casper FFG.
- More sources of public goods funding: the ideal is to charge for congestible resources inside of systems that have network effects (eg. transaction fees), but doing so in decentralized systems requires public legitimacy; hence this is a social problem along with the technical one of finding a possible source, etc…
“In general, base-layer problems are slowly but surely decreasing, but application-layer problems are only just getting started,” Buterin concludes.
Ethereum is trading at $145 after correcting from a high around $147. Ethereum is forced to deal with a strong bearish trend amid the expanding volatility.
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