News - Vitalik Buterin wants to modernize staking

By Ted Maas

Vitalik Buterin wants to modernize staking

Ethereum (ETH)

In an interview, Vitalik Buterin explained more about "his" Ethereum blockchain. He also elaborated on the future of staking and scaling.

Ethereum has been a proof-of-stake blockchain for more than a year. According to its founder, Vitalik Buterin, staking is the next big challenge of his project after "The Merge". This is according to an interview with "The Defiant." Buterin suggested that the staking mechanism needs to be modernized. For example, by decentralizing staking pools and giving users more options.

Ethereum has been repeatedly criticized for its strong concentration of power with staking provider Lido Finance. According to Vitalik Buterin, the current situation surrounding pools and solo staking is "not very healthy".

However, he sees "light at the end of the tunnel" when it comes to other big challenges for Ethereum, including scalability. With Plasma and Danksharding, along with the zkEVMs, the blockchain now has working scaling options. The community expects the Ethereum Dencun update in early 2024. This is predicted to increase the efficiency of Layer 2 solutions by a factor of one hundred. This will significantly reduce transaction costs.

The Ethereum founder also looks forward to upcoming developments regarding privacy, account capabilities and the growing popularity of social media on Ethereum.

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