Ethereum co-founder Vitalik Buterin praised the significant reduction in transaction fees within the Ethereum ecosystem at Token 2049 in Singapore and marked it as a major milestone for the cryptocurrency industry.
Buterin noted that transaction fees on Ethereum layer-2 (L2) networks have dropped to “basically zero,” a sharp contrast to previous costs ranging from $10 to $0.50. This reduction is attributed to the advancement and increased security of rollups, particularly Optimism and Arbitrum.
Buterin Highlights Ethereum’s Milestones
He noted that two significant Ethereum layer twos, Optimism and Arbitrum, have reached this critical security milestone. Thus, rollups are finally inexpensive and are getting safer very quickly. This development is anticipated to enable a wider acceptance of Ethereum by improving the efficiency and cost-effectiveness of transactions.
The CEO of Bayanichain, Paul Soliman, spoke with Buterin separately at the Web3 Transitions Summit about democratising blockchain technologies, with a particular emphasis on wallet recovery techniques. Soliman asked about making it possible for users to create and retrieve wallets without the need for technical know-how.
Buterin drew a parallel to social recovery mechanisms used in WeChat, explaining, “One very successful example of social recovery that I keep coming back to is the way that recovery works in WeChat.” In WeChat, users can recover their accounts by having two contacts send a verification code.
Buterin suggested that similar social recovery methods could be implemented in blockchain systems, where the underlying technology remains accessible for those interested in the code, but the user experience is simplified to facilitate easier interactions.
Buterin Focus on Blockchain-Based Recovery System
He underlined how recovery solutions based on blockchain technology might function in a way that is recognisable to users and mimics well-known procedures from non-crypto applications.
“If you’d like, you can make implementations where you can see that the code is performing all of these social recovery-based tasks by looking under the hood. However, from a user interface (UI) standpoint, it doesn’t appear to be all that technical. It appears to be akin to a conversation with your pals“, he explained.
Buterin’s comments emphasise Ethereum’s advancements in lowering transaction costs and expanding public accessibility to blockchain technology. In the blockchain world, the continuous development of user-friendly recovery solutions is a big step towards more adoption and usability.