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The purge, the splurge, and the scourgethese are the terms the eponymous co-founder of Ethereum, Vitalik Buterin, used to describe the upcoming changes to Ethereum at a recent event in London.

Every week, crypto.news brings you #hashtag hearsay, a gossip column of scoops and stories shaping the crypto world. If you have a tip, email Dorian Batycka at [emailprotected]

On March 14, luminaries from the Ethereum community and beyond descended on London for ETHGlobals Pragma conference. Spearheaded by speakers like Vitalik Buterin and fellow Ethereum researcher Justin Drake, Chainlinks Sergey Nazarov, and Lens Protocols Stani Kulechov, the event took place in Christ Church Spitalfields, with attendeesincluding myselfanxious to know where Ethereum is headed post-Dencun upgrade.

Buterin began by stating that the Ethereum ecosystem is in the process of making a very big transition.

According to Buterin, this transition will shift from a focus on layer-1s (L1s) and core developer-centric advancements to enhancing usability and layer-2 (L2) solutions, like zkSync, Arbitrum, and Optimism.

The way that I see it is that the first decade of Ethereum is this kind of mostly inwardly focused ecosystem, developing things for itself, focused on being tech geeks, trying to satisfy tech geeks and creating beautiful technology. But the second decade of Ethereum needs to actually have a big impact on the real world.

Roll-ups, a key player in this transition, are L2 solutions that process and store transaction data on a sidechain before bundling (or rolling up) transactions together onto the main Ethereum chain, significantly enhancing scalability and efficiency without compromising security.

Buterin says that whats next is a shift towards more scalable, secure, and user-friendly horizons. Following the Dencun upgrade, which saw some L2s like Starknets gas fees reduced by as much as 99%, Ethereums stride towards achieving basic roll-up scalinga leap made possible through advancements in technology like EIP-4844 and the roll-up technology spearheaded by teams like Arbitrum, will now shift focus to allow for more user-friendly applications to take root on Ethereum.

We have officially hit basic roll-up scaling, but we still have full roll-up scaling to go, Buterin articulated, marking this milestone as the onset of a journey toward fully unlocking Ethereums scalability potential.

However, Buterin cautioned that more work is still needed. This he referred to as the purge.

We do not want the Ethereum protocol to be something that just keeps on accumulating junk, Buterin added, underscoring the necessity of a lean and agile blockchain protocol for Ethereums future. We want Ethereum to become cleaner, and this is what the purge is about; its about making users lives easier.

Then you have the splurge, Buterin said. Account abstraction, Ethereum Virtual Machine (EVM) improvements, making the EVM more friendly to advanced cryptography.

Lastly, Buterin described the scourge [] which is dealing with economic centralization risk and mitigating it. Referring to maximum extractable value (MEV) searchers and liquid staking, Buterin said that the next phases of Ethereum upgrades will work on mitigating the risks posed by economic centralization.

The elephant in the room at any Ethereum conference is, however, often Solana.

According to DefiLlamas data, over the last four months, Solana has significantly outperformed in terms of DEX volume, recording a total volume of $98.54 billion. This starkly contrasts with Ethereum mainnets $32.16 billion, not even reaching one-third of Solanas volume. When taking into account all Ethereum L2 solutions, the combined volume only reaches $67.31 billion, highlighting a clear dominance by Solana.

In the past 90 days, Ethereum hasnt led in volume on any day, with Solana consistently holding the top spot and BSC making occasional appearances.

While Ethereum enthusiasts may hold onto their narratives, the numbers paint a different picture. Given Solanas performance, Ethereum upgrades seem to be playing catchup; think again.

According to Justin Drake, a researcher at the Ethereum Foundation, the potential of Ethereum sharding and shared infrastructure components like settlement and data availability will eventually enhance the networks performance. Comparing developments to low-network fee blockchains like Solana, Drake introduced the concept of shared sequencing and execution as forward-looking innovations designed to boost Ethereums composability and efficiency. In some sense, were trying to recreate the user experience of Solana low latency user experience with synchronous composability on Ethereum, Drake said.

Beyond the technical developments, a theme echoed frequently at Pragma in London was that by moving away from Ethereums tech-centric approach, the blockchain should now focus on more user-friendly and accessible apps for end-users.

Pedro Gomes, founder of Wallet Connect, said that user experience-focused upgrades need to happen within Ethereum, a claim echoed by several of the other speakers as well. Nick Johnson, founder of the Ethereum Naming Service (which just inked a deal with GoDaddy), said that naming is ultimately a usability issue. While Anurag Arjun, founder of Avail and former Polygon dev, opined that roll-ups will eventually lead to greater user experience. I am very bullish on app-specific roll-ups, roll-ups that become mature to a point when app devs will find them easy to use and integrate almost seamlessly.

What does this all mean for the Ethereum post-Dencun update? Ethereums past and its trajectory toward a more accessible, secure, and scalable future serve as a reminder of the blockchains foundational goals. Its not just about creating a decentralized platform but about ensuring that Ethereum evolves to meet the needs of its growing community and the broader digital ecosystem. As Ethereum continues on its roadmap, the numerous challenges aheadnot least of which include formidable competition from Solanaremain plentiful.

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Is Vitalik worried about Solana? What's next for ETH post-Dencun? These and more insights #hearsay | Opinion - crypto.news

A notable figure in the Shiba Inu community has established a connection between SHIB and Ethereum.

In a recent post on X, acclaimed crypto expert Del Crxpto attempted to forge a link between Shiba Inu and Ethereum, drawing on the co-founders of both projects.

Specifically, Del Crxpto recounted when Ethereum co-founder Vitalik Buterin donated multi-billion dollar worth of Shiba Inu to a COVID-19 relief effort. Del Crxpto claimed Shiba Inu ecosystem lead, Shytoshi Kusama, transferred the tokens to Buterin.

Interestingly, the COVID-19 relief initiative concerned Crypto Relief India, a crypto-based humanitarian endeavor.

The foundation received a staggering $1.5 billion in Shiba Inu from Vitalik Buterin to finance its COVID-19 relief effort. Accordingly, Crypto Relief India liquidated a portion of the Shiba Inu donation to raise $460 million.

In a separate development last year, Buterin contributed over $150,000 to a wallet endorsed by Shiba Inus leader. The fund was directed towards aiding victims of earthquakes in Turkey. Moreover, the SHIB Army contributed to a charitable initiative Buterin established in response to the global pandemic.

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Considering these developments, Del Crxpto prompted the SHIB Army to recollect how the broader community initially perceived the interaction between Kusama and Buterin as a mere coincidence.

In parallel, he emphasized that nobody should be taken aback by what the future holds for SHIB, asserting that the signs were always there. In reaction, another Shiba Inu enthusiast echoed a similar sentiment, speculating: Vitalik knows who created SHIB for surethe OG pic with supposedly Shytoshi. Then, magically, billions were sent to his wallet. Like, how did they know that address

Essentially, these voices sought to establish that Vitalik Buterin has more profound relationships with the Shiba Inu ecosystem than the public knows, suggesting SHIB is bound to follow ETHs success.

Significantly, in 2021, the Ethereum founder reportedly destroyed 90% of his Shiba Inu tokens, valued at over $6.5 billion, compounding the assets growth. Buterin further pledged to contribute his remaining Shiba Inu tokens to charity causes.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Vitalik Buterin, co-founder of the Ethereum network, identifies Layer-2 scaling solutions as a key element for the platforms advancement. Enabled by the Layer-2 upgrade, the Dencun, which dramatically brought down transaction fees on dApps, he called for development efforts now.

In his opinion, the previous decade has been all about Ethereums internal development; however, the world impact is to come during the next one. The upgrade on Dencun led to a bridge that aims to facilitate two-layer Layer-2 improvements in scalability, privacy, and security.

This shift does not diminish the significance of Layer-1, which will still be the base upon which Layer-2 may be pinned. Nevertheless, a mindset shift would be pivotal for Layer-1 development to transition into a deceleration phase, as this is a critical step towards network stability.

However, Buterin stresses the progress made in the Layer-1 area, among which zero-knowledge-proofs (ZKPs) are recent inventions that make it possible to scale and provide users with privacy. Those tools are examples of how it may become easier to create dApps with Layer-2.

According to him, developers have to be proficient in Layer-2 mechanisms and modern development infrastructure to address challenges related to speed, security, and privacy.

In this case, Ethereum will only achieve its goal to migrate from the old internet and blockchain paradigms to the new ones if Buterins theory holds true and propels Ethereum to significantly impact the internet and traditional finance.

The recent rapid fee reduction across platforms like zkSync Era, StarkNet, Base, and Optimism is creating more room for growth in the number of people interacting with Ethereum.

Also Read: MANTRA Aims to Bring RWA Tokenization to The Middle East and Asia

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Ethereum Shifts Focus to Layer-2 for Scalability and Growth - Crypto Times

Vitalik Buterin, Ethereums co-founder, has unveiled a detailed plan to safeguard the blockchain against quantum threats. Recognizing the potential for quantum computers to breach traditional cryptographic defenses, Buterin proposes a blend of quantum-resistant cryptography and strategic preparedness.

This plan aims to shield Ethereum and its users assets from quantum vulnerabilities.

Central to Ethereums defense strategy is adopting quantum-resistant cryptographic methods, like Winternitz signatures and the zero-knowledge proof technology STARKs. Buterin plans to integrate these technologies through account abstraction. This approach empowers users to migrate to quantum-safe schemes at their own pace, ensuring a seamless transition.

However, Buterin also warns of the risks of a sudden quantum leap. To counter this, he suggests a simple recovery fork to protect users funds in case of an unforeseen quantum advancement.

Ethereums vulnerability to quantum computing arises from its reliance on elliptic curve multiplication for generating addresses. This process is potentially reversible by quantum computers. Nonetheless, Buterin points out that most Ethereum keys, produced through hash calculations or similar to BIP-32 methods, naturally resist quantum attacks due to the irreversible nature of hashing.

Building on this insight, he proposes an Ethereum Improvement Proposal (EIP) for a hard fork designed to fortify the network against quantum dangers. This EIP encompasses disabling traditional transactions, incorporating smart contract wallets, and enabling STARK proofs to enhance security and gas efficiency.

The infrastructure to implement a hard fork like this could, in principle start to be built tomorrow, making the Ethereum ecosystem maximally ready in case a quantum emergency does actually come to pass, Buterin stated.

Read more: Ethereum EIPs: What Are They? How Are They Implemented?

Amidst the cryptographic communitys debates, claims by Chinese researchers about cracking RSA encryption with quantum technology have raised alarms. However, the SHA256 algorithm, crucial to Bitcoins security, remains secure against quantum threats.

This distinction between encryption and hashing functions sheds light on the nuanced battlefield of quantum cryptography, where advancements in quantum computing do not necessarily equate to immediate vulnerabilities in blockchain technologies.

Nonetheless, the race towards quantum computing is gaining momentum, highlighted by IBMs roadmap towards more powerful quantum computers and the emergence of other key players. While the direct impact on blockchain encryption is still speculative, the evolving quantum ecosystem necessitates preemptive and robust cryptographic defenses.

The broader implications of quantum computing extend beyond blockchain security, significantly impacting the arena of artificial intelligence and AI chatbots. The advent of quantum computing promises to revolutionize AI by offering unprecedented computational power, potentially outpacing the capabilities of current AI systems, including sophisticated AI chatbots like ChatGPT.

Read more: 13 Best AI Crypto Trading Bots To Maximize Your Profits

However, this integration also introduces challenges, particularly in data security. Quantum computers have the theoretical capability to break current encryption methods, posing a significant threat to the confidentiality and integrity of data across various industries, including the data utilized by AI chatbots for training and operation.

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Can Ethereum Survive a Quantum Attack? Vitalik Buterin Weighs in - BeInCrypto

Key Takeaways

After Ethereum underwent Dencun upgrade to increase scalability and efficiency, ETH price has been sluggish. Meanwhile, rival blockchainSolanais just 35% down from its all-time high. Is the upgrade givingSolanaa competitive edge?

Ethereums Dencun went live on March 13 and marked a major step in scalability. Ethereum co-founder Vitalik Buterin took toWarpcastto state that they have hit a goal of Basic rollup scaling, which means theyve improved how Ethereum handles a lot of transactions at once.

He continues to state that now ETH is moving on to work on two new things: verkle trees and history expiry.

Verkle trees will make it possible for validators to do their job without needing a lot of computer memory. This is like having a really efficient way to check and keep the network secure without taking up almost nil disk space on the nodes. It will also make it much quicker for someone to start participating in the network as a validator to support the network on their own (solo staking).

Ethereumdeveloper Tim Beiko took to X to state that Dencun update is one of the most complicated changes theyve made to Ethereum since the Merge.

Beiko notes that it also has as many individual updates, known as EIPs (Ethereum Improvement Proposals), as a previous major update called Byzantium.

Meanwhile, ETH price has taken a hit on March 14 and is trading under the psychological level of $4K at press time.

Solanaon the other hand has clocked in gains. As per CoinGecko data, SOL is trading 36% under its all-time high which was surpassed in 2021. It has gained at least 13% in the run-up to the upgrade in 7 days.

The introduction of EIP-4844 is a crucial update as it aims to alter how transaction fees are calculated and reduce costs for L2s. For instance, ArbOS Atlas is also bringing about reductions in fees for users of Arbitrum One. But what is noteworthy is the hike in dollars locked on Solana. In March, the ecofriendly chain has continued to increase its total value locked (TVL) and is inching closer to $4b.

In 7 days, Solana also experienced a positive shift in investor behavior. As per CoinShares data, it attracted $24m in inflows, despite recently facing a downturn in market confidence due to network outage.

Meanwhile,Ethereum, which has had a strong year in terms of attracting investments, witnessed a slight retreat with $2.1m leaving the platform during the same period.

The Ethereum Dencun upgrade sets new benchmarks for scalability and efficiency for L2. Meanwhile, despite the February outage in Solana, inflows continue to pour in for the eco-friendly chain. As Ethereum gears up for further upgrades,Solanais making waves, potentially shaking up the second-largest chain competitively.

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Ethereum Dencun Upgrade: Solana Reaction is a Competitive Stir - CCN.com