Ethereum's New Vision: More Focused, More Pragmatic

In recent years, Ethereum has faced numerous challenges. With increasing criticism, the foundation's leadership has been adjusted, and there is hope to enhance transparency and participation through broader scrutiny, while placing greater emphasis on achieving value capture on the underlying blockchain.

This week, Tomasz K. Stańczak, the co-executive director of the Ethereum Foundation, actively participated in several group discussions, which is an exciting change. This may indicate a new direction for the future development of Ethereum. So, what exactly is the future vision for Ethereum? And how can we ensure that this vision is well executed?

Main Objectives

The main goals of Ethereum include:

1. Return to the spirit of cryptocurrency, emphasizing privacy protection and the characteristics of decentralization. This is not only to attract new users but also to ensure that users can understand and practice these values and spirit.

2. Maintain Ethereum's position as the most secure and resilient blockchain infrastructure. This involves how to further enhance security, how to effectively communicate this to users, and how to ensure that both institutions and users can fully leverage this advantage.

3. Ensure that all technological developments adhere to the core spirit and values of Ethereum, avoiding shortcuts and compromises.

In addition, the Ethereum Foundation plans to take a more proactive approach in formulating new funding policies. This will be used to explore efficient and sustainable decentralized finance protocols, with strategic funding allocation shifting from passive management to active guidance.

Long-term Challenges

The long-term challenges facing Ethereum include:

• Regulatory Clarity
• Adoption of AI technology
• Privacy issues
• Increase in institutional adoption rate

The future vision of Ethereum is to treat various fields and industries as modular components, making it open source and removing intermediaries. These modules will ensure a smooth transition from Web2 to Web3, eliminating friction between institutions.

The ultimate goal is to allow users to trade all global assets on the blockchain. For example, health agencies from different countries can open and contribute health data repositories, ensuring the security and verifiability of these solutions through interactions on the Ethereum chain.

Key Challenges and Responses

To achieve this vision, Ethereum needs to address some of the key challenges faced by users:

1. Solve on-chain privacy and identity recognition issues
2. Build Ethereum as a trusted layer for AI execution to address the threats posed by AI.
3. Ensure trustworthiness, neutrality, globalization, and design privacy and security.

These measures will create a diverse environment, establishing a social structure that enables different participants to collaborate, with the ultimate goal of making Ethereum a resilient network.

To truly achieve decentralization, it is essential to ensure global participation, incorporate diverse voices and approaches, and build a truly global network. This will allow Ethereum to listen to important issues and empower diversity and variety.

Regarding the relationship between L1 and L2, the Ethereum Foundation has made it clear that there is no opposition between them. On the contrary, Ethereum will more actively guide how to ensure that these L2s reach the second stage by protecting users through Ethereum as the underlying base layer.

Technical Development

We have seen the emergence of real-time blockchains, such as MegaETH, and other fast networks. This has raised questions about interoperability and integration, such as how to ensure they connect with the Ethereum mainnet and how to build high-speed blockchains that inherit Ethereum's security parameters.

To this end, new tools need to be introduced to identify new challenges and ensure that the client can integrate with these networks. This opens up new creative space for client development.

All Ethereum client teams agree to raise the Gas limit of each block, aiming to reach 100 million Gas by the end of this year or the first quarter of next year. Internal restructuring will help achieve this goal, and the modular team will focus on:

• Expand L1
• Expand Blob
• Improve user experience
• Enhance interoperability

It is worth noting that the expansion of L1(, a previously overlooked area ), has now become one of these objectives.

Overall, Ethereum is showing positive changes, and this awakening is worth looking forward to. We hope to see it make more progress in the future.