Vitalik Buterin spoke about solving the problem of Ethereum centralization

Vitalik Buterin spoke about solving the problem of Ethereum centralization

• Vitalik Buterin spoke at Korean Blockchain Week 2023. 

• Among other things, he emphasized the relevance of the ideal decentralization of Ethereum. 

• In his opinion, the key to this is simplifying and reducing the cost of operating network nodes. 

Co-founder of the Ethereum project Vitalik Buterin spoke about how to achieve complete decentralization of the network, reports Cointelegraph . He believes the key to this lies in making the components cheaper and simpler. 

This is possible thanks to the concept of statelessness. It involves moving away from using centralized web providers to check network health, such as Amazon Web Services (AWS). 

Almost 60% of nodes are under his control. According to some experts, this leaves the network vulnerable to a centralized point of failure, which will affect the operation of the entire blockchain. 

Distribution of Ethereum network nodes by providers. Source: Ethernodes .

Statelessness is a central element of The Verge and The Purge updates. However, as Buterin himself admitted, he believes that the problem will not be solved in the near future. In his opinion, this will take about 10-20 years. 

• “Our long-term plan is to support fully verified Ethereum nodes that can literally be run on a phone,” Buterin emphasized.

In addition to statelessness, there are several other important milestones in the project roadmap. These are simplification of technical documentation, distribution of staking and scaling. 

Let us recall that in May 2023, we reported that the percentage of censorship by the US Treasury Department’s Office of Foreign Assets Control on the Ethereum network had decreased threefold. 

Despite this, the problem remains relevant. One of the new threats, according to experts, is centralized staking protocols, for example, Lido Finance.