Vitalik Buterin: The encryption industry has entered a new stage, and Ethereum needs to meet mainstream adoption demands.

Vitalik Buterin delivered a speech titled "Things That Excite Me in the Next Decade" at the main venue of TOKEN2049. He stated that the current crypto space is no longer in its early stages, and that Ethereum now needs to meet the demands of mainstream adoption while maintaining its values of open source and decentralization.

Buterin believes that although people often say that encryption is still in its early stages, in reality, the crypto space has developed for quite a long time. The Ethereum project has existed for over 10 years, and in the 15 years since the birth of Bitcoin, we have witnessed technologies like ChatGPT emerge from nothing, completely changing people's understanding of artificial intelligence.

He reflected on his experience visiting Argentina in 2021, when a large crowd was already using encryption, but the high transaction fees remained a major barrier. However, the situation has changed significantly now. The transaction fees for Ethereum have decreased from around $10 to less than 1 cent, basically approaching zero. At the same time, major Layer 2 solutions have also reached important security milestones.

In addition to lower fees, the transaction confirmation time has also been significantly reduced. Currently, the transaction confirmation time on the Ethereum mainnet is stable between 5 to 15 seconds, while using Layer 2 solutions can even shorten it to 1 second. These improvements greatly enhance the user experience of decentralized applications.

Buterin also mentioned progress in areas such as account abstraction, security tools, and privacy protocols. He believes that the technological limitations that have hindered the development of cryptocurrencies are gradually being eliminated.

Regarding the value of cryptocurrencies, Buterin emphasizes that it is not just a technology for efficiency. He cites Josh Stark's viewpoint, arguing that blockchain allows us to create a digital solidity, akin to concrete structures in the physical world. This digital concrete can be used to build various virtual "sky castles", encompassing protective, entertainment, and cultural preservation functions.

Buterin proposed that a key goal for the future should be to meet the needs of mainstream adoption while maintaining the values of open-source and decentralization. He particularly emphasized the importance of wallet security, suggesting multi-signature smart wallets as a solution that balances self-custody and convenience.

Finally, Buterin envisioned the future development direction of Ethereum. He mentioned the ongoing technical improvements aimed at reducing final confirmation times, increasing capacity, while making the network more decentralized and easier to verify. He believes these advancements will shape the direction of the Ethereum ecosystem and the entire encryption industry over the next decade.