- Vitalik Buterin revealed plans to scale the Ethereum blockchain in the next year
- Buterin attended the ETHGlobal event in Prague and stated that the scaling roadmap is in line to improve Ethereum
Although Ethereum has established a reputation in the cryptocurrency industry, its scalability issues are the primary reason the blockchain is lagging. Several “Ethereum killers” emerged in the industry, claiming they offer better scalability than the second-largest blockchain. Vitalik Buterin made a statement regarding the same during the ETHGlobal event.
Buterin has always been the active co-founder who focuses on the scalability and development of Ethereum. He said the plans are in motion to scale Ethereum by 10 times over the next year during the panel discussion. This has cleared the air around Ethereum’s layer 1 scalability plans in the short-term future.
Vitalik Buterin Looks Forward to Ethereum Scaling In Over a Year
Vitalik Buterin expressed concern over making decisions in a hurry that would hurt the network. Instead, he would like the network to take its time to scale gradually, without compromising security, privacy, and decentralization. Overall, the timeline to complete the Ethereum scaling roadmap will be a year and a half.
The youngest co-founder of Ethereum believes that the proposed timeframe is ideal for network improvements. Moreover, an extra time gives the network time and space to double-check censorship resistance and EVM improvements. In his words,
“At that point, it will be a good time to take a breather and have a period to verify that we are doing okay on decentralization properties.”
The Ethereum network continued to disappoint the community with little to no developments for the past few months. Meanwhile, the average market performance of the Ether price was also an issue. Several KOLs started to advise immediate layer 1 scaling for the network. However, Vitalik believes taking its time is better for the Ethereum network for the aforementioned reasons.
Ether Price Tumbles as Vitalik Buterin Unveils Scaling Plans
The Ethereum layer 1 scaling plans seem to have no impact on the market price of Ether. It is trading at $2,495 at the time of reporting, with a 0.82% drop. While its market cap is down by more than 1%, trading volume is up by 15%.
The token has been experiencing extreme price fluctuations for the past week. Ether price fluctuations are in line with the broader crypto market price fluctuations, which shows how much the token price is dependent on the market performance. However, the community is positive that the ETH Price would eventually improve once the network scalability increases.
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