Vitalik Buterin Outlines Four Essential Traits for Layer-1 Network Success
Vitalik Buterin, co-founder of Ethereum, outlined four essential qualities for a successful Layer-1 network following the announcement of Succinct Labs' SP1 Hypercube. This system can verify Ethereum blocks in under 12 seconds on average.
Key Requirements for Layer-1 Networks
- Must provide reliable real-time proving under challenging conditions
- Requires formal verification to ensure safety and correctness
- Proving should be energy-efficient, ideally achievable at home with ~10 kW usage
- Gas limit should increase by 10 to 100 times to accommodate future growth
Buterin emphasized that while the SP1 Hypercube's speed is promising, it may not perform well in worst-case scenarios with complex transactions. He noted that formal verification is necessary to avoid accepting incorrect blocks, which could jeopardize network security.
Scalability and energy efficiency are crucial as Ethereum adapts to sustainable practices. Currently, Ethereum trades at $2,534.21, with predictions suggesting it could reach $8,000 by Q4 2023.
Buterin also proposed initiatives to improve transaction speeds while ensuring user privacy and decentralization, addressing challenges such as IP tracking and high costs associated with current technologies.