Vitalik Buterin, co-founder of Ethereum (Eth), issued an exciting statement about the future of the network at the Ethglobal Prague Conference at an event in Prague.
Buterin announced that many innovations are currently underway to improve Ethereum’s scalability and improve network functionality.
Buterin emphasized the importance of a balanced approach that prioritizes moderation over hastily implementations to ensure network stability and security.
At this point, Buterin said there is a new plan to 10 times the layer 1 scalability of Ethereum, and this step will make the network faster and more efficient.
The founders of ETH turned their attention to current network issues and said the step was intended to provide a sustainable solution to the congestion caused by slowing down.
Buterin added that this will happen next year or so, representing a 10-fold increase in Layer 1 scalability.
“Ethereum will expand Layer 1 (L1) by about 10 times in a year.”
This expected increase in scalability is likely to reduce transaction fees and latency, making Ethereum more attractive to Defi and NFT investors.
The process described by Vitalik Buterin is expected to run smoothly, allowing Ethereum to reach more users on a global scale, and have a positive impact on prices.
*This is not investment advice.
