Ethereum co-founder Vitalik Buterin has shared his ideas about the future of cryptocurrency wallets.
Per his latest blog post, he highlighted how important these wallets are for connecting users to the Ethereum ecosystem. Buterin provided a clear list of features he thinks wallets must have to make them digital and decentralized.
Details for Vitalik Buterin Wallet Requirements
Buterin emphasized that user experience and keeping accounts secure are essential for wallet functionality. He pointed out that a good wallet should protect users’ assets from unauthorized access.
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Significantly, he noted that wallets should include multi-factor authentication. In addition, they need to have secure recovery options and strong defenses against hacking attempts.
Another key point on his checklist is how wallets can protect users from scams and threats. Buterin thinks crypto wallets should have built-in safety features, like warning systems and transaction simulators.
These tools can alert users about risks before interacting with unverified platforms or sending money to suspicious addresses.
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Furthermore, Buterin highlighted the increasing need for privacy in Ethereum wallets. Public blockchains make transaction histories visible to everyone, so it’s important to have features that protect privacy.
He suggested that wallets should include tools like mixers or zk-SNARK technology. This can help users control their data and who can see their transactions.
Additionally, Vitalik Buterin believes that wallets should do more than cryptocurrency storage. He sees wallets as tools that can manage identity credentials, non-fungible tokens (NFTs), and other types of digital data.
Undoubtedly, Buterin’s ideas show his forward-thinking vision for Ethereum and the Web3 world. His list emphasizes how important wallets are in the Ethereum ecosystem and for the broader adoption of decentralized technologies.
Buterin Shared Ethereum Roadmap Update
After the Dencun upgrade, which took place on March 13, Buterin sought an open decentralized protocol to make assets transfer faster between different Layer 2 blockchains.
At the time, he published an article outlining the Ethereum blockchain’s improvement in permissionlessness and decentralization.
Also, Buterin revealed plans for “The Verge,” which would improve Ethereum’s Proof of Stake (PoS) system. This update aimed to make the Ethereum node verification more accessible and fast for users.
Vitalik Buterin looks to expand participation in the blockchain network to address data storage.
Verkle trees, which are part of the grand upgrade, will enable more compact cryptographic proofs. This will help in speeding up and making data validation more resource-efficient.
As for Ethereum’s current state structure, Vitalik hopes to replace it with Verkle trees or STARKed binary hash trees to solve scalability problems.
Over the past few months, he has also revealed how The Surge, the Scourge, and The Purge will help boost Ethereum in the long run
Ethereum Price Outlook
Despite volatility the market, ETH has shown stability. ETH price remains in the bullish zone due to the expansion of the Layer 2 ecosystem.
Ethereum’s ongoing market rally triggered investors’ optimism after its price initially breached the $3,600 resistance level. The altcoin’s performance has even raised hopes for a new all-time high (ATH) by the end of this month. As of this writing, Ethereum’s price has pared off some gains, down 1.1% to $3,540.
Interestingly, some analysts believe in ETH’s potential to climb to $6,000. Under extreme circumstances, the $2,700 level is projected to serve as support in case of a pullback.
Their analysis maintains that ETH might experience some corrections at certain resistance levels. However, the overall conclusion remains bullish in the long term.
Three years ago, ETH set an ATH of $4,724.31 shortly after the Altair upgrade on Beacon Chain. Ever since, despite several upgrades, Ethereum has not tested such price height, with $4,000 proving a critical resistance level.
With outlined plans for the future, the coin may eventually breach unexpected milestones soon.
