Vitalik Buterin, co-creator of Ethereum, believes that there are many projects that have potential on the network but have not been developed enough due to gas fees that are still high.
The Russian-Canadian developer believes that if the fees were reduced, the tokens “soul“, account abstraction, social recovery wallets, ENS domain service, Ethereum logins, proof of humanity, and reputation systems could grow.
During a recent AMA (Ask me Anything) session at the Ethereum Foundation, Buterin noted that Proto-Danksharding’s EIP-4844 and the growth of second layer options such as rollups will drive down fees. He stated that “much” of these applications have been too expensive for years, but falling costs make them viable projects.
The “soul tokensthey are one of those projects that Buterin has frequently commented on in recent months. These tokens could be used as a coupon or certificate depending on the co-creator of Ethereum. They would be the same name as a CV, but in an Ethereum wallet.
Vitalik Buterin is also interested in identity verification systems. Web 3.0 logins are a developing concept. However, its implementation has been difficult due to its high cost.
test of humanityan Ethereum ledger looking to establish an identity verification system, is a similar case of “soul tokens“. Each person must register their identity to receive the basic income of the UBI token. This is because Ethereum is expensive to operate.
Projects to improve the user experience in Ethereum”account abstractionit is a system that eliminates the dependency of wallets on a unique and irreplaceable key. Your operating cost, which doubles for transactions with “account abstraction“, forced its development in the second layer of Ethereum.
indignant”account abstraction“, other updates that affect the user experience include ENSdomains and social recovery portfolios. The former allows for a custom name (eg Vitalik.eth) that can be used instead of an address. This system usesaccount abstraction” to create a system that allows recovering funds without the need for a private key. This recovery system is already used by wallets like Silver.
Every project requires network costs. These are not only related to development but also to adoption. These projects have many advantages, but their large-scale use is limited by high network costs.