ETH 2.0 is coming, and Phase 0 is here; it brings loads of new users and uses cases. However, it will be all for nothing if a serious issue isn’t solve wallet security.
Ethereum’s co-founder Buterin stated that the wallets are still difficult to use at the Latin American Bitcoin Conference. Making them insecure for non-technical users, and it could be troublesome when mass crypto adoption happens. It could even lead to people “gravitating to centralized solutions.”
When he was asked what issues weren’t given focus in the industry, he replied, “The security side—wallet security. It’s still much easier than it should be to lose $200,000 if your wallet breaks. I have a theory that we don’t talk about the problem enough because no one is willing to admit they lost $200,000. After all, if you realize you lost $200,000, you look like an idiot.
“No one talks about it so people think the problem is small when there are lots of cases everywhere.”
He added: “I think the reality is that even if you are a super genius or capable of being careful, the reality is a system that requires you to expand less effort on not losing your stuff is a better system.”
Moving from the topic that many people aren’t talking about in the event had the people abuzz, Buterin stated the ETH 2.0 helped solve problems regarding privacy and scalability. ETH 2.0 is an upgrade to the Ethereum network and is meant to increase the blockchain’s transaction capacity and lower transaction costs.
Ethereum’s network has been pushed to its limit this year when (DeFi) applications became popular. The ETH 2.0 upgrade will allow the network to run easily as it attracts more users.
Buterin stated that ETH 2.0 “unlocks huge amounts of possibilities” and that the network can “theoretically handle 3,000 transactions per second,” when using the web.
ETH 2.0 won’t be functional yet, and it will give the developers ample time to figure things out. As Buterin stated, “more attention on minimizing risks and maximizing opportunities” shall come first.
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