Vitalik Buterin, the co-founder of Ethereum (ETH), has recently mentioned four key goals set for the largest smart contract platform to accomplish in 2023.
In a new interview with Bankless, Buterin stated that proffering a lasting solution to the scalability issue on the network is the number one goal set by Ethereum developers.
Why Scalability Issue with Ethereum Needs Urgent Attention
In the course of the conversation, Buterin buttressed the fact that transaction fees on the Ethereum network have been low for the past six months. So, he said the scalability problem may not surface now due to minimal transactions. But once Ethereum succeeds as expected, a bull market may follow, bringing about network congestion as usual.
He added that bulls are sometimes dreadful from a user’s point of view because they come with huge transaction fees.
Vitalik Buterin noted
“The fees have been low for the past six months, so it’s a bit easier to kind of backburner the problem, but I think if Ethereum succeeds, we’re going to have another bull [market], and we know what bulls mean for transaction fees.
“From the point of view of a user, bulls can even be something to dread, because of how it makes transaction fees shoot up to $50 or $100 or whatever.”
According to Buterin, Ethereum developers are currently working to solve the scalability issue.
Aside from the aforementioned issue, ETH developers also plan to work on privacy, base-layer censorship resistance, and account abstractions.
At the time of filing this report, Ethereum (ETH), the second-largest cryptocurrency by market cap, is trading at $1,552, with a 5.47% price uptrend in the last 24 hours, according to CoinMarketCap.