Vitalik Buterin Announces, the co-founder of Ethereum, has detailed his plans for making all Ethereum’s layer-2 (L2) networks work together seamlessly. Buterin recently wrote on X about the best ways to fix problems with cross-L2 compatibility.
This discussion followed his post on August 5, where he predicted a potential solution to these problems and predicted. That Ethereum’s L2 networks would provide a seamless user experience. Vitalik Buterin brought attention to various Ethereum Improvement Proposals (EIPs) that attempt to improve cross-L2 compatibility, and he noted that a large community effort is necessary to achieve this goal.
EIP-3370 to Introduce New Address Standard
A new address standard is introduced in EIP-3370, a crucial proposal on this roadmap. Decentralized applications (dApps) and wallets are obligated by the standard to simplify the user interface by displaying chain-specific addresses with a human-readable prefix. Efforts to create a common protocol for communication across various Ethereum L2 networks are underway with EIP-7683, another major milestone.
This proposal hopes to alleviate users’ difficulties and inefficiencies while transferring assets between networks by simplifying and streamlining the process. EIP-7683 aims to simplify transactions between chains by establishing a standard set of rules. In addition, EIP-3668 will be discussed; it suggests a standard way for Ethereum smart contracts to access data stored off-chain.
This proposal, which Buterin calls “layer-2 light clients,” aims to reduce the burden and expense of on-chain storage for developers working on apps that use massive data sets. Vitalik Buterin went into further detail on the idea of “cross-L2-replayable account state updates” in a website article in 2023. With this method, L2 networks may stay secure and have low latency while receiving status changes from layer 1 (L1).
Buterin Mentions Phase 2 Updates to Enhance Compatibility
Buterin has already hinted at several phase 2 enhancements, such as proof aggregation and keystorerollupss, that will improve cross-chain L2 compatibility even more. These “stage 1” changes, he said, are not limited to rollup technology in any way, implying that they have wider relevance. Optimistic rollups and existing zero-knowledge (zk) rollups are compatible, according to Buterin, who also anticipates that all rollups will use zk technology to confirm transactions to Ethereum once every slot.
Nevertheless, he believes that this change will require more than five years. The immense potential of Buterin’s cross-chain interoperability was highlighted earlier this year with investment. Manager VanEck forecasted that Ethereum L2 scaling networks might achieve a $1 trillion market valuation in six years. Buterin has lately expressed his displeasure with options for scaling Layer 2 that are too sophisticated. At the same time, he advocates for a more measured approach to blockchain ecosystem development. The Ethereum mastermind highlighted the possible dangers of intricate Layer 2 networks.
The consensus among blockchain experts is that Layer 1 networks should prioritize security and simplicity to reduce the likelihood of serious vulnerabilities and attack paths. Because of their intended purpose of providing scaling solutions, Layer 2 networks manage more sophisticated characteristics to improve throughput and decrease transaction fees. These networks combine transactions processed on several networks and send them to Layer 1 for validation in batches.
Also Read: Waka Flocka Flame’s Solana Meme Coin Launch Draws Criticism
Conclusion
According to Vitalik Buterin’s introduction of L2 cross-chain interoperability, a more efficient, scalable, and integrated blockchain ecosystem is within reach. This breakthrough can facilitate new avenues for decentralized apps and finance. As well as the smooth integration of various L2 solutions with blockchain networks.
The blockchain community hopes that decentralized technology’s full potential will be realized as it develops and adoption increases. Thanks to trailblazers like Vitalik Buterin and the worldwide blockchain community’s combined efforts. The future digital economy could be more accessible, efficient, and user-friendly.
