Vitalik Buterin posts new roadmap for Ethereum with a focus on L2 scaling, smart wallets and privacy

(Kitco News) - Ethereum (ETH) co-founder Vitalik Buterin posted a new roadmap on Friday entitled “The Three Transitions,” which lays out the development he expects to occur on the world’s top smart contract platform over the next few years.

“As Ethereum transitions from a young experimental technology into a mature tech stack that is capable of actually bringing an open, global and permissionless experience to average users, there are three major technical transitions that the stack needs to undergo, roughly simultaneously,” the blog said.

The transitions identified include the layer-two (L2) scaling transition, where everyone moves to rollups, the wallet security transition, where everyone moves to smart contract wallets, and the privacy transition, where developers ensure that “privacy-preserving funds transfers are available,” and that other services being developed, such as social recovery, are also privacy-preserving.

Without the L2 scalability transition, “Ethereum fails because each transaction costs $3.75 ($82.48 if we have another bull run), and every product aiming for the mass market inevitably forgets about the chain and adopts centralized workarounds for everything,” Buterin said.