Ethereum co-founder Vitalik Buterin shared his views on the current state of the network, naming its strengths and weaknesses, and also talked about ways to protect the blockchain from potential threats.

Speaking at the EthCC event in Brussels, where developers and crypto enthusiasts gather to discuss Ethereum’s achievements and challenges, Buterin began by outlining the network’s strengths. First, he mentioned its ability to support complex smart contracts that create an ecosystem of decentralized applications (dApps). These applications range from decentralized finance (DeFi) to non-fungible tokens (NFTs), proving Ethereum’s versatility.

Speaking about the shortcomings of the network, Buterin noted that Ethereum has difficulty processing a large volume of transactions, and this leads to increased fees and delays. The issue of security also remains open, as the network may be vulnerable to various types of attacks, including on smart contracts. In addition, Ethereum may not be easy for new users. Buterin explained that it may be difficult for beginners to manage wallets and interact with decentralized applications.

There are also problems with becoming a network validator. The verification process requires a significant amount of ether (32 ETH), and running a node requires technical knowledge. These problems could slow down the network’s growth and user acquisition. Therefore, Buterin proposed increasing the quorum threshold from 75% to 80%, which would require the vast majority of validators to agree to confirm transactions. This change would make it more difficult for attackers to control the network. In addition, Buterin advocated for the creation of an automated response to a possible 51% attack.

In April, the Ethereum co-founder proposed introducing a system of fines for large validators for simultaneous failures. Large fines should contribute to the creation of a more decentralized staking environment, Buterin believes.