Vitalik's Speech in Korea: Cryptocurrencies Need to Prove Their Real-World Utility, ZK Will Ultimately Defeat OP
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Vitalik's Speech in Korea: Cryptocurrencies Need to Prove Their Real-World Utility, ZK Will Ultimately Defeat OP
The next decade is crucial for blockchain technology, as crypto applications need to demonstrate their utility in the open market.
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Recently, Ethereum founder Vitalik Buterin visited South Korea to attend the Korea Blockchain Week. At a private event, he expressed optimism about Ethereum's future but noted significant challenges ahead, highlighting three key points:
(1) Cryptocurrencies must prove their real-world utility over the next decade, moving beyond narratives and expectations. Once scalability is no longer an issue, many projects will be exposed as ineffective;
(2) ZK-Rollups will ultimately defeat Optimistic Rollups, and some projects currently on Optimistic Rollups may eventually transition to ZK;
(3) Ethereum must eventually consider the implications of quantum computing in the distant future.
Vitalik stated that the next ten years are critical for blockchain technology, during which crypto applications must demonstrate their value in open markets.
"I think the next 10 years are when cryptocurrency must transform—it’s not enough to promise future usefulness; we must prove it's genuinely useful," he said. "Many applications seem promising in theory, but due to today's scalability issues, they're simply unfeasible." He added, "If a blockchain application cannot function after Ethereum completes its 'merge' to Proof-of-Stake and ZK Rollups take off, then using blockchain was likely 'pointless' from the start."
Discussing Ethereum's scalability challenges, Vitalik shared his expectations for the upcoming Layer 2 solutions, emphasizing that ZK-Rollups, based on zero-knowledge proofs, will ultimately outperform Optimistic Rollups despite being more technically challenging.
"In the long run, ZK-Rollups will defeat Optimistic Rollups because they have fundamental advantages, such as not requiring a 7-day withdrawal period," he said. He acknowledged the difficulty of building ZK-Rollups: "ZK is a technology that's just hard to build, with many challenges, while Optimistic Rollup technology is more mature." He still believes current Optimistic projects can succeed but expects a shift over time. "They'll do well. But I fully expect that eventually, they will transition to ZK at some point."
Finally, Vitalik added that Ethereum must eventually account for the development of quantum computing. "For quantum security, we must upgrade at some point," he said, noting ongoing exploration into "new forms of cryptography" resistant to potential quantum attacks. While crypto skeptics often argue quantum computing could undermine blockchains, Vitalik emphasized that crypto builders will need time to adapt. "We’re staying closely connected with AI researchers who continue working on this problem and developing better algorithms," he said. "But it’s still far off—perhaps 10, 20, or even 30 years away."
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