Originally published on: December 03, 2024
In a recent blog post, Vitalik Buterin, the co-founder of Ethereum, has called upon Web3 wallet developers to prioritize the implementation of features that enhance both security and privacy. Buterin emphasized the importance of these properties in ensuring that users truly benefit from the decentralization and censorship resistance that Ethereum and its applications offer.
One of Buterin’s key proposals is to streamline transfers among Ethereum’s layer-2 scaling networks, such as Optimism and Arbitrum. These scaling networks collectively manage over $50 billion in total value locked, highlighting the significance of this optimization.
According to Buterin, it is crucial for Web3 developers to integrate privacy features across all wallets, rather than confining privacy to a select few specialized wallets. He suggested a method where wallets could store a portion of a user’s assets as a ‘private balance’ in a privacy pool to facilitate private transfers.
Moreover, Buterin recommended the incorporation of multisignature authorization in all Web3 wallets to enhance security. This feature would require multiple signers to authorize transactions, adding an extra layer of protection against potential breaches.
Additionally, Buterin stressed the importance of simplifying transfers among layer-2 networks by enabling users to send tokens directly to a wallet on a different layer-2 network. By implementing this feature, wallets could generate addresses that streamline the transfer process, making it more user-friendly and efficient.
It is evident that Buterin is committed to advancing the decentralization of layer-2 networks within the Web3 ecosystem. His proactive stance underscores the necessity for ongoing innovation and optimization to meet the evolving needs of users and enhance their overall experience with decentralized platforms.