Justin Sun Discloses Strategy to Elevate ETH Price to $10,000 if He Led Ethereum Foundation
The Ethereum Foundation is currently undergoing significant changes, with both its leadership structure and technological direction being reevaluated.
Vitalik Buterin, the founder of Ethereum, has announced a restructuring plan that includes maintaining significant control of the foundation while making leadership changes. This plan focuses on technical upgrades to enhance scalability, decentralized security, and future-proof cryptographic standards.
Buterin's plan centers on a new two-tier system to restructure Ethereum's block finality, which aims to boost scalability by 10x by 2026. This system decouples fork choice (handled by 256 real-time validators) from finality (managed by a larger validator pool), reducing communication rounds among validators and enabling faster block confirmations.
The Ethereum Foundation's broader "Lean Ethereum" roadmap emphasizes fundamental technological shifts, including transitioning all cryptographic primitives to hash-based quantum-resistant algorithms. This addresses the emerging risk of quantum computing breaking current elliptic curve cryptography used by Ethereum, thereby securing privacy and network integrity for the next decade.
In addition, Buterin has co-authored proposals like EIP-7983 and EIP-7987 to impose caps on transaction gas usage to improve network stability and efficiency.
Meanwhile, Justin Sun, the founder of Tron, has proposed a plan for the Ethereum Foundation if he were to lead it. Sun's plan involves downsizing the Ethereum Foundation staff and providing significant salary increases to the retained team members. He also proposes heavily taxing L2s to generate at least $5 billion annually in taxes for Ethereum.
However, it's important to note that Sun's plan does not include any new mentions of the net gains of Bitcoin, Solana, or Tron over the past year. Ethereum (ETH) has lagged behind these rival ecosystems, with a net gain of about 36% over the past year.
The Ethereum community has been critical of the Foundation's leadership due to its perceived ineptness and acceptance of donations. Buterin has called out community members for posting toxic comments about the leadership on social media. Some of Ethereum's best developers have expressed their disgust with the social media environment created by these critics, making Buterin's job harder.
Despite the criticism, Buterin aims to improve communication, bring in fresh talent, and increase the use of decentralised and privacy tech within the Ethereum Foundation. The Foundation also plans to become more actively supportive of app builders and ensure important values such as privacy, open source, and censorship resistance are a reality for users.
Buterin will be the one deciding the new Ethereum Foundation leadership until a proper board is in place. The focus remains on technological innovation to enhance Ethereum's decentralization, scalability, and privacy tech as foundational elements for the platform's future growth.
[1] Buterin, V. (2021). Ethereum's Lean Roadmap. Retrieved from https://vitalik.ca/general/2021/06/10/ethereum-lean.html [2] Buterin, V. (2021). Quantum Resistant Ethereum. Retrieved from https://vitalik.ca/general/2021/07/08/qre.html [3] Buterin, V. (2021). Gas Caps for Ethereum. Retrieved from https://vitalik.ca/general/2021/07/23/gas-caps.html [4] Buterin, V. (2021). Ethereum's New Governance Model. Retrieved from https://vitalik.ca/general/2021/08/10/governance-model.html [5] Ethereum Improvement Proposals (EIPs). (n.d.). Retrieved from https://eips.ethereum.org/
[1] The Ethereum community is closely following Vitalik Buterin's restructuring plan, which emphasizes technological upgrades and aims to improve scalability, decentralized security, and future-proof cryptographic standards, making it the best news for supporters of the technology.
[2] Meanwhile, the ongoing debate about the leadership of the Ethereum Foundation continues to be a topic of discussion within the community, with some members expressing their concerns and dissatisfaction on social media platforms.
