Vitalik Buterin, co-creator of Ethereum, believes that there are many projects that have potential on the network but have not developed enough due to gas fees that are still high.
The Russian-Canadian developer believes that if fees were reduced, tokens “soul“, account abstraction, social recovery wallets, ENS domain service, Ethereum logins, proof of humanity and reputation systems could grow.
During a recent AMA (Ask me Anything) session at the Ethereum Foundation, Buterin pointed out that Proto-Danksharding’s EIP-4844 and the growth of second layer options such as rollups will reduce fees. He stated that “a lot” of these applications have been too expensive for years, but the falling costs make them viable projects.
The “soul tokensare one such project that Buterin has commented on frequently over the past few months. These tokens could be used as a voucher or a certificate according to the co-creator of Ethereum. They would be the namesake of a CV, but in an Ethereum wallet.
Vitalik Buterin is also interested in identity verification systems. Web 3.0 logins are a concept under development. However, its implementation has been difficult due to its high cost.
Proof of Humanityan Ethereum ledger that seeks to establish an identity verification system, is a similar case of “soul tokens“. Each person must register their identity to receive the basic income from the UBI token. This is because Ethereum is expensive to operate.
Projects to improve user experience on Ethereum “account abstraction” is a system that eliminates the dependence of wallets on a unique and irreplaceable key. Its operational cost, which is doubled for transactions with “account abstraction“, forced its development on the second layer of Ethereum.
Outraged “account abstraction“, other updates that impact user experience include ENSdomains and social recovery portfolios. The first allows for a custom name (eg Vitalik.eth) which can be used instead of an address. This system usesaccount abstraction” to create a system that allows funds to be retrieved without the need for a private key. This recovery system is already used by wallets like Silver.
Each project requires network costs. These are not only related to development but also to adoption. These projects have many advantages, but their large-scale use is limited by high network costs.