Vitalik: “Ethereum has transitioned to proof of stake… a ‘decentralized renaissance’ is coming”

Vitalik Buterin, co-founder of Ethereum (ETH) (pictured), said on the 14th (local time) that “a ‘decentralized renaissance’ is coming.”

In a post on X, Buterin said, “Decentralized applications in 2014 were toy-level, but now they’ve become sufficiently practical tools.” He added, “All the prerequisites to realize the early Web3 vision are already in place,” and said “(Web3) will grow stronger over the next few years.”

He also underscored Ethereum’s vision. “In 2014, there was a vision of creating permissionless, decentralized applications and using them to build finance, social media, and even an entirely new alternative web,” Buterin said. “Over the past five years, various ‘metas’ and ‘narratives’ have risen and fallen repeatedly, but the core vision has never disappeared even once.”

Buterin also noted that “Ethereum has now transitioned to proof of stake (PoS).” Proof of stake is a method that allocates validators’ opportunities to verify transactions on a given blockchain based on factors such as token holdings and staking period.

Buterin said, “With the power of ‘zero-knowledge Ethereum Virtual Machine (ZK-EVM),’ Ethereum will become more scalable going forward and (fees) cheaper,” adding that “thanks to ZK-EVM and PeerDAS, the ‘sharding’ vision has effectively entered the implementation stage.” Sharding is one of the solutions designed to boost the scalability of the Ethereum network.