Web3 Innovators

In Web3 Innovators, Conor Svensson, founder of Web3 Labs speaks to those folk changing the face of finance and other industries with web3 and blockchain technologies. Each week he speaks to a new guest who shares insights from their own journey with web3, giving you the chance to learn about challenges they’ve faced along the way, and how it's impacting their industry right now and will in the future.

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Web3 Innovators

Where is Ethereum headed?

March 01, 2023 • Conor Svensson • Season 6 • Episode 5

In the fifth episode of our new season of Web3 Innovators, our host Conor Svensson is joined by Ben Edgington, is the founder and lead product owner of Teku, an Ethereum 2.0 client at ConsenSys.

Episode highlights:

Why Ben decided to work exclusively on proof of stake and scalability of Ethereum
The surprises with Ethereum governance
The pragmatism surrounding Ethereum and knowing it may not immediately be perfect
The alternatives to Ethereum and where Ben sees compromises being made
How the Ethereum ecosystem has been expanded and what this means for adoption and new technologies
The Shanghai Hard Fork and Shanghai Stroke Capella upgrades and what this will mean for ETH staking
Why institutions are happy to stake in ETH
The areas of focus for Ben moving forward
What the Ethereum ecosystem needs to achieve just to give every person on the planet one transaction per day
The e-book that Ben is currently working on outlining the specifications for Ethereum’s protocols

Key Takeaways:

It was basically chaos. And yet somehow order emerges from the chaos. And I've come to believe this is really important for the health of Ethereum. We purport to be open and permissionless and we have to design and build our protocols in a way that reflects that. - Ben
I'm not an Ethereum maximalist, right? I don't think there should be Ethereum and nothing else. I'm very much for other approaches and explorations of the design space as long as people are aware of the compromises that are being made. - Ben
The upcoming Shanghai Stroke Capella upgrade. This is gonna happen in, my guess, early April and will unlock the rewards that stakers have put down. Currently we've got, it's about 16 million ETH staking, which is extraordinary, over half a million validators. - Ben
In the longer term, we need a solution in which every node on the network does not need to see every piece of data. - Ben
We are not going to get into infinite scalability, but for one transaction per day for everybody on the planet, we need a hundred thousand transactions per second. So there's a sort of order of magnitude estimate for when the Ethereum main net becomes capable. - Ben

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