Vitalik at EthGlobal: Projects Worth Building for a Decentralized Future
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At the recent EthGlobal event in Waterloo, Vitalik Buterin presented a compelling talk on projects that hold great potential for furthering the decentralized ecosystem. During his talk, he emphasized the importance of creating practical solutions that address real-world challenges while embracing decentralization. Here, we explore the projects Vitalik recommended.
1. Building a Next-Gen Wallet
Building a wallet that not only supports major Layer 2 (L2) solutions but also offers Cross-Layer 2 Transfers. The aim is to simplify the user experience and enable seamless transfers between different Layer 2 solutions without the hassle of dealing with multiple wallets or bridges. Additionally, this wallet should provide recipients with the flexibility to choose how they wish to receive payments, including the assets and Layer 2 networks they prefer. By leveraging existing tools and ensuring the automatic routing of payments, this wallet could significantly enhance the usability and accessibility of cryptocurrencies for users.
2. Social Recovery Wallet
Addressing the concern of a single point of failure in traditional wallets, Vitalik suggested the development of Social Recovery Wallets. Social Recovery wallets utilize multi-signature technology, requiring multiple trusted parties or friends to collectively recover access to funds if the private key is lost. By incorporating social recovery mechanisms, users can gain an extra layer of security and confidence in managing their assets, reducing the risk of losing funds due to personal mishaps.
3. ENS on layer 2
One of the significant challenges faced by users is the escalating gas fees on the Ethereum network. To address this, Vitalik suggested bringing the Ethereum Name Service (ENS) to Layer 2 solutions. By moving ENS functionality to Layer 2, users can benefit from reduced transaction costs, making it more feasible to interact with decentralized applications and services. As Layer 2 solutions continue to improve scalability and cost efficiency, ENS integration would enhance the overall usability of the decentralized ecosystem
4. ZK identity
Privacy and security are paramount for web3 mass adoption. To provide users with enhanced privacy while maintaining integrity, Vitalik suggested the implementation of Zero-Knowledge (ZK) Identity solutions. With ZK Identity, users can protect their privacy while participating in various governance processes.
5. Decentralized Social Media Platforms
Drawing inspiration from ENS and ZK Identity, Vitalik encouraged developers to create decentralized social media platforms native to the web3 ecosystem. By integrating ENS, users can have human-readable and decentralized usernames, promoting better user experiences and reducing reliance on centralized platforms. Combining this with ZK Identity, users can engage in online discussions and interactions while preserving their privacy and security. These platforms can also be tailored for specific use cases, such as facilitating governance within decentralized autonomous organizations (DAOs).
Here are some Projects You Can Build:
Building and Deploying a Voting Smart Contract on the Blockchain
A Comprehensive Step-by-Step Guide for Building a Flashloan Arbitrage Bot
About BuildBear:
BuildBear is a platform for testing dApps at scale, for teams. It provides users with their own private Testnet to test their smart contracts and dApps, which can be forked from any EVM chain. It also provides a Faucet, Explorer, and RPC for testing purposes.
BuildBear aims to build an ecosystem of tools for testing dApps at scale for the teams.