According to PANews news on June 9, Vitalik stated in his new article "The Three Transitions" that as Ethereum transforms from a young experimental technology to a mature technology stack, it can truly bring open, global With a permissionless experience, the stack needs to go through three major technology transitions roughly simultaneously: One is the L2 scaling transition: everyone moves to rollups. The second is wallet security transition: everyone is moving to smart contract wallets. Three is the privacy transition: making sure that privacy-preserving money transfers are available, and making sure that all other gadgets being developed (social recovery, identity, reputation) are privacy-preserving.


Vitalik believes that without the completion of the three transitions, Ethereum will fail. Without the first transition, the cost per transaction is $3.75 ($82.48 if we have another bull run), and every product aimed at the mass market inevitably forgets the chain and adopts a hub for everything oriented workarounds. Without a second transition, users are reluctant to store their funds (and non-financial assets), and everyone turns to centralized exchanges. Without a third transition, all transactions (and POAP etc.) are exposed for anyone to see, which is too high of a privacy sacrifice for many users, and everyone turns to at least somewhat hiding your Centralized solution for data.
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