Vitalik Buterin on Ethereum as the ‘World Computer'

At Devcon 2024 in Bangkok, Vitalik Buterin delivered a compelling talk about Ethereum’s role as the “world computer” His presentation, “Ethereum in 30 Minutes,” set an optimistic tone for the conference, celebrating Ethereum’s progress and outlining its future vision.

“Ethereum is the world computer, an incredibly large and diverse on-chain economy, and an incredibly large and diverse global community…” -- Vitalik Buterin

Buterin declared, drawing enthusiastic applause from the audience of developers and blockchain enthusiasts.

"Ethereum is: the world computer, an incredibly large & diverse onchain economy, and an incredibly large & diverse global community...all at once."

- @VitalikButerin in his talk 'Ethereum in 30 Minutes' at the Devcon SEA Opening Ceremony pic.twitter.com/dbDlXYGmQQ

— Deva the Devcon Unicorn (@EFDevcon) November 12, 2024

From Sustainability to Scalability: Ethereum’s Evolution

Buterin opened by reflecting on Ethereum’s milestones, especially its shift from Proof of Work (PoW) to Proof of Stake (PoS). This transformation wasn’t just about slashing energy consumption—though it did that impressively—it also made the network more secure and decentralized.

“Ethereum is now better equipped to serve as the backbone of a decentralized digital economy,” he explained

emphasizing that the upgrade marked a pivotal moment in aligning Ethereum with its goals of inclusivity and sustainability.

The multi-client design, another key point in his speech, ensures that no single implementation dominates the ecosystem. This structure enhances Ethereum’s resilience and reliability, making it a solid foundation for diverse applications.

Making Ethereum Affordable with Layer 2 Solutions

Scalability has always been a focus for Ethereum, and Buterin emphasized how far the platform has come. He praised Layer 2 solutions like Optimistic Rollups and ZK Rollups for their ability to process transactions off-chain before reconciling them on Ethereum’s main blockchain.

The results are game-changing: “This year, Layer 2 fees went down from 50 cents to less than 0.1 cent,” Buterin shared. Lower transaction costs have made Ethereum far more accessible, opening doors for a wide range of use cases, from microtransactions to gaming and beyond.

Beyond Transactions: Ethereum’s Role in Society

Buterin also highlighted Ethereum’s potential beyond financial transactions. He described a vision where Ethereum becomes a platform for both financial and non-financial applications, supporting projects that serve public goods and promote inclusivity.

“By lowering barriers and fostering diverse use cases, Ethereum can drive a fairer, more resilient internet economy,” he explained.

A Call for Collaboration

Wrapping up, Buterin called on the Ethereum community to remain committed to continuous improvement. He emphasized the importance of maintaining decentralization, scalability, and accessibility to build a robust platform that serves a diverse global audience.

“It’s all about evolving together”, he said. With the dedication of its global community, Ethereum is well-positioned to lead the way in blockchain innovation.

The Big Picture

Buterin’s presentation at Devcon SEA reinforced Ethereum’s unique position as more than just a blockchain. As the “world computer”, it’s a global, decentralized platform driving innovation and inclusivity. Whether by lowering costs, enabling diverse applications, or fostering a collaborative community, Ethereum is shaping the future of the digital landscape.

With its mission of decentralization and sustainability firmly in place, Ethereum isn’t just adapting— it’s setting the standard for the next era of blockchain technology.