NFT Taipei | Fireside Chat with Vitalik: zk-STARK will be as important as blockchain in 10 years

Following the Taipei Blockchain Week, NFT Taipei kicked off today at the Songshan Cultural and Creative Park. The first event of the day featured a fireside chat with Ethereum co-founder Vitalik Buterin and Mask Network founder Suji Yan, discussing topics such as zero-knowledge proof (ZK) technology, the FTX incident, and the future development of Ethereum.

The Outlook on zk-STARK Technology

During the discussion, Vitalik mentioned that zk-STARK technology will become as important as blockchain in the next 10-20 years. This powerful privacy technology can not only solve issues in blockchain applications but also enhance security for users in centralized systems.

While blockchain offers characteristics like openness, censorship resistance, and adherence to developer-set rules, it sacrifices scalability and privacy. However, with the introduction of zk-STARK technology, these shortcomings can be addressed simultaneously.

Regarding how zk-STARK addresses privacy concerns, Vitalik noted that it depends on the application, as each application is unique. However, in terms of scalability, with the continuous development of zk-EVM technology, transaction verification will no longer be confined to the Ethereum blockchain, which will contribute to scalability improvements.

Reducing Gas Fees

Despite the decrease in Ethereum gas fees compared to a year ago, it remains a significant burden for many. Vitalik stated that this is a scalability issue. After The Merge, Ethereum will enter The Surge phase, aiming to enhance the scalability of the entire Ethereum network through Layer2 solutions.

Vitalik believes that next year, the Layer2 teams will receive more attention, and advancements in technologies like zk-EVM and Optimistic Rollup will further reduce gas fees.

Opinion on the FTX Incident

Regarding the situation where many in Taiwan were affected by the FTX incident, Vitalik mentioned that successful entities in the crypto industry must be practical and maintain the true value of cryptocurrencies. While some believe that centralization is more efficient, decentralization exists not to evade regulations but to protect users and ensure system openness and transparency, which was not considered in the FTX incident.

"FTX's failure burned countless users' assets, but Uniswap has been running smoothly for four years, and MakerDao has also been operating quite well for the past four years," Vitalik said.

However, Vitalik noted that many in Latin America use Binance due to practical needs, enabling instant transfers without worrying about wallet loss, as centralized exchanges can assist in recovery processes. Instead of relying on centralized exchanges or hardware wallets, Vitalik prefers using "social recovery wallets" to maintain wallet security and decentralization.

Note: Social recovery wallets allow trusted parties or devices to act as guardians. In case of wallet loss, these guardians can help recover control by signing specific transactions.

Expectations for the Future of the Blockchain Industry

In closing, when asked what developments in the global blockchain industry would make him happy if invited to NFT Taipei in three years, Vitalik expressed:

"By 2025, I hope to see widespread adoption of cryptocurrencies and non-financial blockchain applications by the general public, utilizing them on-chain rather than just through Binance accounts."

Additionally, Vitalik hopes that people will use blockchain technology because of its importance, such as for asset transfers, utilizing DAOs for organizations and communication, and the use of soul-bound tokens and Poap.