Experiences have warranted a need to recover wallet address, because losing access to the wallet also means losing money. A lot of alternative solutions like master passwords have been proposed previously from the developers in the blockchain ecosystem.
Vitalik in the past have reinstated on how it is not possible to have a fully trustless blockchain and on how some applications are very closer to being trustless.
In the past he has stated, “Trust is the use of any assumptions about the behavior of other people.”
Vitalik Buterin recently tweeted: “This is the most standards-compliant and backward-compatible possible way to do social recovery: allow recovery-friendly wallets to set *one* recovery address, and that recovery address can have arbitrary logic, which is not published to chain until it’s actually used.”
This he stated when talking about a “Request for a tool to generate counterfactual k-of-N multisig addresses with CREATE2. That is, given a list of N addresses and a threshold k, generate the code of the contract that is a multisig with that k of N, and output the address that that code can be created at with CREATE2.”
Further stated, the multisig itself should ideally have some easy UI. The goal of this is to make privacy-preserving social recovery easier: you would only need to specify one recoverer address, and that address’s logic would not be visible on-chain unless it actually gets used.
Sydney Ifergan, the crypto expert tweeted: “Vitalik Buterin talking about the impossibility of fully trustless blockchain makes absolute sense. Fully Trustless can perhaps be near-perfect trustless. “
Ethereum (ETH) Developments
While it is to be admitted that Ethereum 2.0 is harder than expected for implementation in terms of technical parameters, there is no denying that considering the overall Ethereum Development Activity and other figures that ETH is worth holding as a long-term asset.
There are no fundamental problems in Ethereum, they need to just scale and they are going to do it, which is very much possible by the ETH developers. More of work is getting done for staking safety and security.
Of note, ESP has collaborated with the #eth2 team to put together some problems, which need solving. The nice thing is they are listing problems to be solved as project wish list.
Lot of development plans are underway concerning security, usability, developer experience, scaling and more. More of developers are joining the network contributing their skills making things better each day.
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