Ethereum $3,202.1 co-founder Vitalik Buterin shared his positive views on the new Sony-backed Layer-2 (L2) scaling solution, Soneium. Buterin’s statements come amid controversy over financial censorship and on-chain restrictions following the launch of Soneium. According to Buterin, Soneium offers a useful solution for companies.
Vitalik Buterin’s Soneium Review
Vitalik Buterin stated that the discussions surrounding the launch of L2 are a vivid demonstration of how blockchain is beneficial for businesses and users. He stated that as blockchain protocols make it possible to design new rules, businesses will be able to make detailed choices about how much control they want to have.
Buterin said that although there are those who oppose the censorship rules, the rules set on the network are strict. It was emphasized that everything is on the network and can be audited by third parties.
He also noted that businesses can create a closed system with no way out. In this case, he added, the status root can be edited, but users will know exactly what they’re getting into.
“Soneium’s case vividly demonstrates how good Ethereum L2 is for businesses and users. Businesses can make very granular choices about how much control they maintain with users. But whatever rules they choose, those rules are valid.”
Buterin stated that Sony Group has managed to create a system where users can submit their transactions with a certain speed reduction. However, he stated that the Soneium system does not censor users, it can only slow down transactions.
ETH L2 Race for Supremacy
New L2 protocols continue to live on the network. According to previous updates, Kraken also launched its Ethereum scaling solution Ink in December. Among these new protocol launches, Coinbase-backed Base Network and Arbitrum continue to lead the ecosystem in terms of transaction volume and Total Value Locked (TVL).
Base developers announced plans to tokenize COIN on the protocol this year. This is among many ambitious updates from leading organizations in the Ethereum ecosystem.
Ethereum co-founder Vitalik Buterin stated that the blockchain world is a free market. He added that the industry needs to pay attention to only two things: ensuring that a critical majority of financial activities occur in completely open environments, and ensuring that users have the tools to understand the platforms they interact with.
While it was emphasized that blockchain technologies offer flexible solutions for businesses and transparency for users, the importance of competition and innovative approaches in the ecosystem was once again demonstrated.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
