Altcoin News: Vitalik Buterin: Scalability Is a Big Bottleneck
August 19, 2019, by Marko Vidrih on ALTCOIN MAGAZINE
Ethereum founder Vitalik Buterin said that at present, one of the main problems in spreading the blockchain platform among institutional users is that its resources are used at the extreme levels.
“ Scalability is a big bottleneck because the Ethereum blockchain is almost full,” he said in a conversation with The Star on August 19. —” If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining, but improvements in scalability can do a lot in improving that.”
To solve this problem, network participants will have to abandon the idea that each computer must verify all transactions in favor of a model where only one computer needs to verify a small fraction of the transactions, Buterin added.
According to him, this will lead to a moderate drop in security, but at the same time, it will reduce costs by more than 100 times. In addition, Buterin claims that the blockchain has yet to be transformed into a technology that people will really use.
“There are still challenges with usability, with account security and with privacy that are improving. It’s also improving from a technical point of view, but even if the tech is there — how do you turn it into something people will use?” he added.
Earlier, Buterin supported the idea of integrating Lightning Network to Ethereum and expressed the opinion that the future of cryptocurrencies will become diverse and pluralistic.
Author: Marko Vidrih
