Vitalik Buterin: “When the market is down, focus on developing the technology”
Vitalik Buterin (Co-founder of Ethereum) has a meetup in Hanoi about the scalability of cryptocurrency and opportunity of Blockchain application.
The appearance of Vitalik Buterin at a meetup in Hanoi on 17th Sep 2018 is a hot news with Vietnam technology community, especially with Blockchain community.
Over 200 attendees were eager to meet Father of Ethereum — Vitalik Buterin but he seemed to be a little shy as media have described before.
After saying hello with everyone in Vietnamese, Vitalik started to talk about technology with confidence. He answered all the questions very fast and informatively.
The young Co-fouder shared his in-depth knowledge and the details about the scalability and development plan of Ethereum in the future. Besides, he addressed about the growth of Blockchain industry, how to apply this trending technology in solving global issues, and answered the questions from audiences related to technical upgrades for Ethereum.
Having talk with Vitalik is Mr. Tran Huu Duc (Director of FPT Ventures) and Mr. Loi Luu (Founder of Kyber Network).
According to Vitalik Buterin, about 2 years ago when Blockchain technology and cryptocurrency market didn’t boom even in the USA, there weren’t any meetups for gathering Blockchain developers. In fact, a number of Ethereum Hanoi meetups have been created by CEO Loi Luu of Kyber Network — project of Powering Decentralized Liquidity on Blockchain that is advised by Vitalik.
For the plan of improving platform’s scalability, Ethereum is researching to transform Proof of Work (PoW) into Proof of Stake (PoS) combining Sharding and Casper. According to technical team of Ethereum, it will take 2 years to finish this transformation. This will enable faster transtractions on the system for thousands of TpS (Transactions per Second). Meanwhile, the transaction speed will not be affected when the number of nodes increases. The nodes will be selected by random algorithm base on baecon chain.
Ethereum has redefined that a node in the network can handle multi-functions at the same time such as creating block, inspect block, inspect transactions. In addition, experts of Ethereum are conducting many researches and experimentations to improve scalability and transaction processing speed. The Ethereum’s technical team has finalized the Casper design (Ethereum 2.0) and run test on transaction security on Ethereum.
Vitalik said that research on solutions to improve system scalability is currently theoretical. The improvement from Ethereum 1.0 to Ethereum 2.0 need more time for research and experimentation.
With the question that the crytocurrency market is sharply decreasing, what technology developers should do to maintain their investors and users, the Co-founder of Ethereum said that he has worked in this field for 7 years and he has seen the price dumping twice.
“In this situation, we need to focus on developing the technology. The technological improvement will promote general development and warm up the market and keep the community moving forward”, stated Vitalik
Moreover, Vitalik talk a lot about the future of Ethereum and Blockchain. He had a successful meetup with the technology community in Hanoi, Vietnam.
The meetup was organized by Kyber Network, TomoChain and FPT Ventures. Grab and Newcater are communication sponsors of the event.
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