Ethereum is the second-biggest digital currency as it has seen extensive development of over 1,000% over the previous year. The Ethereum environment has prospered with the enormous majority of decentralized finance (DeFi) protocols and stablecoins operating on it.
Alongside Ethereum’s massive development, high exchange charges and adaptability issues have tormented the blockchain as it battles to keep up with demand.
However, according to Vitalik Buterin, Ethereum co-founder, he believes that Ethereum issues are not due to its technology but, on the contrary, it’s due to the people. At the StartmeupHK Festival 2021, Buterin said,
Ethereum is now in a better economic position, but it took us five years to get to where we are now, we have a lot of internal team conflicts in these five years. If you are building a team, it is important to know who you are working with.
He conceded that building Ethereum had taken much additional time than he had expected and added “We thought it would take one year to do the Proof of Stake, but it takes six years. If you are doing a complex thing that you think will take a while, it’s very likely to take a lot more time,”
Buterin stated that the prevailing version of Ethereum has extensively become a victim of its success, with demand driving network fees to record levels, making most transactions economically unviable for the mediocre user.
Nevertheless, when asked about ETH2.0, Buterin said that the upgrades include Ethereum’s shift from a proof-of-work (PoW) consensus mechanism to secure the blockchain like Bitcoin to proof-of-stake, significantly lessening its value energy consumption.
The new Proof-of-Stake network will use around 99.95% less energy than the former one. Resistance traits such as sharding and rollups will also advance the scalability process. Sharding and rollups will independently improve the scalability by a factor of about 50 to 100.
Surprisingly, Buterin considers that stablecoins “immensely valuable” to the global economy as not only can you transfer money around, you eliminate the volatility concerns with cryptocurrency.
Buterin is a Dogecoin enthusiast
Buterin said he’d been a significant enthusiast of Dogecoin since it was originated, which was initially just a joke and relatively a tiny thing. But ever since Elon Musk gave shoutouts to Doge, so it rose massively.
Buterin, who made headlines for donating over US$1 billion worth of Shiba Inu (SHIB) tokens to India’s crypto Covid relief fund, also reflected on his contributions of the meme coin to charity.
I just saw like, okay, there are these new dog coins, and they’re worth a lot, and there was just an opportunity to turn the meme bubble into something that could do some good for people
He has also bestowed other dog-inspired parody coins like Akita Inu to different foundations.
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