Ethereum co-founder Vitalik Buterin recently discussed the much-anticipated full transition from the Proof-of-Work (PoW) consensus model as a replacement for Proof-of-Stake (PoS). Buterin admitted at the Startmeup HK 2021 festival in Hong Kong that the transition was taking too long and highlighted that it was not a technical problem, but “people-related.”
Buterin: ‘If you build a team, it’s important to know what you’re working with’
Vitalik Buterin is discussed The anticipated Ethereum 2.0 transition during the Startup HK 2021 Festival in Hong Kong last week. The Ethereum cofounder elaborated that he understands changes are taking a long time, adding that most people were holding off on a correction.
“One of the biggest problems I’ve found with my project isn’t technical problems, it’s people-related problems,” Buterin said during his interview With Forkast News. “Ethereum is in a better financial position now, but it took us five years to get to where we are now. We have had a lot of internal team conflicts in these five years. If you are building a team, this is important to know Who are you working with?”
When Buterin was asked about Ethereum 2.0, he said that developers are calling it at least that name these days.
“We actually call it Ethereum 2.0 a bit short because we want to emphasize that, it is not eliminating the existing Ethereum platform and creating something completely new. It is just a more sort of incremental set of changes. ,” commented the programmer.
Ethereum cofounder says scalability and proof-of-stake are important
Buterin further added that sharding and rollups will improve the scalability of Ethereum from 50 to 100. “The two of them are stacked on top of each other, so once you have the rollup and sharding, things will really happen on top of Ethereum and Ethereum. The scalability to be expected of large scale enterprise applications be able to,” Buterin told the video host
Buterin then explained that a lot of people are building, adding that the transition to PoS will be important going forward. Buterin emphasized:
There are a lot of other things that people are building in the Ethereum space, but the blockchain’s ability to handle all transactions is having a hard time keeping up with the demand, which is why all of these things are what we’re working on. The technology side is very important with scalability and proof of stake.
During the end of the interview, Buterin’s conversation focused on the decentralized finance (defi) and non-fungible tokens (NFT) space. The Ethereum cofounder expects the DeFi ecosystem to continue to grow, and sees some unique applications coming in the future.
“The functionality and programmability offered by cryptocurrencies and DeFi could ultimately provide tools to do a lot more interesting things,” Buterin said.
What do you think of Buterin’s statement about people’s difficulties rather than technical difficulties related to the Ethereum 2.0 upgrade? Let us know what you think about this topic in the comment section below.
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