Ethereum co-founder Vitalik Buterin recently discussed the highly anticipated full transition from a proof-of-work (PoW) consensus model to a proof-of-stake (PoS) alternative. At the Startmeup HK 2021 Festival in Hong Kong, Buterin admitted that the transition time was too long and emphasized that this is not a technical issue, but “related to people.”
Buterin: “If you build a team, it’s important to know who you’re working with
Last week, Vitalik Buterin discussed the expected Ethereum 2.0 transition during the Startmeup HK 2021 festival in Hong Kong. The co-founder of Ethereum stated in detail that he understands that these changes will take a long time, and said that it is mainly people preventing improvements.
“One of the biggest problems I found in our project was not a technical problem, but a human-related problem,” Buterin said in an interview with Forkast News. “Ethereum is now in a better economic position, but it took us five years to reach the current level. During these five years, we have a lot of internal team conflicts. If you are forming a team, it is important to know you Who are you working with.”
When Buterin was asked about Ethereum 2.0, he said that developers have recently called it less and less by this name.
“We actually call it Ethereum 2.0 less because we want to emphasize that this is not abandoning the existing Ethereum platform and creating a brand new one. This is a more incremental change,” the programmer Commented.
The co-founder of Ethereum stated that scalability and proof of stake are important
Buterin further stated that sharding and aggregation will greatly increase the scalability of Ethereum by 50 to 100 times. “The two are stacked on top of each other, so once you have aggregation and sharding, things on Ethereum and Ethereum will actually be able to have the kind of scalability that large enterprise applications expect,” Buterin told the video host people.
Buterin then explained that there are a lot of people building, and said that the transition to PoS will be an important future. Buterin emphasized:
People have built a lot of other things in the Ethereum space, but the ability of the blockchain to process all transactions is difficult to keep up with the demand, which is why we are studying all these things. The technical aspects of scalability and proof of stake are very important.
At the end of the interview, Buterin’s conversation mainly focused on the areas of decentralized finance (defi) and non-fungible tokens (NFT). The co-founder of Ethereum expects that the defi ecosystem will continue to develop, and he expects some unique applications to appear in the future.
“The functionality and programmability provided by crypto and defi can ultimately provide tools to do many more interesting things,” Buterin points out.
What do you think of Buterin’s statement about the personnel difficulties rather than the technical difficulties of the Ethereum 2.0 upgrade? Please tell us your thoughts on this topic in the comments section below.
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