Rajarshi Mitra
Independent Analyst
- Speaking at the Blockchain Connect Conference, Ethereum founder Vitalik Buterin called smart contract platforms who sacrifice decentralization for speed “centralized piece of trash.”
- Buterin insists that the legitimate way to scale up a network is by working on layer 1 and layer 2 solutions.
Speaking at the Blockchain Connect Conference, Ethereum founder Vitalik Buterin threw shade at blockchains that make a big deal out of their transaction volume potential saying:
“When a blockchain project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.’”
It is implied that he is taking aim at projects like EOS, TRON, and especially NEO, who follow a leader-based consensus model and sacrifice decentralization for speed. According to Buterin, there are “good, legitimate ways to make a blockchain fast” by working on layer one and layer two scaling solutions.
Buterin says that the biggest issue that needs to be fixed in Ethereum is latency, i.e. how long it takes to achieve latency on the network. He stated that Ethereum could get down from needing to wait “one minute for a medium degree of safety” to needing to wait mere seconds.
Some of the scaling solutions that Ethereum are working on are Raiden network, Plasma, Sharding, and transition to proof-of-stake.
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