• 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.
 
 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Lido DAO announces new phase on Ethereum with Simple DVT module

Lido DAO announces new phase on Ethereum with Simple DVT module

Lido DAO voted on the deployment of the Simple DVT module nearly six months ago, it is ready for mainnet as of April 17. Simple DVT helps to make Lido’s technology accessible to more users. LDO price is down nearly 3% in the past day.

More Lido DAO News

New altcoins crash and burn, but this altcoin shows strength Premium

New altcoins crash and burn, but this altcoin shows strength

Binance Coin price shows a bullish pennant continuation pattern. BNB could range between the $600 to $526 levels until the skies clear out for Bitcoin. The altcoin could see a massive gain with the upcoming BEP-336 upgrade.

More Cryptocurrencies News

Cronos price fails to recover despite network upgrade

Cronos price fails to recover despite network upgrade

Cronos (CRO) is an Ethereum Virtual Machine (EVM) compatible chain in the Cosmos ecosystem. A mainnet upgrade was completed early on Wednesday and the asset’s price declined nearly 2% in the past 24 hours. 

More Cryptocurrencies News

XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place

XRP tests $0.50 resistance after Ripple CLO says pretrial conference with SEC did not take place

XRP is stuck below $0.50 resistance after failing to close above this level since Monday. Ripple CLO Stuart Alderoty said late Tuesday there was no pretrial conference since the SEC dropped charges against executives. 

More Ripple News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis

BTC

ETH

XRP