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Vitalik Buterin: Ethereum & amp; Co. must overcome two obstacles to become mainstream

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Vitalik Buterin is the co-founder of Ethereum. In an interview with American economist Tyler Cowen, Buterin commented on cryptocurrencies in general. Among other things, the question was what hurdles the cryptocurrencies would have to overcome in order to reach the mainstream. Buterin saw two major obstacles, scalability and ease of use.

In terms of scalability, Buterin stated:

“Ethereum Blockchain's capacity is currently about 15 transactions per second. If you just wanted to think about bringing all the rides from Uber to the blockchain, that would be 12 transactions per second. If you wanted to try to get PayPal, it would be hundreds of transactions. Everything that is even more complex goes into the thousands of thousands. I believe that the mere ability to process more transactions per second is important. This can be achieved through sharding and other scalability improvements at the base level we are currently working on. “

The cryptocurrency user experience is also very important.

To him he noted the simplicity of use:

“Another important point is the user experience. The use of the blockchain should not be as cumbersome as it is today. In addition, you have to improve the user experience in terms of security. It's about how easy it is to set up a wallet so that nobody can steal all the money overnight (…). These are the challenges for which we need much more innovation. I believe we will see such innovations in the next few years. “

Buterin also explained what gives value to a cryptocurrency. He also explained how, in his opinion, it was possible to check whether a new cryptocurrency had any value. He said:

“I've been thinking a lot and I'm still not sure what the best answer is (…). One way to determine the value is to regard the cryptocurrency as a kind of business. This company generates revenues via fees (…). A simple model is then to use the net present value of the transaction fees for valuation. “

Buterin briefly explained the many ways in which Ethereum can be involved in a broader sense.

< In addition, he explained what fascinated him about the new industry that created the cryptocurrencies and blockchain. Buterin said:

“I think that's part of what makes cryptocurrencies interesting. They are not just a decentralized resistance to censorship. They are also a cultural development that itself includes many aspects of decentralization. It's about how they are created, but it's also about living and working together, as well as creating things. “

Source: Soundcloud, Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/vitalik-buterin-ethereum-co-messen-zwei-hindernisse-zuberwinden-um-zum-mainstream-zu-werden/

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