Home News Ethereum Buterin Admits There Are Scaling Issues With Ethereum

Buterin Admits There Are Scaling Issues With Ethereum

August 22, 2019 12:53
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Vitalik Buterin
Vitalik Buterin at Unchained conference 2019
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Ethereum founder, Vitalik Buterin recently said that big companies face issues with the blockchain network, due to the scalability.

News portal, Coin Telegraph quoted Buterin as saying, “Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining.”

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Asked about how the situation can be rectified, Buterin said that networks need to evolve in such a manner that renders the need for computers to verify each and every transaction, redundant. Instead, a model that involves computer on average verifies only a small portion of the transactions on the blockchain, should be introduced.

In May this year, Elon Musk, the real life Tony Stark had tweeted out a cryptic message saying ‘Ethereum’. After that tweet Elon also tweeted “jk”, which perhaps was to save his account from being blocked again by Twitter, just as it had been blocked some time ago after his tweet regarding Bitcoin.

Musk’s tweet elicited a response-cum-invitation from Ethereum co-founder Vitalik Buterin, who invited Musk to the Devcon 2019 conference set to be held in October. But Elon, who has by now become world-famous for his Twitter comedy, advised Buterin to “stop giving away free ETH!”

In June, Buterin opened up another box of worms saying, that while BSV was definitely a scam, he also stated in no uncertain terms that cryptocurrency exchange Binance has way too much power.

At the time, Buterin had said, “There are arguments in favor of it, but then there’s also an argument that this is a centralized exchange that’s wielding a lot of power.”

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