Ethereum cofounder Vitalik Buterin, recently discussed the highly anticipated transition of his blockchain network that moved from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS).
Speaking at the Startmeup HK 2021 Festival in Hong Kong, Buterin admitted that the transition was taking too long, highlighting that the reason behind it was related to people not technical difficulties that the project experienced.
In other words, it was mostly the people deterring the improvements that led to the changes taking a long time.
This is what he said during the interview:
“One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people. Ethereum is now in a better economic position, but it took us five years to get to where we are now. We have a lot of internal team conflicts in these five years. If you are building a team, it is important to know who you are working with.”
When asked about Ethereum 2.0, Buterin said that the developers have been calling it by this name less and less these days.
And the reason for that is because they want to emphasize that this is not throwing out the existing Ethereum platform and making a new one. It is much more of an incremental set of changes, and this is a fact not lost on the programmers.
He further stated that sharding and rollups would greatly improve the scalability of Ethereum by a factor of 50 and 100. These two technologies stack up on top of each other, so once you have them deployed, the platform will be able to have the kind of scalability that large scale enterprise applications expect.
The Ethereum cofounder also expects the DeFi ecosystem to continue evolving, and he sees some unique applications coming in the future, a lot of interesting things.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Crypteligence.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.