The founder of Ethereum – Vitalik Buterin – published his year-end round-up on the social media venue Twitter recently. He boosted his backup in favor of the proof-of-stake mechanism of consensus although he was formerly a supporter of proof-of-work. In addition to this, Buterin also strongly remarked against Bitcoin Cash.
Ether is above all
By elaborating on the transition of Ethereum from being a PoW to the PoS consensus mechanism, Buterin mentioned that in 2012 he was somehow defensive about PoW (which, in his words, is a wastage of energy). However, till 2013, he was enthusiastic for proof-of-stake and considered it to be a potential alternative. In 2014, he asserted, he had a solid belief in it. To prove his transition to an additionally open-minded stance, he discussed the proof-of-work mechanism’s environmental cost and his faith in the proof-of-stake model’s economic efficiency.
Recollections of the block conflict
The fight for the perfect size of Bitcoin block resulted in many hard forks as well as several conflicts across the community. Nonetheless, Buterin’s comments regarding BCH (Bitcoin Cash) were not much positive. In this respect, even though he admitted to having had once been hopeful about BCH, his opinion has radically been changed after that.
He moved on to label BCH as a failure to a great extent at present. He also stated that the communities having a foundation laid on rebellion, despite having a good motive, usually undergo difficulties in the long run due to their regard for bravery in comparison with competence, and they are unified over resistance instead of a logical way forward.
Scalability, a hot issue
Even after a long period spanned over several years, some things seemingly do not change. One among such problems is scalability. Throughout the recent months, this topic has grasped the attention of the crypto community so much so that it is considered to be the buzzword of this season. Vitalik Buterin has acknowledged having sensed that a proper limit should be set for the fees being charged over the online transactions thus preventing any extra charges to be imposed on the consumers.
He emphasized that he is comprehensively focusing on the factor that the cost over a transaction should not exceed 5 cents. He disclosed that in 2017 this was the objective of the network and even now it is pursuing the same target. A lot of expenditure and time is being spent on the scalability, he affirmed.
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