Known as one of the leading figures in the cryptocurrency world, Vitalik Buterin, co-founder of Ethereum, has spoken about the upcoming plans and issues to overcome for Ethereum at the BeyondBlock conference in Taipei, Taiwan. One of the main points was planning to reach VISA levels of scalability within the next 3-5 years.
Discussing the many Ethereum replacements coming up on the market in the last few months, Vitalik said:
“The Ethereum killer is Ethereum, the Ethereum of China is Ethereum, the Ethereum of Taiwan is Ethereum… 2.0.”
Main issues to be overcome
According to Vitalik, there are 4 main areas that need improvement on the current platform: privacy, consensus safety, smart contract safety and scalability.
Vitalik believes there is an actively developing solution for each of the first 3 problems:
- Privacy – the Byzantium hard fork has created the ability for zk-SNARKs
- Consensus safety – “Casper” should bring solutions
- Smart contract safety – Viper and formal verification can solve this issue
The biggest issue that lies ahead is that of scaling, which Vitalik expects to represent a major challenge in the future, especially combined with decentralization and security. Up to this point, a system where all these 3 concepts are working together has proven difficult to achieve.
In order to achieve the desired level of scalability, it is likely that a change from Proof of Work to Proof of Stake is necessary and Vitalik expects this to take between 3-5 years.
Photo from Cointelegraph