Vitalik Buterin, the co-creator of Ethereum and the founder of the Ethereum foundation recently spoke about the developments with Ethereum 2.0 and his take on the blockchain space in a podcast episode. He claims that with “tens of thousands of transactions a second” processing speed “Ethereum 2.0 will actually be the world computer.”
He acknowledged that fact the development is prolonged, and there are things they “got wrong the first time.” He said,
“Blockchains as they currently exist are in many ways a joke, right? Like 15 transactions per second… you’re not going to run the world economy on top of that… So I’m definitely just really excited about turning Ethereum into a system that we can really, fully be proud of,”
Moreover, the developments in the space also have provided considerable insight for designing Ethereum 2.0. The first public launch of the proof of stake protocol can be expected during early phases next year.
On the Future of Blockchain and Cryptocurrency
On developments in blockchain and cryptocurrency together, he said,
…being realistic, there has been very little actual deployment of blockchain applications outside of cryptocurrency so far.
Nevertheless, he also stated that it is “starting to change” now. The security, immutability, and efficiency provided by blockchain make businesses easy to operate.
Moreover, Vitalik is also concerned about the security of these decentralized assets. He stated that like central authorities today, the exchanges and custodians would do the same in the future. He said,
The idealist in me wishes centralized exchanges would go away and we’d able to decentralized once except for interfacing with the banking system.
Furthermore, Vitalik is also driving ‘social recovery password,’ that enables security for people by offering ‘multi-sig’ wallet and system that prevents theft. Currently, any crypto, including Bitcoin, can be hacked or stolen by obtaining the private keys. Hence, for thefts of large amounts and insurance from losing one’s keys in a relevant area that requires development.
Last but not least, he is very optimistic about the future of blockchain and its tokens. He believes that blockchain tokens and rewards for even the smallest of things like saving the environment could be valuable in the future. He said,
governments of the future may just end up buying up these tokens to thank people who helped in the past and to maintain the commitment that these kinds of tokens are going to be valuable for things that will matter in the future
Do you think Vitalik’s vision of creating a world computer on Ethereum would come true? Please share your views with us.
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com