Ethereum co-founder Vitalik Buterin recently discussed the highly anticipated complete transition from a proof-of-work (PoW) to proof-of-stake (PoS) consensus model as its replacement. Buterin admitted at the Startmeup HK 2021 Hong Kong Festival that the transition was taking too long and pointed out that it was not technical but "people related" issues.
Buterin: "If you create a team, it is important to know who you are working with"
Vitalik Buterin discussed the planned transition of Ethereum 2.0 during the Startmeup HK 2021 Festival in Hong Kong last week. The Ethereum cofounder explained in detail that he understood that the changes were taking a long time and said it was mainly people who were discouraging improvements.
“One of the biggest problems I've encountered with our project isn't the technical problems, it's the people-related problems,” Buterin said in his interview with Forkast News. “Ethereum is in a better economic position now, but it has taken five years to get to where we are now. We have had a lot of conflicts within the team over the past five years. If you are building a team, it is important to know who you are working with ”.
When Buterin was asked about Ethereum 2.0, he said developers are calling it less and less by that name these days.
“We actually call it Ethereum 2.0 a little less because we want to emphasize that it is not about eliminating the existing Ethereum platform and creating a totally new one. It's a much more incremental series of changes, ”noted the programmer.
Scalability and Proof-of-Stake are important, says Ethereum's co-founder
Buterin further stated that sharding and rollup would greatly improve Ethereum's scalability by a factor of between 50 and 100. "The two stack on top of each other, so once you have rollup and sharding, Ethereum and the things above Ethereum they will actually be able to have the kind of scalability that large-scale business applications have come to expect, ”Buterin told the video host.
Buterin then explained that there are a lot of people building and said the transition to PoS will be important in the future. Buterin pointed out:
“There are many other things that people are building in the Ethereum space, but the blockchain's ability to handle all transactions is having a hard time keeping up with demand, which is exactly why all of these things we're on. working the tech side with scalability and proof of the stakes are so important. "
During the end of the interview, Buterin's conversation touched on decentralized finance (defi) and the non-fungible token space (NFT). The co-founder of Ethereum (quotation ETH) expects the defi ecosystem to continue to evolve and expects some unique applications to come in the future.
"The functionality and programmability provided by cryptography and definition could ultimately provide the tools to do many much more interesting things," noted Buterin.
