Founder and CEO of Ethereum Platform, Vitalik Buterin recently appeared on the Canadian publication The Star. During the interview, vitalik spoke on the future developments and events of Ethereum.
Vitalik claimed that his team plans to reduce the crypto transaction costs by a factor of 100 by improving the scalability. He further stated that this is crucial as the Ethereum network is now bigger than Bitcoin.
While Bitcoin blockchain network, is only facilitating BTC transactions, the Ethereum network can offer other opportunities as well. It hosts a range of smart contracts and DApps aiming multiple industries apart from finance.
vitalik believes that the major issue faced by the crypto industry is to resolve the scalability issues. According to vitalik, upgrading scalability will surely enhance the crypto adoption.
Vitalik also highlighted that under the existing Ethereum framework, each computer in the network needs to verify every transaction. This reduces the overall execution performance and speed.
He says that with some minor sacrifices in security, developers can reduce the network congestion wherein every node verifies only a smart part of the transaction.
Buterin also adds other factors like improvements in account security, usability, and privacy, to steer ahead mass adoption.
Buterin appreciated the rise in public awareness for blockchain
He said :
“Five years ago, the blockchain was just about bitcoin, but now it’s much bigger than just bitcoin. It’s split off into separate spaces that have a lot of different visions”.
Buterin also added that regulators have a crucial role to play in promoting the mass integration for blockchain. Moreover, vitalik mentioned that he is quite surprised that regulators are increasingly warming up to public chains.