Ethereum inventor Vitalik Buterin has spoken about stablecoins, meme coins, upcoming updates, and extensively about the challenges ETH 2.0 is going through.
The founder has also admitted that Ethereum is having problems, but believes that the main problem is related to people and not technique, as many people assume.
Ethereum’s main challenge goes beyond technical issues
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Top Ethereum critics have been emphasizing the high fees on the platform and its technical difficulties, despite an impressive price rally and the success of its ecosystem.
They also questioned the difficulties in executing the Proof-of-Stake (PoS) migration from the Proof-of-Work (PoW) consensus. But Buterin has shed more light on the issues during the Fintech Forum at StartmeupHK Festival 2021.
He noted that the main challenge facing Ethereum (ETH / USD) goes beyond the technical aspect. Buterin said the biggest problem with the project is the human factor and it is the main reason why ETH2 has taken too long to launch. He said,
One of the biggest problems I encountered with our project is not technical problems, it is people-related problems.
Buterin added that the project has some internal team conflicts, which have slowed its growth for some time.
He said that at first, he thought it would take three months to build Ethereum. But instead, it took 18 months. A similar scenario is also seen with the launch of Eth2, he noted, adding that it took 6 years to do the proof of stake while they planned 1 year.
Eth1 will not be extinguished
Buterin also noted that his first Eth1 project will not be completely scrapped, even after Eth2’s launch. Rather, the plan is for developers to make gradual changes that allow both chains to effectively coexist.
He stated that the scalability of the network will improve the most when both platforms are stacked on top of each other. This will provide the level of scalability that large-scale companies are looking for.
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