The creator of Ethereum, Vitalik Buterin claims that crypto and the whole blockchain technology have to overcome two massive challenges before even considering going mainstream.
In a recent interview with economist Tyler Cowen, Buterin stated that scalability and ease of use are the critical issues that lay as the foundation of cryptos’ success.
It’s all about scalability and ease of use (mainly)
“Ethereum blockchain’s capacity right now is about 15 transactions a second. If you even consider something like putting all of the Uber rides on the blockchain, that’s 12 transactions per second already,” Buterin said.
“I do feel just raw ability to process more transactions per second is important, and that could happen through sharding and other base-layer scalability upgrades to the system, which we are working on. It could happen through Layer 2 technologies like state channels and plasma, which we are also working on. But if any of these approaches end up succeeding, then I do think that blockchains will end up being substantially cheaper and substantially more ready for actual mainstream use,” he continued.
User experience is also crucial
After that, Buterin also made sure to address user experience which he says is also critical, especially regarding security.
Buterin also discussed the elements that give crypto its value and how people should judge a coin’s value.
You can listen to the complete interview on Soundcloud, and we suggest that you do because it’s more than interesting what Buterin has to say about crypto in general and the blockchain technology.
He also talked about his own enterprise, and he discussed how to get hired at Ethereum, also explaining that excites him more about this new industry that crypto and blockchain are creating.
Buterin also brought up the cultural evolution that’s involved by all these concluding: ”But they are also this cultural evolution that itself incorporates many aspects of decentralization regarding how they’re produced and regarding a way of living and collaborating and building things.”