Ethereum’s Vitalik Buterin Labels Tron And EOS As Piles Of Trash For Being Centralized Crypto Networks


Vitalik Buterin Likens Projects Like EOS And Tron To ‘Centralized Piles Of Trash’

During an appearance at a recent tech-conference, crypto-savant/ Ethereum co-Founder Vitalik Buterin spoke at length about a plethora of topics related to the Ether ecosystem as well as other popular crypto platforms. He started off by answering questions regarding the upcoming ETH upgrade event and whether it would have any effect on the currency’s long-term “throughput goals.”

Not only that, but Buterin also threw some shade at crypto offerings such as EOS, NEO, and Tron— claiming that the aforementioned projects were not worthy of being compared to Ethereum.

On the subject, Buterin was quoted as saying:

“So I’ve noticed a lot of misconceptions here. Because, like, there’s a lot of like, honestly, bad crypto projects that try to claim. ‘Oh, because we use fancy BFT, we can do 5,000 transactions per second and proof-of-work can only do 15.’”

More On The Matter

Talking about consensus mechanisms and why they have become one of the most important aspects of any blockchain system, Buterin said that there currently existed a lot of misconceptions surrounding the true purpose of a consensus algorithm. In his opinion, the point of a consensus protocol is “not to make a blockchain faster but to make it more secure”.

He then went on to add:

“The way proof-of-work works, it becomes unsafe if computers spend more than maybe 10% of the time actually mining and verifying blocks. […] Bitcoin-NG or things like the various forms of proof-of-stake, it could potentially be safe if you go higher than 10%. But the difference is still very small.”

Shots Fired

Following his comments on the safety and privacy of blockchain systems, Buterin spoke out against a number of other platforms that have recently disparaged ETH by claiming to have a higher “transaction volume potential”.

“When a blockchain project claims ‘We can do 3,500 TPS because we have a different algorithm,’ what we really mean is ‘We are a centralized pile of trash because we only have 7 nodes running the entire thing.’”

As many of our readers probably already know, the last assertion made by Buterin seems to be directly pointed towards NEO (a project that currently only has 7 active consensus nodes.) Lastly, it is also worth pointing out that NEO’s native framework is intrinsically quite different from that of Ethereum’s. For starters, NEO is non-mineable and does not make use of a specific mechanism for generating new coins.

Final Take

In rounding off his recent talk, Buterin stated that there were many other legitimate ways to make a blockchain system fast— such as making use of a layer one/layer two scaling module. Last but not least, he also mentioned that the Ethereum network can quite effectively address the issue of ‘latency’ that currently plagues a number of blockchain platforms.

https://bitcoinexchangeguide.com/bitcoin-btc-ethereum-eth-xrp-ripple-and-eos-price-analysis-watch-feb-7th/

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide