Vitalik Buterin: The Ethereum Blockchain Is Almost Full, Scalability is a Big Bottleneck
Few public crypto personalities are as famous as Vitalik Buterin, the co-founder of the Ethereum blockchain. He, who is considered the face of Ethereum, was recently interviewed by The Star and talked about several important points, such as how the Ethereum blockchain is not scaling properly.
Scalability was surely the highlight of the conversation, as Buterin recognized that it would be the main issue along the way. According to him, scalability was always one of the biggest bottlenecks of Ethereum and the blockchain is “almost full” now.
He affirmed that there is a pressure to make more people join the blockchain in order not to lose space, but transactions are getting more expensive as time passes because the network is simply too full.
Fortunately, there are ways to overcome this main issue and improve the current situation. For instance, Buterin defended the need for moving away from the currently popular idea that all computers need to verify all transactions.
According to him, if only a handful of computers did it, it would be quicker and cheaper to improve the network. This would also bring costs down a lot, by over 100 times, he claims.
Another major issue that was detected by Buterin was exactly how to draw people to the network. According to him, transforming the technology into something really useful is one of the major problems to solve. Decentralized solutions still lag behind centralized ones when it comes to speed, so this is also something to improve.
He also affirmed that he is open to solutions that can connect BTC and ETH. According to him, there is no need to be competitive as to oppose these solutions. A recent example is a Bitcoin Lightning Network solution that was created to connect it to Ethereum.