During the Deconomy meeting which was held in Seoul in South Korea on Wednesday, Vitalik Buterin, Ethereum creator came up with the plans of discussing the 12-month goals and vision for Ethereum which is considered the world’s second largest Blockchain. This was in line with the blockchains potential and also a general discussion of the same.
However, with that said, the developer was involved in discussion with the other Ethereum scientists. This gave a window to the founder who’s 2 years the belief that the Ethereum platform has to be changed to enable accommodation of the growing levels of interest from the developers.
Therefore, during the meeting, the most notable comments were Buterin’s due to the fact that he talked about the low transactions which Ethereum can process currently. This is a barrier which has been made during last year’s creation of the various applications on the platform.
According to CoinDesk, the current Ethereum network has been involved in bumping up against its network capacity limit in the aftermath. Therefore, Buterin told the people in the meeting that currently, anyone who wants to build an application such as “decentralized Uber” or such can be frustrated.
However, the rideshare giant does 12 rides in a second; the Ethereum network processes 15 transactions in a second.
“If you want to build a decentralized Uber and Lyft on top of an unscalable Ethereum, you are screwed. Full stop.”
Additionally, the views by Buterin also gave focus on the scaling solutions. This includes sharing which a proposal was meant to split up Ethereum Blockchain. However, Buterin didn’t disclose the tie this solution might be made and added that he sees the cultural and social barriers.
“You try to read any Wikipedia article about any math topic; it’s just bunch of incomprehensible formula of mumble jumble.”
In the end, Ethereum research scientist Karl Floresch called for good participation in coming up with the solution. He said;
“One of the greatest barriers to this space’s growth in a more productive way is the dissemination of the information that will allow people to evaluate and validate these protocols themselves.”