Ethereum inventor Vitalik Buterin has talked about stablecoins, meme coins, upcoming upgrades, and extensively about the challenges ETH 2.0 is passing through.
The founder has also admitted that Ethereum is having issues, but believes the main issue is people-related and not technical-related as many people presume.
Ethereum’s main challenge goes beyond technical issues
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Ethereum’s main 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 migration from to Proof-of-Stake (PoS) 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) is beyond the technical aspect. Buterin said the project’s greatest problem is the human factor and is the main reason why it has taken too long for the launch of ETH2. He said,
One of the biggest problems I’ve found with our project is not the technical problems, it’s problems related with people.
Buterin added that the project has some internal team conflicts, which have slowed down its growth for some time.
He said that in the beginning, he thought it would take three months to build Ethereum. But it took 18 months instead. A similar scenario is also witnessed with the launch of Eth2, he pointed out, adding that it took 6 years to do the proof-of-Stake while they planned 1 year.
Eth1 will not go extinct
Buterin also noted that its first project Eth1 will not be scrapped completely, even after the launch of Eth2. Rather, the plan is for developers to make gradual changes that will allow both chains to coexist effectively.
He stated that the scalability of the network will improve more when both of the platforms are stacked on top of each other. This will provide the level of scalability the large-scale enterprises are looking for.
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