Vitalik Butterin, founder of Ethereum, said that one of the main problems in the proliferation of the blockchain platform among institutional users is that its resources are being used at limit levels.
Scalability is a major impediment to further growth of Ethereum because blockchain is almost completely full," he said in a conversation with The Star on August 19. - If a large organization wants to join the network, it will not only lead to even more occupancy. It will also have to compete with the others for the space for transactions. It is already quite expensive, and with them it will become 5 times more expensive. This factor keeps people from joining.
To solve this problem, network members will have to give up the idea that each computer should verify all transactions, in favor of a model where one computer will need to verify only a small proportion of transactions, added Buterin.
According to him, this will lead to a moderate drop in security, but at the same time will reduce costs by more than 100 times. Buterin also said blockchain has yet to be transformed into a technology that people will really use.
"There are problems with the usability of blockchains. Account security and privacy are already improving. There are also improvements in the technological context. But even if the technology is developed enough, how can we turn it into something that people will use? - He added.
Earlier, Buterin supported the idea of integrating Lightning Network and Ethereum and expressed the view that the future of cryptocurrency will be "diverse and pluralistic.
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