Changin Peng Zhao, CEO of the Binance cryptocurrency exchange, criticized Vitalik Buterin’s recent statement that the Ethereum blockchain is almost full and the cryptocurrency network is experiencing obvious scalability issues. According to him, the problem of scalability has already been solved by newer blockchains.
Earlier this week, Buterin said in an interview with The Toronto Star that this aspect is today one of the biggest hurdles for large organizations interested in the Ethereum ecosystem.
Changpeng Zhao, however, does not agree with this opinion and believes that the real problem is a wider adoption of cryptocurrencies.
I like Vitalik & ETH, but speed & capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people actually use, so that we hit the new capacity issues / limits again. Focus on applications. https://t.co/wev1deZsVY
– CZ Binance (@cz_binance) August 21, 2019
“I like Vitalik and ETH, but speed and capacity were a problem a year ago. Now this issue is largely resolved by newer blockchains. We need real applications that people would really use. After that, we will be able to talk about new problems and network limitations, ”wrote the head of Binance on Twitter.
Buterin, however, did not disregard Zhao’s comment, noting that the problem he was talking about was by no means resolved. According to him, even semi-centralized blockchains are capable of processing no more than a few hundred transactions per second, and EOS is already experiencing scaling problems.
It's not solved at all. Even the newer semi-centralized blockchains have TPS in the hundreds; AFAIK EOS has already had scalability bottleneck issues.
– Vitalik Non-giver of Ether (@VitalikButerin) August 21, 2019
Vitalik Buterin also added that he is becoming more and more disappointed in the decisions of the second layer, such as for example, the Lightning Network. According to him, he agrees with Vlad Zamfir, who previously said that creating applications for off-chain data processing is too complicated and does not correspond to financial incentives.
I have been getting more and more pessimistic about off-chain-data L2s over time. @VladZamfir is right; they're just hard to build, require too much application-layer reasoning about incentives, and hard to generalize.
– Vitalik Non-giver of Ether (@VitalikButerin) August 21, 2019
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