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Vitalik Buterin: scalability of the Ethereum network is a “problem area”, the blockchain is almost full

The blockchain of the second Ethereum cryptocurrency capitalization is almost full, and scalability is one of the most problematic sections of the network. Such recognition in an interview with The Toronto Star was made by the co-founder of this popular smart contract platform Vitalik Buterin. That, he said, is today one of the biggest hurdles for large organizations interested in the Ethereum ecosystem. “Scalability is […]

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The blockchain of the second Ethereum cryptocurrency capitalization is almost full, and scalability is one of the most problematic sections of the network. Such recognition in an interview with The Toronto Star was made by the co-founder of this popular smart contract platform Vitalik Buterin.

That, he said, is today one of the biggest hurdles for large organizations interested in the Ethereum ecosystem.

“Scalability is a big problem area because the blockchain is almost full. Large organizations see that if they join [Ethereum], the blockchain will not only become even more complete, but they will also have to compete with others for the transaction space. Already, it is expensive, but if they join, it will be five times more expensive. This pressure scares people away, ”Buterin said.

To remedy the situation, he says, it is necessary to move away from the model in which each computer on the network verifies each transaction and switch to a model where one computer on average checks a small part of the transaction in the blockchain.

Such an approach will lead to a significant reduction in costs, although to the detriment of security, but the cost of a compromise, Buterin believes, will be "quite modest."

In addition to scalability and other technological improvements, a challenge remains as the transformation of blockchain technology into something that people will really use.

“Scalability is not the only problem. There are challenges with usability, with security and privacy, although there are improvements. There are also improvements from a technical point of view, but even if the technology is sufficiently developed, how to turn it into what people will use? ” Buterin added.

Recall, in October, the first part of the planned Ethereum network hard fork called Istanbul is due to take place. Last week, developers approved six changes to the code base, which should be included in this upgrade. The second part of the hard fork, which should include the new ProgPoW mining algorithm, is expected to take place in the first quarter of 2020.

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Wells Fargo Banking Holding creates stablecoin pegged to US dollar

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U.S. financial giant Wells Fargo is working on a cryptocurrency pegged to the dollar. The company announced this in its press release .

According to the company, the future stablecoin will be used as part of its own blockchain platform. Its main focus will be cross-border payments between the company and its partners around the world. Moreover, other companies outside the US will be able to use cryptocurrency to complete transactions between themselves.

The decision to issue cryptocurrency in the company is explained by the need to reduce the cost of payments between different countries, as well as the acceleration of this process. The current mechanisms cannot be called bad, but they are already outdated: high commissions, terms of several days per transaction – all this cryptocurrency can leave in the past.

Wells Fargo assures that their stablecoin will provide almost instant payments, and the process of their implementation will become much simpler. Next year, the company will begin a pilot project during which the cryptocurrency will be tested in test mode. Initially, only dollars will be available for transfers, but in the future it is planned to add support for many other currencies.

Wells Fargo is not the first bank that intends to launch its cryptocurrency, but it is not only one of the largest banks in the world and in the USA, but also one of the most expensive companies in the world. The arrival of such a player will show other companies that without their own digital currencies and blockchain ecosystems, they will have nothing to do in this market.

Publication date 09/19/2019
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North Korea plans to launch its own cryptocurrency

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North Korea is creating a cryptocurrency with which the country will be able to avoid international sanctions.

It is assumed that the cryptocurrency development project is at an early stage. Its goal is the same as that of the Venezuelan project – last year the topic of developing the state’s national digital currency, Petro, was actively discussed. A cryptocurrency that does not yet have a name will be similar to the technology used by BTC or altoins. Currently, the team that is working on the project is studying products that could be tied to cryptocurrency. It is known that the payment instrument will not be exactly supported by the national currency of North Korea.

Experts believe that North Korea has enough opportunities and developments to present a good cryptocurrency. So, we can assume that the state will be able to improve its position in this way.

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The head of the SEC said when Bitcoin will appear on large traditional exchanges

Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC. “If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure […]

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Chairman of the US Securities and Exchange Commission (SEC) Jay Clayton said that bitcoin needs more regulation for listing on large exchanges. It is reported by CNBC .

“If investors believe that Bitcoin pricing is as strict as on the Nasdaq or the New York Stock Exchange, then they are very mistaken. We must get to the point where we are sure that trade is regulated correctly , ”he stressed.

We are talking about listing conditions for bitcoin itself, and not derivatives, such as CME futures.

Recall, Clayton said earlier that some progress on Bitcoin ETFs has been achieved. VanEck and SolidX have withdrawn their application.

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Name Price24H (%)
Bitcoin (BTC)
$10,263.20
0.96%
Ethereum (ETH)
$221.18
5.32%
XRP (XRP)
$0.302598
-2.73%
Bitcoin Cash (BCH)
$323.73
0.12%
EOS (EOS)
$3.97
-2.53%
Stellar (XLM)
$0.081708
2.65%
Litecoin (LTC)
$76.84
-1.05%
Cardano (ADA)
$0.052528
-0.46%
Tether (USDT)
$1.00
0.20%
Monero (XMR)
$75.95
-6.31%
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