{"id":552737,"date":"2023-09-25T07:30:20","date_gmt":"2023-09-25T07:30:20","guid":{"rendered":"https:\/\/wncen.com\/?p=552737"},"modified":"2023-09-25T07:16:48","modified_gmt":"2023-09-25T07:16:48","slug":"ethereum-challenges-vitalik-buterin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-challenges-vitalik-buterin\/","title":{"rendered":"Ethereum Founder Vitalik Buterin Reveals The Challenges Of The Network"},"content":{"rendered":"

The Ethereum<\/span> blockchain<\/span><\/a> is notable for its smart contract functionality and various other things. However, many might not be conversant with the challenges the network encounters. In a recent interview, Ethereum\u2019s founder, <\/span>Vitalik Buterin<\/span><\/a>, revealed the biggest of them all.<\/span><\/p>\n

Ethereum\u2019s Biggest Challenge<\/h2>\n

Speaking with <\/span>CNBC<\/span><\/a>, Buterin mentioned that the biggest challenge that the \u201cEthereum ecosystem\u201d faces is ensuring that it builds products that provide value to its users. According to him, the last decade was test-running, but now Ethereum needs to provide utility.\u00a0\u00a0<\/span><\/p>\n

Ethereum is known to host some of the biggest decentralized applications (dApps), including prominent decentralized exchanges (DEXs) like <\/span>Uniswap<\/span><\/a>, <\/span>Curve Finance<\/span><\/a>, and Sushiswap. The network has also grown massively to the extent that several Ethereum layer-2 networks have sprung up in a bid to scale the network.<\/span><\/p>\n

Related Reading: Bitwise Withdraws Application, A Big Blow To Ethereum ETFs?<\/a><\/div>\n

Despite this, it seems that Buterin believes that there is more to be done, even as Ethereum has asserted itself as the go-to <\/span>network<\/span><\/a> for dApps and other decentralized solutions. Meanwhile, <\/span>ETH<\/span><\/a>, its native token, is the second-largest cryptocurrency by market cap.\u00a0<\/span><\/p>\n

Buterin also spoke about how cryptocurrencies enjoy greater use in less-developed countries as people use crypto tokens to make payments and for savings.\u00a0<\/span><\/p>\n

Cryptocurrencies have long been touted as a hedge against inflation, and it would seem that crypto is being put to use where it is needed most. A recent report by <\/span>Chainalysis<\/span><\/a> showed that the highest-ranked countries for crypto adoption are being plagued with a devaluing fiat currency.\u00a0\u00a0<\/span><\/p>\n

The Ethereum founder also stated that centralized entities like Binance need to take a back seat for crypto adoption to move forward. While he appreciates these entities’ role in growing the crypto industry, he believes crypto needs to become more decentralized.\u00a0<\/span><\/p>\n

His reason for saying this isn\u2019t far-fetched as he noted that these entities are vulnerable to \u201cboth pressure from the outside and to themselves being corrupted.\u201d Truly, centralized entities have taken many hits this past year, which has had far-reaching consequences on the industry.\u00a0<\/span><\/p>\n

Last year, one of the biggest crypto exchanges, <\/span>FTX<\/span><\/a>, collapsed, which had several ripple effects on the crypto industry and market. Meanwhile, the two largest crypto exchanges by trading volume, <\/span>Binance<\/span><\/a>, and <\/span>Coinbase<\/span><\/a>, are currently embroiled in legal battles against the SEC.<\/span><\/p>\n

\"Ethereum<\/p>\n

ETH price sits at $1,578 | Source: ETHUSD on Tradingview.com<\/a><\/pre>\n
The Future Of Ethereum<\/h2>\n
Last year, Ethereum transitioned from a proof-of-work consensus mechanism to proof-of-stake following the <\/span>Merge<\/span><\/a>. Buterin stated this move has made the network more decentralized as it is \u201charder to shut down\u201d than a proof-of-work network.\u00a0<\/span><\/p>\n
He also banished the idea that the network was heavily reliant on him, which many had identified as a weakness as the government could easily go after him to clamp down on the network.\u00a0<\/span><\/p>\n
Related Reading: What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin<\/a><\/p>\n
According to him, Ethereum has grown to become independent of him and the Ethereum Foundation. He points out how several independent applications on the blockchain have taken the workload off him and made the network more autonomous.\u00a0\u00a0<\/span><\/p>\n
As to Ethereum\u2019s future plans and projects, he said that the network is focused on privacy and scaling with the help of zero-knowledge (ZK) rollups. ZK rollups are layer-2 scaling solutions that help scale the Ethereum network by moving computation off-chain, thereby reducing the computing workload on the network. It also promotes privacy, as one can verify transactions without knowing what it is about.\u00a0<\/span><\/p>\n
Featured image from Bloomberg, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The Ethereum blockchain is notable for its smart contract functionality and various other things. However, many might not be conversant with the challenges the network encounters. In a recent interview, Ethereum\u2019s founder, Vitalik Buterin, revealed the biggest of them all. Ethereum\u2019s Biggest Challenge Speaking with CNBC, Buterin mentioned that the biggest challenge that the \u201cEthereum ecosystem\u201d faces is ensuring that it builds products that provide value to its users. According to him, the last decade was test-running, but now Ethereum needs to provide utility.\u00a0\u00a0 Ethereum is known to host some of the biggest decentralized applications (dApps), including prominent decentralized exchanges (DEXs) like Uniswap, Curve Finance, and Sushiswap. The network has also grown massively to the extent that several Ethereum layer-2 networks have sprung up in a bid to scale the network. Related Reading: Bitwise Withdraws Application, A Big Blow To Ethereum ETFs? Despite this, it seems that Buterin believes that there is more to be done, even as Ethereum has asserted itself as the go-to network for dApps and other decentralized solutions. Meanwhile, ETH, its native token, is the second-largest cryptocurrency by market cap.\u00a0 Buterin also spoke about how cryptocurrencies enjoy greater use in less-developed countries as people use crypto tokens to make payments and for savings.\u00a0 Cryptocurrencies have long been touted as a hedge against inflation, and it would seem that crypto is being put to use where it is needed most. A recent report by Chainalysis showed that the highest-ranked countries for crypto adoption are being plagued with a devaluing fiat currency.\u00a0\u00a0 The Ethereum founder also stated that centralized entities like Binance need to take a back seat for crypto adoption to move forward. While he appreciates these entities’ role in growing the crypto industry, he believes crypto needs to become more decentralized.\u00a0 His reason for saying this isn\u2019t far-fetched as he noted that these entities are vulnerable to \u201cboth pressure from the outside and to themselves being corrupted.\u201d Truly, centralized entities have taken many hits this past year, which has had far-reaching consequences on the industry.\u00a0 Last year, one of the biggest crypto exchanges, FTX, collapsed, which had several ripple effects on the crypto industry and market. Meanwhile, the two largest crypto exchanges by trading volume, Binance, and Coinbase, are currently embroiled in legal battles against the SEC. ETH price sits at $1,578 | Source: ETHUSD on Tradingview.com The Future Of Ethereum Last year, Ethereum transitioned from a proof-of-work consensus mechanism to proof-of-stake following the Merge. Buterin stated this move has made the network more decentralized as it is \u201charder to shut down\u201d than a proof-of-work network.\u00a0 He also banished the idea that the network was heavily reliant on him, which many had identified as a weakness as the government could easily go after him to clamp down on the network.\u00a0 Related Reading: What The Drop In Spot And Derivatives Volumes Means For The Price Of Bitcoin According to him, Ethereum has grown to become independent of him and the Ethereum Foundation. He points out how several independent applications on the blockchain have taken the workload off him and made the network more autonomous.\u00a0\u00a0 As to Ethereum\u2019s future plans and projects, he said that the network is focused on privacy and scaling with the help of zero-knowledge (ZK) rollups. ZK rollups are layer-2 scaling solutions that help scale the Ethereum network by moving computation off-chain, thereby reducing the computing workload on the network. It also promotes privacy, as one can verify transactions without knowing what it is about.\u00a0 Featured image from Bloomberg, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":552738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,89213,1946,8953,87556,7931,8686,78803,4398],"class_list":["post-552737","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-news","tag-ethereum","tag-ethereum-foundation","tag-ethereum-founder","tag-ethereum-news","tag-ethusd","tag-ethusdt","tag-vitalik-buterin"],"acf":[],"yoast_head":"\nEthereum Founder Vitalik Buterin Reveals The Challenges Of The Network<\/title>\n<meta name=\"description\" content=\"In a recent interview, Ethereum founder, Vitalik Buterin, revealed the 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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