- Vitalik Buterin, the creator of Ethereum, gave his opinion on the main problems faced which are cryptocurrencies faced today.
- His publication unleashed what he called attacks by major figures in the crypto industry.
The creator of Ethereum, Vitalik Buterin, has a long history of conflicts with prominent figures in the crypto industry. Recently, he made a publication in which he explained, in his opinion, the 16 main problems that cryptocurrencies are facing today.
Five years ago, Buterin made a similar publication. The intention of the creator of the Ethereum was to update this first document, but his opinions were not well received and triggered an escalation of criticism.
Criticism on the Istanbul hard fork Istanbul by the creator of BitTorrent
The title of Buterin’s publication is “Hard Problems in Cryptocurrency: Five Years Laters”. The text concentrates on the various obstacles and problems that the cryptocurrency industry may face in the future. Buterin focused on the Ethereum network.
Later on, the social network Twitter would be the scene of the criticisms that Buterin received for its publication. One of the main critics was Bram Cohen, creator of BitTorrent, who set out to dismantle Buterin’s arguments through a series of tweets.
Here's Vitalik's opinions about the state of technology around cryptocurrencies. As you might expect, I think much of this is wrong-headed, and will explain (thread) https://t.co/m1FLSiiwo4
— Bram Cohen (@bramcohen) November 25, 2019
Cohen and Buterin differ especially at the critical point of the scalability of blockchains. Buterin claims that the best performance and scalability can be reached with shards on-chain. About this assertion, Cohen opined that it would not be a “real” sharding, but rather a redefinition of the nodes towards a lesser participation with partial operation.
Immediately, other industry figures joined the discussion. Adam Back, inventor of Hashcash; Calvin Ayre, founder of CoinGeek and podcaster Peter McCormack endorsed Cohen’s criticisms. The consensus of the debate seems to be: Buterin is wrong.
However, the creator of Ethereum seems to be able to take some merit in how the discussion was conducted.
— vitalik.eth (@VitalikButerin) November 26, 2019
Ethereum 2.0: Proof of Work to Proof of Stake
The Istanbul hard fork for the Ethereum network has been confirmed for December 7 of this year. This will be the first phase from Ethereum to Ethereum 2.0, also called Berlin. The most important change, which is the main reason for the criticism, is that the Ethereum protocol will go from a Proof of Work to a Proof of Stake.
Because of this, many community members have expressed concerns. The team behind Ethereum 2.0 has kept all interested parties informed. In total, as CNF has reported, they have made three updates on their progress.
The team, according to their report, is currently focusing on improving network security. To this end, they have conducted external audits and asked the community for help with rewards to help strengthen the team’s progress.
The price of Ethereum stands at $ 146 and follows the bearish trend of the current market. In the last 24 hours it has recorded a loss of 1.88%.