Many people look at cryptocurrency as being the solution to the world’s problems. After all, it is a decentralized, transparent, secure, and almost infallible way to store and transfer money. On the other hand, the cryptocurrency community is looking to make it even better. For example, Ethereum’s Vitalik Buterin recently shared his insights into the future of cryptocurrency in a video interview with the Bloomberg Galaxy Crypto Index.
Sometimes it feels like no one is listening to what you are saying. Apparently, Elon Musk is one of those people. During a recent TED Talk , the entrepreneur and Tesla CEO defended his cryptocurrency, a digital token called “Elons,” while dissing Bitcoin . Musk criticized the cryptocurrency for being slow and energy-hungry. In response, the founder of Ethereum, Vitalik Buterin, argued that scaling is an issue facing any blockchain , and one that the cryptocurrency community is likely to overcome. Buterin also took issue with Musk’s flippant attitude towards cryptocurrency.
Yesterday, Tesla CEO Elon Musk tweeted his thoughts on the viability of ether, the currency underlying the Ethereum platform, and the concept of cryptocurrency in general, declaring that “cryptocurrencies are a scam.” The tweet was a response to the Daily Hodl’s recent article, which detailed a tweet from Buterin in which he argued that “the overwhelming majority of crypto communities are terrible.”. Read more about elon musk ethereum tweet and let us know what you think.Vitalik Buterin, one of the most prominent founders of Ethereum, has refuted Elon Musk’s views on fixing cryptocurrencies in a new article detailing the scalability limitations of the blockchain. Buterin addresses three issues: Memory, bandwidth and processing power and comment on their limits with today’s technology.
Vitalik Buterin criticizes Elon Musk’s simplistic approach
Vitalik Buterin, founder of the second most popular cryptocurrency (Ethereum), yesterday criticized Elon Musk’s idea of fixing cryptocurrencies by simply increasing some key aspects. In a new paper titled The Scalability Limits of Blockchain, Buterin takes on Elon by asking the question in the very first paragraph: Can we really, as Elon Musk wants, accelerate blockchain time by a factor of 10, increase block size by a factor of 10, and reduce fees by a factor of 100 without causing extreme centralization or compromising the fundamental properties that make blockchain what it is? Buterin, who has always been concerned about blockchain adoption, addresses these ideas in the article. He argues that one of the most important factors in the protection and decentralization of blockchain is the ability of ordinary users to manage the node (this view has already been criticized by some users in the broader blockchain community and is at odds with other views, such as that of Olivier Janssens since 2017). According to him, there are only three basic factors that can affect the ability of end users to serve a node: Memory, bandwidth and processing power. The article explains how to configure these three factors and their recommended values if the goal is a well-functioning blockchain. As for storage, he notes that while there is an 8TB SSD, this size is not acceptable for most users, and 512 gigabytes is the upper limit. In terms of bandwidth, there are already very high link speeds, but the limit would be about five blocks of five megabytes every ten seconds, since the nodes also need to conserve bandwidth for protocol overhead and transaction translation. As for processing power, the paper explains that ten percent of a computer’s maximum power should be the limit, as nodes need to conserve energy to withstand DDoS attacks and short-term outages.
The document is a technical rebuttal to what Musk suggested last week when he tried to come up with a simplified solution to the scalability problem. Musk has proposed Dogecoin, his crypto currency, as the next evolutionary currency for the world. He even offered to fund development and help Dogecoin’s current programmers improve the coin’s behavior to make it more energy efficient. Musk didn’t wait long to fire back at this technological answer to his challenges: The Tesla CEO had fun pretending Buterin was afraid of the Great Dane, posting a meme on Twitter featuring a Shiba Inu dog on a classic Jaws movie poster. What do you think of Buterin’s latest work? Tell us what you think in the comments section below.
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Transit, bitcoin, blockchain scalability, computing power, dogecoin, Elon Musk, Ethereum, memes, non-mining nodes, data storage, Vitalik Buterin Photo credit: Shutterstock, Pixabay, Wiki Commons Denial: This article is for information only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any goods, services or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author shall be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services referred to in this article.Whether or not you agree with him, there is no denying that Elon Musk is one of the most respected entrepreneurs in the world. As the brains behind companies like Tesla and SpaceX, Musk’s ideas have inspired people, and perhaps even shaped the future.. Read more about new cryptocurrency and let us know what you think.
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