Vitalik Buterin, co-founder of Ethereum, has criticized an idea put forward by Elon Musk, founder of SpaceX and co-founder of Tesla. In a recent tweet, Musk described a concept for a new type of crypto-currency that would be used to fund interplanetary payments. The idea, as described by Musk, is a variant of the Lightning Network, where coins would be locked down on one planet, and then opened on another planet by an automatic process. The Lightning Network is a vital part of Bitcoin’s scalability solution, but Musk’s idea breaks three of the core principles of the Lightning Network.
“Vitalik Buterin Highlights Flaws in Elon Musk’s Blockchain Scalability Idea” Vitalik Buterin, the founder of the Ethereum blockchain, has criticized a potential solution to blockchain scalability put forth by Elon Musk, the founder of SpaceX and Tesla. In a series of tweets, Buterin expressed his doubt that layer-two payment channels could provide the sort of scalability promised by Musk. He also indicated he would be open to a payment channel solution that was more sophisticated than the one proposed by Musk, which uses a “merchant’s bank” to hold funds until the payment is completed, but characterized the one proposed as “too simplistic.”
If you haven’t been living under a rock, you’ve probably heard of the idea of a “blockchain scalability solution,” most commonly known by its most vocal proponent, Elon Musk. The idea is simple: use sharding to increase the number of transactions the blockchain can process at any given time. But Vitalik Buterin, the founder of Ethereum, has some concerns about the idea. In a Twitter thread, Buterin highlights several flaws in the idea, including the fact that it does not increase the capacity of the network to process transactions, and that it creates new attack vectors that make the network less secure.In a personal blog about blockchain scalability, Ethereum co-founder Vitalik Buterin contradicts Tesla CEO Elon Musk’s vision of scalability. Buterin begins his post by asking how far we can go with blockchain scalability: Can we really, as Elon Musk wants, speed up block time by a factor of 10, increase block size by a factor of 10, and reduce costs by a factor of 100 without causing extreme centralization or compromising the fundamental properties that make blockchain what it is? If not, how far can you go? In May, Elon Musk tweeted that memecoin Dogecoin (DOGE) could win. Ideally, he said, Doge would accelerate block time by a factor of 10, increase block size by a factor of 10 and reduce costs by a factor of 100. So he wins by a wide margin. Musk was quick to respond to Buterin’s criticism. In his response, he stated that Buterin is afraid of the DOGE and posted a Jaws poster with a Shiba Inu instead of the shark. As for scalability, Buterin said there are important and rather subtle technical issues that limit scalability. It also emphasizes that significant increases in scalability and processing power must occur without extreme centralization and without compromising the fundamental properties that make blockchain what it is. Buterin cites computational power, bandwidth and data storage as the main limitations to the ability of an entire node to process large numbers of transactions. As a solution to this scalability problem, he introduces readers to quadratic sharding and argues that Ethereum will only get so far with quadratic the additional scalability gains gained by moving to transactional sharding cannot really be achieved without further risks becoming unacceptable. When discussing blockchain security and decentralization solutions, Buterin stresses the importance of normal users managing the nodes. An example of an attack, according to Buterin: When you have a community of 37 executive nodes and 80,000 passive listeners checking signatures and blocking headers, the attacker wins. If you have a community where everyone manages a node, the attacker loses. The threshold for effective protection against attacks is unknown, but more nodes is good, fewer nodes is bad, and we certainly need more than a few dozen or a few hundred nodes, he adds.
Ethereum developers are currently preparing for their 11th round. Ethereum 2.0 developers are gearing up for the first update, which is named after the brightest star in the northern constellation Aquila Altair. Both updates are expected to occur simultaneously in July or August, allowing validators to update Ethereum and Eth 2.0 simultaneously. Earlier this month, Ethereum reached an all-time high of $3,456. This increase in the value of the cryptocurrency is due to the use of the Ethereum platform in decentralized finance (DeFi).
Elon Musk played a key role in the recent commercialization of DOGE and the resulting price increase. He has also been in the news for Tesla’s $1.5 billion investment in bitcoin and the subsequent abolition of bitcoin as a means of payment due to environmental concerns. Recently, Musk spoke to North American bitcoin miners about creating a bitcoin mining council that would promote energy transparency and accelerate sustainability initiatives.One of the potentially most promising aspects of blockchain technology is its scalability. In other words, how big can it get? What is the upper bound on the amount of transactions the blockchain can handle? Can it compete with conventional payment systems? To answer this question, we need to turn to the Ethereum founder, Vitalik Buterin.. Read more about elon ethereum reddit and let us know what you think.
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