The Blockchain speed and the capacity problem is still a burning problem in the crypto space and Binance’s CEO, Changpeng Zhao, and Ethereum co-founder, Vitalik Buterin are currently in a debate around that.
Zhao vs Buterin
It is said that the battle for a scalable solution is the blockchain’s race to the moon. While a few blockchain projects are still struggling to solve scalability solutions and increase transaction per second (TPS) or transaction speed, Binance CEO believes that the problem is now largely solved.
On August 21, CEO of Binance Exchange, Changpeng Zhao (CZ) claimed that speed and capacity are a largely solved problem for newer blockchains (for now). He quietly remarks on Vitalik’s post, saying that we now need to focus on applications. CZ’s comment comes in the wake of Vitalik Buterin’s recent warning, who argues that “his blockchain is almost full”. During an interview with “The Star”, a Canadian outlet, Buterin said that the lack of scalability still exists which is becoming a barrier for organizations from joining the network.
“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone [else] for transaction space,”
Quoting the article with Buterin’s warning about Ethereum blockchain, CZ says that he liked Vitalik and ETH but believes;
speed & capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people use so that we hit the new capacity issues/limits again. Focus on applications.