Ethereum naysayers were out in force as the week began after co-founder Vitalik Buterin warned that the network’s blockchain was “almost full.”
Buterin: ETH ‘Already Expensive’
In an interview with Canadian mainstream news outlet The Star, Buterin, discussed the future of Ethereum, along with the problems cryptocurrency faces on the path to broader adoption.
Using his project as an example, Buterin said that capacity on the Ethereum network was nearing its maximum, and that continued new users would push up fees.
“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 for transaction space,” he told the publication.
“It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining, but improvements in scalability can do a lot in improving that.”
Ethereum is on the cusp of major improvements precisely with the aim of preparing it for an influx of users with various goals beyond simply sending funds.
As Bitcoinist reported, the incoming updates, which together form what is known as Ethereum 2.0, will change Ethereum’s consensus model altogether.
“The main problem with the current blockchain is this idea that every computer has to verify every transaction,” Buterin continued about the current status quo.
“If we can move to networks where every computer on average verifies only a small portion of transactions then it can be done better.”
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Asked whether security would suffer as a result of such changes,