By Solomon Odunayo
The co-founder of Ethereum (ETH), Vitalik Buterin, has admitted that the much-anticipated upgrade of Ethereum network from proof-of-work (PoW) to proof-of-stake (PoS) protocol, has presented a much harder challenge.
Vitalik Buterin made this acknowledgment during a debate with a popular Bitcoin (BTC) proponent, Samson Mow, during a podcast anchored by Peter McCormack on 16th August 2020.
During the debate, Vitalik stated that some Ethereum applications may fail while others succeed. He, however, admitted that this could cause a delay in the progress of the project.
Ethereum 2.0 Presents Much Harder Challenge
Ethereum co-founder, Vitalik Buterin says he would freely admit that Ethereum 2.0 is much harder to implement than he earlier expected.
The reasons for the tussle between Bitcoin and Ethereum networks were discussed by the three crypto big guns in the course of the debate. They also discussed whether Ethereum will manage to redeem many of its promises.
Peter McCormack who is also a Bitcoin maximalist, asked Buterin as follows:
“Do you ever feel like Ethereum has become a much more challenging project or idea than you originally envisaged, and potentially, you’ve bitten more than you can chew? And that it gets to the point where there’s no turning back?”
Buterin responded:
“I definitely freely admit that Ethereum 2.0 is much harder than we expected to implement from a technical perspective.”
“I definitely don’t think that we discovered any fundamental flaws that make it impossible and I do think it will be finished. It’s just a matter of time and it’s actually been progressing quite quickly lately.”
“If Ethereum tries to get into one space, and it turns out it’s actually not useful for that space, then fine, you know, those applications will not go anywhere. Meanwhile, the other sectors will keep going.”
About ‘Ether Is Money’ Narrative
During the conversation, Samson Mow criticized Ethereum advocates for changing the aims and objectives of the project. While buttressing his point, he said:
“It’s okay to pivot and evolve, but there needs to be a healthy disclaimer that this thing is experimental.
“A lot of the Ethereum people are saying Ethereum is money now and whatnot and now it’s competing with Bitcoin […] even I’m not sure what Ethereum is, or what it does, or what it competes with. Is it a world computer? Or is it money?”
In response to Mow’s point of view, Buterin said, “I definitely did not initiate the whole Ether is money thing, the Ethereum Foundation did not initiate it. That’s something that really did come from the outside.”
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