Vitalik Buterin: Ethereum 2.0 Will Bring Scalability and Open the Door to More Dapps and Enterprise Use Cases
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Vitalik Buterin, the co-creator of Ethereum (ETH), has stated that Ethereum will bring scalability and help open the door to more decentralized applications (Dapps) and enterprise use cases. He also discussed the importance of building diverse, open-source communities.

Buterin said this while speaking at a fireside chat with Brian Behlendorf, the executive director of Hyperledger, an open-source joint effort hosted by The Linux Foundation, designed to advance cross-industry blockchain technologies.

Read Also: Vitalik Buterin on What Lies Ahead of Ethereum and Why It Takes So Long to Launch Ethereum 2.0

Vitalik Buterin noted:

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“Our vision in Ethereum has always been to be this platform that’s open to all these different applications where the limit is just your creativity. But if in practice, just the economics make it so it’s only viable to do a few things, then in some ways that’s a big limitation on how much of our mission we could actually accomplish.”

Due to the vast growth of decentralized finance (DeFi) on the Ethereum network, the cost of using the blockchain has skyrocketed and scalability has become a pressing issue.

Admitting these issues with the Ethereum network, Buterin said, “Right now, transaction fees are high… it prices out users.”

Read Also: Vitalik Buterin: I Bought $25,000 worth of Dogecoin in 2016 and Sold For $4.3 Million in Late 2020

In the course of the Hyperledger fireside chat, Buterin stated that layer 2 solutions such as roll-ups have also come to the fore.

Buterin said:

“So sharing times a hundred, rollups times a hundred, the two multiplied times ten thousand. And the hope is that you can simultaneously make the platform able to handle more users and reduce transaction fees.

Speaking about building public blockchains for enterprises with very minimal transaction fees, Vitalik Buterin said:

“We should have an ecosystem where the enterprises and everyone, they can just all live together and the ecosystems can kind of plug into each other and benefit each other much more.

“But the challenge is that if you want anyone to be building on the public chain then, the transaction fees have to go down and then also privacy issues have to be solved. And that’s like the other benefit… you have all of these very diverse, different groups just building and working on this technology and everyone can just use each other’s stuff ideally. So I’m optimistic about that future.”

Read Also: CoinMetrics: What Net Issuance of Ethereum (ETH) Would Look Like if EIP-1559 Burns 75% of Fees

Regarding the much-anticipated transition of Ethereum from proof of work (PoW) to proof of stake (PoS) consensus algorithm, Buterin stated that it’s a big motivation that the upgrade will reduce the resource requirements of Ethereum by more than 1000x.

Buterin said, “It’s good for the Ethereum community and good for the users, good for the world, it’s always great when things line up that way.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.