Vitalik Buterin Says He’s "Very Confident" Ethereum (ETH) Fees Will Drop
AI Trading

Vitalik Buterin, the co-founder of Ethereum (ETH), has confidently assured the community that the cost of using the network will soon undergo a drastic reduction.

In a new interview with CNN Business, Buterin also spoke about the current state of cryptocurrencies in the market, stating that he’s not surprised by the crypto crash.

Read Also: Buterin Donates Over $1B to India Covid Relief and Other Charities after Offloading Massive SHIB Tokens

Vitalik Buterin: It’s Certain That Ethereum (ETH) Gas Fees Will Drop

CNN referenced billionaire Mark Cuban complaints to The Defiant in February, who said Ethereum (ETH) is being limited by ridiculous transaction costs, the major issue that has been preventing the network to grow as expected.

AI Trading

According to the report, Buterin acknowledged that transaction fees are very high right now and that the Ethereum blockchain can only process between 20 and 50 transactions per second despite very high demand.

However, the co-creator of Ethereum said he’s “very confident” that the cost of using the network will come down due to a major technical makeover underway, which will allow the Ethereum network to scale up rapidly.

Read Also: Fundstrat Global Reiterates Its $10,500 Price Target For Ethereum (ETH)

It’s no longer news in the crypto community that Ethereum is moving away from proof of work (PoW), the original algorithm in the blockchain technology to the newest protocol called the proof of stake.

In a nutshell, Ethereum’s newly adopted protocol, PoS, will incentivize participants with a reward paid in ETH to remain online and keep the network in check. This implies that miners that consume so much energy will no longer be needed.

At Decrypt’s Ethereal Summit in early May, Vitalik Buterin stated that the optimistic estimate of the Ethereum 2.0 launch is the end of this year.

Read Also: Vitalik Buterin Is Now a Billionaire Officially with Ethereum (ETH) Latest Price Milestone

Vitalik Buterin Is Not Worried About Crypto Crash

Vitalik Buterin, who has over the past week, lost a huge part of his personal wealth, told CNN that he’s not worried about the crypto market crash, stating that the market has experienced several of them before.

Buterin noted:

“We’ve had at least three of these big crypto bubbles so far. And often enough, the reason the bubbles end up stopping is because some event happens that just makes it clear that the technology isn’t there yet.”

Read Also: Ethereum Transaction Fees Rise 77% As ETH Maintains $2,000 Support

The Ethereum creator also told CNN that Elon Musk, the CEO of Tesla, is not going to be an influence on cryptocurrency forever, stating that crypto markets will continue to learn:

 “Elon Musk tweeting is something that the crypto space has only been introduced to for the first time literally last year and this year. I think it’s reasonable to expect a bit of craziness. But I do think that the markets will learn. Elon is not going to have this influence forever.”

He added that “It feels like crypto is close to ready for the mainstream in a way that it wasn’t even four years ago. Crypto isn’t just a toy anymore.”

Follow us on Twitter, Facebook, Telegram, and Download Our Android App

AI Trading produces top quality content for crypto companies. We provide brand exposure for hundreds of companies. All of our clients appreciate our services. If you have any questions you may contact us. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors and the views expressed in them do not reflect the views of this website. Herald Sheets is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

Tobi Loba

By Tobi Loba

Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.