Ethereum`s “Scalability Sucks”, Vitalik Buterin Says

Ethereum`s “Scalability Sucks”, Vitalik Buterin Says

The Ethereum originator has listed some criticism towards the cryptocurrency:"Scalability sucks; the blockchain design fundamentally relies on bot

Daimler AG Tests A Corporate Bond On A Blockchain
European Energy Companies Pilot A Blockchain Energy Trading
German start-up Slock.it uses blockhchain to open locks

The Ethereum originator has listed some criticism towards the cryptocurrency:

Scalability sucks; the blockchain design fundamentally relies on bottlenecks where individual nodes must process every single transaction in the entire network.

PoW is extremely expensive, and furthermore is fundamentally vulnerable to 51% spawn camping attacks with no effective strategy for recovering from one. Selfish mining is profitable starting at 25-33% hashpower, and 51% censorship attacks are definitely profitable.

Privacy sucks

It’s hard for regular users to hold large amounts of funds without running substantial risks of theft or loss due to theft or loss of their private keys.

Economics do not encourage good “storage hygiene”; insufficient incentives for clearing storage and insufficient cost for filling it, especially for long periods of time

Bunch of various marginal technical inefficiencies.

it’s hard for regular users to know that contracts they are interacting with do what they say they do, and do not have accidental or malicious bugs.”

It seems unlikely that such a statement comes from Ethereum`s originator. The discussion is interesting for anyone with interest in the digital currency, as Buterin shares more thoughts on the future of Ethereum after the recent blockchain congestion that prevented many users from taking part in initial coin offerings on the Ethereum platform.

While commenting on the Rootstock aprproach to scaling, Buterin said it was “very interesting”. However, he pointed out that the same outcome is already possible with the base design of Ethereum:

“Fortunately, ethereum contracts can do this already, though the incentives to do things that way are admittedly not yet high enough; that’s a special case of 5. It’ll be have to be solved with either a large increase in SSTORE/account creation pricing or storage rent.”, according to him.

COMMENTS