Co-founder of Ethereum Vitalik Buterin recently discussed blockchain scalability and speed problems faced by Ethereum Blockchain.
These problems are rising due to its rising transaction fee and as usual, the crypto community poured in with their own opinions.
Binance’s Changpeng Zhao responded to this situation, which then turned into a rundown from Ethereum’s co-founder to various digital currency personalities on Twitter.
Blockchain scalability and speed
This whole episode revealed that Changpeng doesn’t believe that speed is an issue for blockchains, as it was previously. He believed that the current issue requires growth in real applications which would be valuable for the users to control the issues of capacity in the future.
I like Vitalik & ETH, but speed & capacity was a problem a year ago, but now a largely solved problem for newer blockchains (for now). We need to increase real applications that people actually use, so that we hit the new capacity issues/limits again. Focus on applications. https://t.co/wev1deZsVY
— CZ Binance (@cz_binance) August 21, 2019
Meanwhile, Vitalik Buterin opposed this point of view and revealed in his tweet that the issue of scalability is not just for Ethereum’s blockchain but other blockchains are also experiencing the same limitations.
It's not solved at all. Even the newer semi-centralized blockchains have TPS in the hundreds; AFAIK EOS has already had scalability bottleneck issues.
— Vitalik Non-giver of Ether (@VitalikButerin) August 21, 2019
TheBlock’s Larry Cermark also responded to Zhao and explained that the new blockchains have been giving up on various aspects such as censorship resistance and centralization to build up the scalability.
Reportedly, Ethereum is heading towards its upgrade 2.0, yet the issues of speed and scalability play a major role in hindering the adoption.
However, Buterin explained the measure for preventing this, thereby, causing a reduction in the transaction fee and creating space for big organizations to be able to access Ethereum blockchain.