Vitalik Really Wants To Increase Efficiency Of Ethereum Network?
An analysis shows Vitalik has lots of options to achieve efficiency in Ethereum network but he is not doing the same because of either attitude or belief on Ethereum Blockchain Network.
Since last year, we have been listening about Ethereum fork, London hard fork, Ethereum 2.0 etc. All of these things are development work by the Ethereum developer team. They want to increase the transaction speed and scalability factor. But they have lots of limitations with the traditional technology of Ethereum blockchain coding.
Related: Ethereum’s London hard fork is deployed on the Rinkeby testnet
After completion all types of fork that will take place on Ethereum Mainnet will take around half or full year, according to reports. And then Ethereum will change into Ethereum 2.0.
Read also: What is TestNet and MainNet?
But here one thing we have to understand is that Vitalik, founder of Ethereum, wants to increase the efficiency of Ethereum coin. It is ok that they said that Proof-of-work is an old consensus and now they are going to shift on Proof-of-stake consensus so that they can halt 51% attack risk & can increase speed & scaling of network.
Related: Proof Of Work (POW) and Proof Of Stack (POS) Explained
But here the question is ” why Vitalik Buterin is not going for the Proof-of-history concept” for Ethereum.
Reports clearly say that the Ethereum team have better knowledge and experience to handle the Blockchain programs and also they have better experience to introduce the intentional fork. And also they are doing the same.
The Ethereum team has the option to shift their Ethereum token to a totally different network. They can develop their own consensus like the Solana lab’s POH. Which can give scalability of 1000,00 transactions per second. As all of us know very well that blockchain is totally open source, so the Ethereum team can follow the coding of new consensus like Solana to develop new one.
Read also: SOLANA : A REVOLUTION IN BLOCKCHAIN TECHNOLOGY
But why are they not doing so? Maybe they don’t want to lose the trust of the Ethereum traditional network that people have. Probably there can be a chance where Vitalik doesn’t feel about Solana’s potential & security level. Or alternatively they don’t want copy the work of any development. But still here it is also a fact that Ethereum’s existing network is based upon Proof-of-work which is also a copy of Bitcoin’s network.
It can be a limitation of DApp to shift the data from one network to another but here if the team can shift Ethereum from POW to POS then they can also do the same to follow the Pow to POH idea.
Instead of these things, Vitalik Buterin talked about Elon Musk’s decision on the scalability factor. According to Vitalik it is not easy to achieve efficiency in scalability in the traditional blockchain network. Elon Musk should understand this limitation of blockchain technology. And also he explained about the limitation of running a node which is becoming crucial because of Computing power, Bandwidth, Storage.
Many erroneous takes on how far a blockchain can scale using “simple” techniques stem from overly optimistic estimates for each of these numbers
Read also: Elon Musk says DogeCoin is Money
