Blockchain

Not Ready For Business: Vitalik Buterin Talks Scalability – ‘Ethereum Blockchain Is Almost Full’

Ethereum co-founder Vitalik Buterin says the Ethereum blockchain is almost full. In an interview with The Star published Aug. 19, he said the hurdle that faces big organizations interested in the Ethereum ecosystem is the still-thorny matter of the blockchain’s scalability.

“Scalability is a big bottleneck”

Buterin’s stark comments were made as part of a discussion of what he perceives to be the biggest roadblocks to the widespread adoption of cryptocurrencies. He conceded that:

“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining.”

As for how to improve the situation, Buterin said that networks need to evolve away from the idea that every computer is required to verify each and every transaction to a model whereby a computer on average verifies only a small portion of the transactions on the blockchain.

The improved scalability this would provide would bring costs down by a factor of over 100, he claimed. And while security is to some extent sacrificed by such a move, the compromise would be fairly modest, in his words.

Beyond scalability improvements and other technical advances, Buterin noted that the challenge remains in terms of transforming blockchain technology into something people will actually use.

Bitcoin’s rival or…?

In recent comments, Buterin has argued that the future of crypto is pluralist and revealed his openness to hybrid solutions that involve both Ether (ETH) and Bitcoin (BTC).

The co-founder clarified his stance in response to a proposal to implement the Bitcoin Lightning Network as an interface for Ethereum contracts to enable instant payments in Bitcoin, while simultaneously triggering a series of events on Ethereum, or any other chain.

In July, Buterin had proposed using the Bitcoin Cash (BCH) blockchain as a temporary scalability solution for the Ethereum network.

from 19 AUG 2019: https://cointelegraph.com/news/vitalik-buterin-talks-scalability-ethereum-blockchain-is-almost-full

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Hard Fork over Hard Fork:

Parity Delays Ethereum Network Hardfork Over Implementation of EIPs

Parity, a blockchain infrastructure company that runs the core of the Ethereum network, is delaying the Ethereum core devs’ planned hardfork until Sept. 6.

Waiting on Parity

EtherWorld founder Pooja Ranjan provided notes from Ethereum Core Devs Meeting 69 via GitHub on Aug. 24 — a day after the dev meeting occurred. According to Parity core developer Wei Tang, the organization needs two more weeks before devs can proceed in selecting a block number for the Istanbul fork. According to Ranjan’s notes, Tang said that Parity will need until Sept. 6 for its implementation:

“We need time till 6th September to finish the implementation. Not only because we accepted EIPs late but right now we just happened to be a large code base refactoring and we probably want to merge them first before merging Istanbul EIP.”

One of the upshots of the meeting is that block number for the hardfork will occur after Parity’s implementation is complete. The devs decided on Sept. 6 as the deadline for the groups to implement their Ethereum Improvement Proposals, or EIPs. Additionally, they decided that a mainnet hardfork will only occur after a testnet block number is picked, and that the mainnet fork may be delayed.

Wei also cited concerns pertaining to gas issues, cautioning that it would be best to resolve them before implementing a hardfork. According to Wei, it’s preferable to fix these gas issues before launching a mainnet hardfork, since it will be more complicated to change course once the fork has already occurred. This, in turn, he argued, may actually delay the mainnet’s launch even more.

The Ethereum blockchain is filling up

As previously reported by Cointelegraph [above], Ethereum co-founder Vitalik Buterin recently said that the Ethereum blockchain is nearly full. This reportedly deters new adoption by potential Ethereum contributors. Buterin explained:

“Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining.”

from: https://cointelegraph.com/news/parity-delays-ethereum-network-hardfork-over-implementation-of-eips

 

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