Vitalik Buterin, founder of Ethereum believes the technology will soon catch-up with Visa in coming years
At a recently held Disrupt 2017 event organised by TechCrunch, founder and the brain behind Ethereum, Vitalik Buterin shared some of his good insights and gave a highlight of the future plans.
During his interview by Naval Ravikant, he referred to the term known as “brain virus” calling it as the true future of economics and safety and said that if driven by the right incentives, Ethereum technology will be able to replace things like gaming servers and credit card networks.
Buterin currently sees the world from two different perspectives:
“There’s the average person who’s already heard of bitcoin and the average person who hasn’t. His project itself builds upon that notion by adding more utility to the blockchain, thereby creating something everyone will want to hear about. Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications. A good blockchain application is something that needs decentralization and some kind of shared memory.”
However, Buterin is quite aware of the fact that in order to support multiple things and some of the mainstream applications, the network is very slow.
“Bitcoin is processing a bit less than 3 transactions per second,” he said. “Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.”
Staying positive Buterin believes that as the blockchain technology gets more matured and advanced, it will be able to provide services to multiple other utilities in a parallel manner. He said:
“You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features.”
“Crypto is all about incentives on various levels.You cannot reason about the security of blockchain consensus protocols without incentives.”
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