u.today
A contentious discussion regarding Ethereum's usefulness and performance began on X. Ethereum was publicly criticized by a user who called it slow, inefficient, costly and useless for anything other than memes and specific cryptocurrencies. Co-founder of Ethereum Vitalik Buterin was the target of the criticism.
In response, Vitalik Buterin strongly defended Ethereum, countering the claims with specific facts. Layer 1 (L1) and Layer 2 (L2) solutions both confirm transactions in a matter of seconds, L2 transactions are less expensive than $0.01, each allaying worries about outrageous transaction costs. Buterin highlighted the achievements of some of the most successful projects in the Ethereum ecosystem, such as Farcaster Lens and Polymarket, which have shown great progress and usefulness.
Buterin also highlighted developments in zero-knowledge (ZK) technology, such as ZK voting and ZK ID. These innovations highlight Ethereum's capacity for creativity and practical problem-solving. They also have the potential to improve security and privacy. However, the user's criticism went beyond technical performance. They contended that although a few people have amassed fortunes, the industry has primarily created blockchain solutions for issues that do not exist in the actual world.
The user expressed doubts regarding the general applicability of blockchain technology while acknowledging Polymarket's legitimacy. The concrete developments and apps being created on the Ethereum network served as the foundation for Buterin's defense. He tried to debunk the myth that Ethereum is a slow and expensive platform by emphasizing the quick confirmation of transactions and cheap costs of L2 solutions.
The reference to successful protocols such as Farcaster and Lens functioned to emphasize Ethereum's practical applications and continuous input to the decentralized network. This conversation exemplifies the continuous discussion regarding Ethereum's usefulness and scalability.