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Vitalik Buterin: Ethereum is ready for business applications

Ethereum

en.cryptonomist.ch 06 March 2020 00:50, UTC
  
Reading time: ~2 m

The founder of Ethereum, Vitalik Buterin, expresses his satisfaction with the evolution of the protocol, now also capable of being used for business applications.

In an interview during the Ethereum conference EthCC in Paris his words were loud and clear:

“If many realities were based on private blockchains due to scaling issues, now the road that foresees developments on the public Ethereum blockchain has become travelable”.

The problem of 15 transactions per second that limited the growth of the network are a distant memory: ETH critics will have to find some other way to restrain the wave of enthusiasm that is pouring into this project.

After listing what he considers the most interesting developments that have characterized the growth of the network, Vitalik says:

“With the ability to combine the various scaling techniques implemented on Ethereum, the protocol will be good enough to accommodate mass business applications”.

Projects such as Loopring were mentioned during the interview, capable of reaching a throughput of 2025 tx per second, ensuring the same levels of security as before thanks to the arrival of zkRollup

The multiplier effect of this technology will be even more evident, says Vitalik, when it will be combined with the sharding techniques foreseen in ETH 2.0. This means reaching 10,000 transactions per second within a few months without the use of layer 2 or other experimental technologies that are being studied.

Digital transformation according to Buterin

In the second part of the interview, Buterin focuses on the inevitability of comparing centralized digital monetary solutions with those experienced by the pioneers of the public blockchains.

“the trend towards an increasingly digitalized world is inevitable”.

According to the co-founder of Ethereum, competition will be beneficial, the world has an absolute need that individual freedoms and free access to global IT tools are respected, where data are not controlled by corporations or companies capable of leveraging digital transformation to increase their power.

Reliance on an intermediary could become a danger, the concentration of power thanks to the internet and technology is increasing today.

The inclusiveness of this technology can only pass through data privacy. Thanks to technologies like ZkSnarks or zkStarks, Ethereum is ready to be at the forefront in this respect too. 


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