Vitalik Buterin Tweets “Ethereum Blockchain” Was Never Designed For Scalability, Twitter Lashes
One Twitter post can honestly get you into a lot of trouble. Admitting that Ethereum Blockchain was never designed for scalability got Vitalik Buterin and Joesph Lubin into serious trouble. This statement by both co-founders was posted by user @notgrubles on Twitter.
The clip shows the interviewer asking them both on whether they were aware of the fact that Ethereum Blockchain was not scalable back when it was created. To which Lubin responded by saying explicitly, ‘We knew it wasn’t going to be scalable for sure” and Buterin nodded in affirmation.
Even though the original ICO documents of Ethereum Blockchain mention the developing of scalable apps on the chain, the transaction processes are still slow and recent attempts have only left the users dissatisfied.
To top it all, the original ICO documents were removed from the public view. The digital copies have been saved.
So finding out that all the promises regarding the scalability in the early stages were all lies has left people judging the true potential of Blockchain. Though many people were highly taken aback, others defended the founders claiming that the idea was to ensure the development of scalability through the course of the process.
So saying that Ethereum Blockchain was never designed in a way that it would ensure scalability suggests that the technology’s yet to be created capabilities were sold to the mass. This could only have one conclusion that the founders at its initial stage were deceiving its users.
While ICOs came in large numbers to the chain to issue their tokens, the foundation was fully aware that there was no scalability possible. This leaves the people confused as to whether this was deliberately done by the founders to deceive people with blockchain’s potential or whether this was something that could be called an accident.
As of the most recent upgrades, it has been announced that scalability is indeed possible. The needed bandwidth would be provided by the switch from Proof of Work to Proof of Stake.
Twitter has been going wild with different opinions, some with the founders while others commenting on the lack of proper direction from the founders in the development stage of Ethereum Blockchain. Also since the first ideas and offerings have been proven false, people might take time to trust the foundation with the new promises that it has to offer.
- BRI And INSEAD Introduces New Course For Blockchain In Finance Sector
- Samsung Introduces Crypto and Blockchain Functionality in the Galaxy S20 Models
- Indonesia Embraces Blockchain-Based Shipping Solution TradeLens
- Citi Joins HSBC Funded Blockchain Trade Finance Network Contour
- Stellar Development Foundation Officially Enters Blockchain Association
Hottest Blockchain News Daily
Get our latest news and posts in your inbox.