In a recent discussion with Odaily, Ethereum co-founder Vitalik Buterin addressed the ongoing debate about whether Ethereum should align more closely with Bitcoin’s simplicity or move forward with its vision as a comprehensive world computer. Buterin emphasized that these two perspectives are not mutually exclusive but are, in fact, compatible and essential to Ethereum’s mission as cited by Wu Blockchain.
Assessing True Decentralization
To evaluate a blockchain’s genuine decentralization, Vitalik proposed a straightforward criterion: If the foundational organization behind a blockchain had to disappear, would the network continue to operate seamlessly without any hassle? Vitalik confidently stated that, at present, only Bitcoin and Ethereum can answer this question without a second guess.
The resilience is largely due the fact that the majority of Ethereum’s development is now conducted by independent client teams and researchers, a significant shift from five years ago when such autonomy was lacking.
Balancing Decentralization and Scalability
Buterin cautioned against the compromising decentralization for higher transactions per second (TPS). He pointed out the fact that while new blockchains offer increased transactions per second, they often do it at the expense of decentralization. Decentralization and resilience are two features that are invaluable in the world of digital assets.
Addressing Scalability Challenges
For Ethereum to fully realize its potential as a world computer, it must tackle existing scalability issues. Buterin clarified that the term “world computer” does not imply supporting every global application simultaneously but rather enabling diverse applications to interoperate effectively.
In short, Buterin is trying to make people understand the importance of maintaining decentralization while working towards increasing scalability. This balance will be crucial for Ethereum’s evolution and its ability to serve as a one stop platform for decentralized applications world wide.
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