Vitalik Buterin highlights the achievements and failures of the industry cryptocurrency

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Vitalik Buterin highlights the achievements and failures of the industry cryptocurrency

scalability, are the Most Important goals still in progress. The second is consensus theory, Which Facilitates the change and update of the mining algorithms (Proof of Work) and stakeout (Stake Proof). And finally, Vitalik Explains how to create incentives are essential new applications.

Cryptographic Industry Issues

Vitalik Begins with the scalability of blockchain, Which is a problem That Has Existed for quite some time and generated intense debates on Reddit Numerous, Twitter and Among the Most Famous contributors in the industry. He admits That the reason why cryptocurrencies can not simply block size Increase to incredible levels That is not full nodes can be Continually updated to keep up with large block chains. If only a few people can continue running full nodes and validate, the trust is damaged. The monopolists will probably create a conspiracy against users and reversal transactions, create new bitcoins from nothing, etc.

The problem here is That the maximum node size must be reduced without sacrificing Substantially the flow of transactions.

He mentions technologies : such as random sampling, tests fraud, custody of evidence and evidence Regarding data availability possible solutions. At the end of 2019, many of These tricks are not even in beta testing.

Then goes to Buterin on the timestamp, Which is a problem With time-related synchronization node. People across the planet WHO must have run full nodes to highly accurate timestamp. Today, the Time Difference between nodes can reach up to 20 seconds.

It admits great practical progress in arbitrary Computing Test Techniques, citing the success of Snark in some projects outside of ethereum and the need to look for errors That the code developers rushed in.

Finally, Buterin explains why obfuscation is vital to create applications blockchain and hide confidential information within the application. He says the slow progress made by the community on this issue .

Problems consensus algorithms with industry

The creator of ethereum goes on to explain how the test resistant to ASIC can be the solution for centralized chains blocks. Although ASIC currently operating only 5% of the ethereum network, the problem is relevant to many other projects as well as for the future of the industry. It suggests that developers must submit complicated algorithms consensus. So manufacturers can not produce a chip ASIC for them.

He thinks That in the long term, the Stake Test will take over the Test Work Because it has to algorithm number of advantages, Including ASIC resistance.

As many calculations are not needed to verify the chain and nodes can earn more money Easily, the Proof of Work is Also a threat Because someone can invest a great deal of time and money to perform 51% attack. It Suggests That It May Think About blockchain projects moving to some new algorithms. For example, Casper FFG, Tendermint, HotStuff, Proof of Storage or Casper CBC.

The economic problems of the industry

He points out there are too many That Problems with the high volatility of Bitcoin. To deal With This, I Suggests That Should developers take an example of MakerDAO. It has Existed for more than 2 years and have survived a drop in the price of the ETH token of 93%. Many of the ethereum-related teams are working on Already Integration with MakerDAO, Which Helps make the token price Relatively stable for long periods.

That Continues to Buterin notice there are some problems of Incentivization of Public Goods. Even if there is a programmers know problem, They Will not try to solve it if there is no money from some sponsors. This is one of the oldest problems in the economy, people like George Carlin Constantly observe them. If there is no money in the problem, nobody wants to solve it no matter how the improvement is Important.

Then look at the big problems the industry has reputation With systems. Since 2014, things like Bitrated and Its Analogues did not see much light. Vitalik Believes That We Should create some selected lists of industry projects.

In fact, there is Already May. Like the scam flawless Badbitcoin.org database, but the problem is money again. For example, Badbitcoin is on the verge of collapse Because the founders can not find the money to continue operating. Jeff Fawkes of Coinspeaker was approaching them asking what Happened. It turned out That the relatives of the founder of the site Have health problems, so you must pVitalik Buterin, co-founder of ethereum, divided into three main problems the categories. The first are things related to cryptography That Have not been resolved. DESPITE the industry’s rush to reach new levels of privacy and ay all your time taking care of them. It is strange Vitalik That is not aware of That website. Badbitcoin Thousands of encryption serves to find information Journalists related to scams.

While some other research projects continue to receive large investments to make low-level content (according to competitive Researchers) viable projects handler (such as Badbitcoin) are disappearing since early 2018 With ultra high speed.

Vitalik Then observe the sad fact related to things That Have not Been meritocracy done in recent years. Ideas like the Excellence Test Have Gained zero traction. Proof of Excellence is a token distribution system rewards That People Who Make Efforts to Promote cryptocurrencies unusual in real life. He thinks some other systems That Could help measure people’s Efforts fairly. In Addition, it is crucial not only in terms of how esta influences the assets and projects of the virtual world, but in the metrics Also not related to the industry itself.

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