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Ethereum Taking Visa’s Place: Vitalik Buterin on the Future of Crypto

Co-founder and so called “genius” behind Ethereum does believe very much that cryptocurrency is the true future of security and economics. According to Buterin – with the right incentives Ethereum network could be taking the place of Credit Card network or even Gaming Servers.

Vitalik Buterin on his reply about the type of people which are divided only in two kinds:

“There’s the average person who’s already heard of bitcoin and the average person who hasn’t.”

The idea that runs its project is the concept of adding more application of the network on the real world so concluding with something that people want to hear, know and understand it.

“Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications,” he said. “A good blockchain application is something that needs decentralization and some kind of shared memory.”

In a nutshell that is his desire of built and what he wants others to try and form on the ETH network. When it comes to more known application that are more struck by the mainstream factor, the network itself is still a bit slow:

“Bitcoin is processing a bit less than 3 transactions per second,” he said. “Ethereum is doing five a second. Uber gives 12 rides a second. ethereum (+plasma et al) *will have Visa-scale tx capacity*”

There is a clarification that according to the founder everything should not be run on the blockchain while the block-technology expands it is possible to replace functions that have the condition of parallelization.

“You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features.”

“Crypto is all about incentives on various levels,” he said. “You cannot reason about the security of blockchain consensus protocols without incentives.”


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About author

Writer, EthereumWorldNews | samquinn@ethereumworldnews.com - Sam is an electrical engineer with years of passion writing for subjects that target or approximately do, his field of study. Now he is a full time writer for the team of Ethereum World News.
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