A co-founder of Ethereum blockchain ecosystem, Vitalik Butterin dug at alternative crypto projects to Ethereum at a recent Crypto conference. Vitalik Butterin stated that projects such as EOS & Tron are ‘Centralized Piles of Trash’.
The Purpose Of Consensus
Vitalik Butterin noted in a recent crypto conference that alternatives to Ethereum are no match to his project, referring to them as ‘Centralized Piles of Trash’. He argued this when his opinion was sought on the planned upgrade on the Ethereum blockchain and its possible impact on transactions throughput goals.
Butterin stated that he had noticed a lot of misconceptions. This misconception according to him is about a lot of bad crypto projects that try to claim that because of fancy BCF, they can do 5,000 transactions per second, and proof-of-work can only do 15. This is not important when talking about the ability of a blockchain to process transactions. What is important is the consensus, according to him.
Against the misconception of many on consensus, Butterin stated that the purpose of the consensus algorithm is not to make a blockchain fast, but to make blockchain safe. He further noted that with the way the Proof-of-Work works, it becomes unsafe if the computer spends more than 10 percent of its time mining than verifying blocks. With the Proof-of-Stake, he stated that it could potentially be safe if the 10 percent is exceeded.
Vitalik Blasts EOS & Tron
On crypto projects that lay claim to superiority because of their transaction volume potential, Vitalik says that they lay claim to that by inferring that;
“We are a centralised pile of trash because we only have seven nodes running the entire thing.”
This seems a dig at NEO that has seven consensus nodes running. Though the crypto project is similar to Ethereum as a smart contract platform, there are variations. Also, it is not minable and does not have a mechanism for generating new coins.
Ways To Make Blockchain More Scalable
Butterin further stated that there are other better genuine ways to make a blockchain faster. The best of such as noted is through making layer one and layer two scaling solution for Ethereum and Bitcoin.
Scalability of Ethereum became a concern during the ICO boom of 2017 and 2018. During the period transaction fees and delay increased drastically. However, Butterin stated that the major issue Ethereum needs to address is the issue of latency. This is the time it takes to get a consensus on the network.