According to reports Vitalik Buterin, the creator of the Ethereum (ETH) protocol, threw shades at crypto projects with a higher transaction capacity than Ether. The crypto eccentric Ethereum (ETH) creator calls these projects including EOS and Tron ‘Centralized Piles of Trash.’
Ethereum (ETH) Price Today – ETH / USD
The incident reportedly occurred at a recent crypto conference, where Buterin answered a question regarding whether or not an Ethereum (ETH) upgrade would have “any transaction throughput goals.” Buterin used the opportunity to throw shades on Ethereum’s competition including the likes of EOS, NEO, and Tron.
Buterin Believes There are Misconceptions About The Centralized Tokens
In Buterin’s words:
“I have noticed many misconceptions here. Because there’s a lot of bad projects that try to claim they ok. ‘Oh, because we are using fancy BFT, we can do over 5,000 transactions in a second while with the proof-of-work we can only do 15 per second.”
Buterin goes on to argue that consensus is important when it comes to the ability of any Blockchain to process transactions. In his words he added:
“There are many horrible misconceptions because the goal of a consensus algorithm isn’t providing a faster Blockchain fast, rather it is meant to keep it safe. With the way the proof-of-work operates, it is unsafe if computers spend more than 10% of their time mining and verifying blocks. Bitcoin (BTC) or things like the different forms of proof-of-stake, has the potential to be safe if you end up higher than 10%. However, the difference is very small.”
Buterin Not a Fan of Blockchains That Have More Aggressive Claims Than Ether
The Ethereum (ETH) co-creator disparages Blockchains that have more significant and aggressive claims than his creation when it comes to transaction volume potential, by saying:
“When a blockchain protocol claims ‘We can complete 3,500 TPS in seconds because we have a unique algorithm,’ what they mean is ‘that they are a centralized pile of trash due to the fact that there are only have 7 nodes operating the whole thing.”
The last part of the event seems specific to the NEO protocol which actually has 7 consensus nodes running. Although NEO is a Blockchain solution for smart contracts, its goal is different from Ethereum’s. It is not designed to be “the world’s computer” like Ethereum (ETH) is. It is not mineable as well neither does it have a mechanism for creating new coins.
Buterin: There are Legit Ways to Make a Blockchain Fast
After applauding the Ethereum (ETH) creators speech, Buterin went on to say that there are “good, legitimate ways to make any Blockchain faster.” He does not use this as an avenue to soften the punch to alternative platforms. Instead, Buterin doubles-down, declaring that the best methods to make a faster Blockchain is using layer one and layer scaling solutions for the Bitcoin (BTC) and Ethereum (ETH) protocol.
Ethereum (ETH) scaling reportedly became a hot-button issue during the ICO boom in 2017 and the early part of 2018. Delays and transaction fees skyrocketed during ICOs. The question of whether or not the Ethereum (ETH) network could handle the increased transaction volume due to the ICOs was repeatedly raised, leading to various scaling solutions, like some powered by the ERC-20 tokens (Raiden, in the works).