The Founder and Creator of Ethereum Vitalic Buterin has spoken...
The Founder of Ethereum Vitallic Buterin has released his plan to unite all things Ethereum.
- This includes the various second layer solutions, i.e. blockchains into a more efficient group function,
- In what was a surprise to some, he called for a coordinated effort between chains to increase speed, volume and lower costs on the main chain, through several proposals he he included in one Ethereim Improvement Proposal.
- Personally, I think the move to unite second layer chains into a coordinated whole versus separate operating chains was probably part of his longterm vision.
Why?
- IMHO his writings a few years back described the limits of Ethereums original consensus mechanism, which was like Bitcoin, Proof of Work or POW.
- POW has limits in terms of scaling and transaction cost, at least in the way it was designed for Bitcoin and Ethereum.
- Dash token shows the world that POW can be built differently, to incorporate speed and lower transaction costs.
- Hive shows us that POS can be built diferently to lower cost and increase speed.
- However, he built Ethereum, it's out there and that's what he has to work with.. LOL
Vitallis always said POS was temporary, what we needed was a multi-chain world.
- He wrote previously how Ethereum POS was a short term fix, as it only allowed geometric progressions in speed 2x, 4x, 8x, 16x and topped off at 64x.
- Vitalik was clear that exponential increases were needed 10x, 100x, 1000x and so on.
- He was also clear that one chain couldn't deliver this exponential increase, but multiple chains could.
- He knew certain second layer solutions would be faster to market like Polygon, but ultimately he felt that Roll-ups would be the winner for speed, safety and cost.
- It appears he was right.
Vitallic Guiding Hand and Long term vision
- So in my mind, he has been guiding development from behind the scenes to this desired end, roll-up predominance and ultimately uniting all the second layers into parallelized chains offering the exponential increases of 100x, 1000x and even 1,000,000x that Ethereum needs to keep up with demand.
Moores Law
- In many ways we are just watching Moores law play out, technology developing at an ever increasing pace over time. In this instance illustrated as arithmetically +1, +2, +3, then geometrically 2x, 4x, 8x and then exponentially.exponentially 10x, 100x, 100x.
Money
Now he needs to fix fee sharing between chains and validators, and that will be a challenge, money makes people irrational.
I wish him luck. LOL
Posted Using InLeo Alpha
That's an insightful article and I never thought about the concept of parallelizing all second layer chains to have high scalability. The potential is here, the development community is here... so let's see if this direction will be chosen.
Thank you.
I agree that Ethereum has the development community to do practically anything, so I optimistic this will happen.