• Bitcoin

    China’s Consortium Chains May Not Be Trusted Internationally, Says Vitalik Buterin

    With the change of time, technology also changes, and it holds much valid in the case of blockchain technology, which is growing gradually in different fields. Among the top countries where this technology is developed and used, China’s name is on top of the list. The Chinese government is making good progress in blockchain technology. However, they need to do more so that blockchains can get traction at an international level, according to Ethereum co-founder Vitalik Buterin.

    He said that the efforts of the Chinese government would no doubt help the blockchain within the country. However, at the international level, something more is needed as other countries may not trust the private blockchains.

    He said that China needs to work more on public blockchains in the future, and they can follow the steps of BSN international. He added that consortium blockchains are becoming popular as they can be scaled to any level, and they offer good security. However, public blockchains will surpass the safety of consortium blockchains in the future.

    Talking about BSN, he said that it was too early to decide anything on the project, and they will wait and watch the kind of networks built in the future to assess the advantages of the project. He added that many people jumped into conclusions and made mistakes with Libra, which should not happen with BSN.

    According to market experts, China is all set to introduce its own digital currency, and this will be an excellent move for the crypto industry in the country. They plan to make the digital Yuan as a replacement for the USD in the international market in the future. Even though this is far stretched at the moment, it is still a positive sign that the government is working in this direction. It will at least boost the prospects of digital assets within the country.

    The boom for digital payments started long back in China, and it has so far replaced most of the cash transactions. In this regard, the government has done an excellent job, and this will bring more transparency into the system. The security issues with regards to cryptocurrencies need to be addressed, and this can bring in more participation from retail investors in the long run. When people feel that their assets are recognized as secure assets by governments, they will feel comfortable to hold such assets.

  • Bitcoin

    Vitalik Buterin: Ethereum 2.0 Presents a ‘Much Harder’ Challenge Than We Thought

    Vitalik Buterin is the co-founder of ethereum, who acknowledged that ethereum 2.0 is really harder to execute in the view of a technical perspective which was very unexpected to him. The particular statement was released when Buterin was in a debate against Bitcoin maximalist, Samson Mow. It was a podcast debate on McCormack’s podcast which was held on August 16.

    The aim of this debate was to talk about the open conflict between Bitcoin and ethereum. The debate talks about the potential of the ethereum network and it’s potential to deliver the many promises it has already made. The warfare is very much alive because the ethereum network is in conflict with Bitcoin and that is arising a lot of debate among industry experts.

    What was the debate about?

    The debate had a very intense moment when McCormack asked Buterin about his prior expectation over Ethereum. He made a statement that the Ethereum has shown its potentiality which must have bitten the thoughts of Buterin and left no option for him to turn back. On which, Buterin said that he feels the Ethereum 2.0 is harder than he expected it to be if tried to implement it from a technical-perspective. He also adds that they did not discover any fundamental flaw in it that will make it impossible, neither will it be finished. It’s a matter of time and the process is visibly quick.

    Buterin also added that some ethereum applications might face failure at times, while others might succeed. This was said candidly and isn’t much serious. But he notices the ebbs and flaws in the project’s multiple aspects which are independent of each other. Buterin says that, if there

    If ethereum tries and fails to operate in a particular space, it is okay and it will do away soon,  meanwhile, it will not affect its other sectors, because they are independent and will surely go on without any issues.

    McCormack said that it’s okay to be pivotal and evolving in nature. He also stated that cuter it needs to provide a healthy disclaimer about the fact to make everyone aware of the ebbs and flaws. Still, now,  many forests know the actual value of the room, whether it is money or the world computer!  To this particular confusion, Buterin responded by saying that he is strongly opposed to the notion that ethereum can be reduced to money and also claimed that non-financial projects are a crucial part of the company’s project.