Bitcoin News and Finance
Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability Skip to main content

Vitalik Buterin Criticizes Elon Musk’s Idealistic Take on Cryptocurrency, Details Limits on Blockchain Scalability

vitalik buterin

Vitalik Buterin, one of the most renowned Ethereum founders, has rebuffed Elon Musk’s take on fixing cryptocurrencies in a new paper where he details the limits of blockchain scalability. Buterin touches on three subjects: storage, bandwidth, and computing power, commenting on their limits with today’s tech.

Vitalik Buterin Criticizes Elon Musk’s Simplistic Take

Vitalik Buterin, the founder of the second most successful cryptocurrency (Ethereum), criticized yesterday Elon Musk’s take on fixing cryptocurrencies just by raising some key aspects. In a new paper titled “The Limits to Blockchain Scalability,” Buterin sends a pair of jabs to Elon, asking in its very first paragraph:

Can you really, as Elon Musk wishes, “speed up block time 10X, increase block size 10X & drop fee 100X” without leading to extreme centralization and compromising the fundamental properties that make a blockchain what it is?

Buterin, who has always been worried about blockchain adoption, then goes on to expand these ideas in the paper. He states that one of the most important factors for blockchain defense and decentralization is the possibility of normal users to run a node (this has raised already a round of critics from some users in the big block community, and contrasts with other points of view like the one Olivier Janssens has expressed since 2017). For him, there are just three fundamental factors that can affect the ability of end-users to run a node: storage, bandwidth, and computing power.

The paper explains how these three factors should be configured and their recommended values if the objective is to have a properly working blockchain. For storage, it points out that while there are 8TB SSD available, this is not an acceptable size for most users, with 512 gigabytes being in the upper limit.

About bandwidth, although there are already very quick connection speeds available, it states that the limit is about five megabytes blocks every ten seconds because nodes also need to save bandwidth for protocol overhead and transaction broadcast. And for computing power, the paper explains that ten percent of the maximum capability of a computer should be the limit because nodes need to save power to face DDoS attacks and face short outages.

Musk Fires Back

The paper constitutes a technical rebuff to what Musk had proposed last week when he tried to address scalability in a simplistic way. Musk has proposed to fix Dogecoin, his cryptocurrency pick, to be the next scalable currency for the world. He even offered to fund development and help current Dogecoin programmers to improve the behavior of the currency to be more energy efficient.

Musk didn’t wait too much time to strike back at this technical answer to his objectives: Tesla’s CEO had fun while stating that Buterin had fear of the Doge, while posting a meme that showed a Shiba Inu dog in a classic Jaws movie poster on Twitter.

What do you think about Buterin’s last paper? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory