Vitalik Buterin, the founder of Ethereum, shared his views on centralization and decentralization in an interview with Tech Crunch during the blockchain event TechCrunch Sessions. Vitalik believes this is one of the most important problems that stands in the way of introducing innovations.
Photo by: https://techcrunch.com
In his opinion, the situation in 2013, when GHash controlled 51% of hash capacities, and many were frightened by it, is now happening again. Buterin hinted at the dominance of Bitmain these days. He believes that the concentration of power of the Chinese equipment giant and software for miners poses a threat of a “51% attacks” on the BTC network.
Also, while covering this topic, Vitalik touched upon the issue of the transition of Ethereum from the PoW protocol to the PoS protocol. Changes in the principle of the network have long been the subject of discussion among the members of the Ethereum network. There is an opinion that the new protocol will negatively affect the “former miners”, and only the rich will grow rich. According to him, the PoW principle is PoS squared.
The goal of Ethereum’s founder is the maximum decentralization of his cryptocurrency. In the midst of an active discussion of the issue of centralized and decentralized exchanges, Vitalik openly expressed this opinion:
“I definitely hope centralized exchanges go burn in hell as much as possible,” – he said.
He justified his statement by the fact that centralization and the initial idea of blockchain are not comparable. Vitalik Buterin believes that centralized exchanges exist only because they are in the role of the original bridge that connects the sphere of fiat currencies and the cryptocurrency world.
According to Buterin, digital currencies will be globalized, then the need for such exchanges will simply disappear.
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/