{"id":9276,"date":"2017-09-18T23:14:08","date_gmt":"2017-09-18T23:14:08","guid":{"rendered":"https:\/\/rsoftsolution.com\/blog\/ethereum-will-match-visa-in-scale-in-a-couple-of-years-says-founder.html"},"modified":"2017-09-18T23:14:08","modified_gmt":"2017-09-18T23:14:08","slug":"ethereum-will-match-visa-in-scale-in-a-couple-of-years-says-founder","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/ethereum-will-match-visa-in-scale-in-a-couple-of-years-says-founder.html","title":{"rendered":"Ethereum will match Visa in scale in a \u2018couple of years\u2019 says founder"},"content":{"rendered":"


\n<\/p>\n

The mind behind Ethereum, Vitalik Buterin<\/a>, is matter-of-fact about the crypto. In short, he believes what interviewer Naval Ravikant called \u201cbrain virus\u201d is the true future of security and economics and, with the right incentives, Ethereum can replace things like credit card networks and even gaming servers.<\/p>\n

Buterin separates the world into two kinds of people.<\/p>\n

\u201cThere\u2019s the average person who\u2019s already heard of bitcoin and the average person who hasn\u2019t,\u201d he said. His project itself builds upon that notion by adding more utility to the blockchain, thereby creating something everyone will want to hear about.<\/p>\n

\u201cWhere Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keeps things like bitcoin going to create decentralized networks with memory for a whole bunch of applications,\u201d he said. \u201cA good blockchain application is something that needs decentralization and some kind of shared memory.\u201d<\/p>\n

That\u2019s what he\u2019s building and hopes others will build on the Ethereum network.<\/p>\n

\"\"<\/p>\n

Vitalik Buterin (Ethereum Foundation) and Naval Ravikant at TechCrunch Disrupt SF 2017<\/p>\n

Right now the network is a bit too slow for most mainstream applications.<\/p>\n

\u201cBitcoin is processing a bit less than 3 transactions per second,\u201d he said. \u201cEthereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.\u201d<\/p>\n

Buterin doesn\u2019t think everything should run on the blockchain but many things can. As the technology expands it can grow to replace many services that require parallelization\u00a0\u2014 that is programs that should run at the same time.<\/p>\n

\u201cYou could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn\u2019t have too many features.\u201d<\/p>\n

\u201cCrypto is all about incentives on various levels,\u201d he said. \u201cYou cannot reason about the security of blockchain consensus protocols without incentives.\u201d<\/p>\n

UPDATE \u2013 Buterin clarified his point:<\/p>\n

\n

For the record: I said ethereum (+plasma et al) *will have Visa-scale tx capacity*, not that it will “replace Visa”. Sigh.<\/p>\n

\u2014 Vitalik Buterin (@VitalikButerin) September 18, 2017<\/a><\/p>\n<\/blockquote>\n

\n

<\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/PhhqC-Ftt3o\/<\/p>","protected":false},"excerpt":{"rendered":"

The mind behind Ethereum, Vitalik Buterin, is matter-of-fact about the crypto. In short, he believes what interviewer Naval Ravikant called \u201cbrain virus\u201d is the true future of security and economics <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-9276","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t