Whenever Ethereum founder Vitalik Buterin speaks, people take notice. He is optimistic about the future of his Blockchain platform. Recently, Ethereum Founder has compared Ethereum Visa transaction capacity.
20 September, AtoZForex – Ethereum founder has a penchant for quotable sound bites that rivals his abilities as a developer of cryptocurrency systems. Whenever Vitalik Buterin speaks, people take notice.
Ethereum Founder compares Ethereum Visa transaction capacity
Buterin’s latest eyebrow-raising quote involves Visa Inc. His comments included a strong indication that Ethereum will have the transactional power to equal Visa in the next two years. Buterin believes the cryptocurrency and its blockchain can replace credit card networks and gaming servers.
According to Buterin, he believes that the cryptocurrency will rival Visa within the span of a few years, at least by certain metrics.
However, Buterin separates the world into two kinds of people.
“There’s the average person who’s already heard of bitcoin and the average person who hasn’t,” 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.
“Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keep things like Bitcoin going to create decentralized networks with memory for a whole bunch of applications,” he said. “A good blockchain application is something that needs decentralization and some kind of shared memory.”
Crypto is all about incentives on various levels
That’s what he’s building and hopes others will build on the Ethereum network. But, right now the network is a bit too slow for most mainstream applications. Meanwhile, Buterin later clarified his comment to suggest that Ethereum and its related projects will have “Visa-scale TX capacity” within a couple of years.
He made the clarification after being misquoted as having said his cryptocurrency network will “replace Visa.”
Therefore, the Ethereum founder believes that many different types of applications can run on the blockchain. And that as technology continues to expand and replace many services requiring parallelization.“Crypto is all about incentives on various levels,” he explained. “You cannot reason about the security of blockchain consensus protocols without incentives.”
The price of the Ethereum token has risen rapidly in 2017, going from $8 at the start of the year to $280.
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