Ethereum is Likely to Match VISA in a Few Years

ethereum visa

The founder and thought leader  behind the cryptocurrency Ethereum, Vitalik Buterin is confident about the future of the virtual currency. Vitalik, being the founder of Ethereum and a writer for a Bitcoin Magazine, recently voiced some concerns with regards to the Bitcoin Token 1.0.

Vitalik received for a lot of feedback on his recent remarks about Token 1.0, but with that said, Buterin also showed confidence in the upcoming cryptocurrency he named as Token 2.0. In short, he believes in what one of the interviewers called – brain virus – which holds the true future of economics and security.

With right incentives and right moves, it is possible to achieve Buterin’s vision. In fact, we can expect to see Ethereum replace the current financial instruments such as credit cards and similar services, including gaming servers.

Vitalik Speaks of Ethereum Future – TechCrunch Disrupt SF 2017

In order to shed some light over the Ethereum success in replacing traditional financial instruments, Buterin elaborated in one of his interviews that the world is divided into two types of people. Those who are aware of the bitcoin and then there are those who don’t know about it.

The project that he built himself actually reflects the notion in terms of adding more utility and value to the blockchain, hence creating something which everybody is excited to know about.

Buterin further added that by looking at Ethereum we can easily get the idea of the types of economic incentives and crypto economics. This, in turn, ensures that currencies like bitcoin, with a well-established, decentralized network, will have enough memory to incorporate a lot of applications. He added that a promising blockchain application will be the one that has shared memory and needs decentralization.

This is not only what Vitalik likes to see but there is a hope that others will also build on the network of Ethereum.

Currently, the bitcoin network is a little bit slow for many mainstream applications. On an average, there are hardly three transactions in a second whereas Ethereum is doing much better with five transactions per second.

As Vitalik is confident to scale Ethereum in matching the speed of VISA, there are still some years to reach that level of controlled and efficient processing.

While Buterin does not support running everything on the blockchain, he believes that many things can be successfully run on the system. With more advancement and expansion of technological aspects, Ethereum can easily grow and replace a lot of existing services which need parallelization – programs that must be run at the same time.

Furthermore, Buterin suggests that running StarCraft and all of such things is possible for bitcoin. The high level of scalability and security that comes with these things will allow us to build further.

To conclude, bitcoin is rising in popularity and is in demand, and there is definitely some room to see growth in the Ethereum network in coming years.

Be the first to comment

Leave a Reply

Your email address will not be published.