Why the co-creator of Ethereum believes that the days of growth of the 1000x crypto are over


According to Vitalik Buterin, co-creator of Ethereum, the days of the growth of 1000 times in 2017 in the cryptocurrency sector have disappeared.

Speaking to Bloomberg, Buterin pointed out that awareness of cryptocurrencies and blockchain technology has already reached its peak in December 2017, when the price of the major cryptocurrencies like Bitcoin, Ethereum, Ripple and Bitcoin Cash showed returns from 10 to 300 times.

"The blockchain space is coming to the point where there is a roof seen.If you talk to the average educated person at this point, you probably have heard of blockchain at least once. the opportunity of another 1,000 times of growth in anything in space, "he said.

Transition from promotion to true adoption

Last year's speculative bubble led the overwhelming majority to take an interest in cryptocurrencies as emerging asset classes. Over the next few years, Buterin has stated that the industry will focus on improving the usability and accessibility of decentralized systems rather than on the promotion and collection of interests.

Buterin explained that the strategy of promoting blockchain technology and cryptocurrencies for the broader consumer base is stuck and that it is time to improve the infrastructure of decentralized systems, applications (dApps) and protocols to encourage consumers to engage in blockchain-based platforms.

"Moving from people interested in the real applications of real economic activity," he said, adding "that the strategy [promoting the blockchain to the broader consumer base] is approaching to hit a dead-end."

  ethereum price
Vitalik Buterin believes that the days when they turn a few dollars into millions of dollars of cryptocurrency are over.

In the coming months and years, to achieve true mainstream adoption, dApp developers will need to ensure that the use of treatable systems is as efficient and efficient as centralized platforms.

For example, apps like Peepeth, a decentralized alternative to Twitter, which was recently discussed on Joe Rogan Podcast, require users to send Ether or gas each time an information needs to be forwarded to the Ethereum network .

The simple transition from cash to cryptocurrencies can already be difficult and technically difficult for most people. So requiring users to use MetaMask to process the gas on a dApp across the Ethereum network could be very complicated for the most part.

As the decentralized exchange of cryptocurrencies CEO of Kyber Network, Loi Luu said earlier, in the near future, dApp will have to improve its interface users to refine and simplify the process of using blockchain-based systems.

"I think it's because the user interface is not good enough, users are not familiar with the decentralized exchanges, they're more familiar with Binance or Bittrex, which is why we wanted to make it really easy to use for the & # 39; So we do not focus on the decentralized aspect of it, we focus more on the usability aspect of it, "said Luu, acknowledging that the current user interface of decentralized exchanges and dApps is not efficient enough.

Protocol and dApps improvements

On the protocol side, the open-source developer The Ethereum community is working on the implementation of Sharding and Plasma, two solutions that should greatly increase the scalability of the Ethereum network.

Other projects such as Cardano and Zilliqa are working on proof-of-stake (PoS) and Sharding alternative solutions as alternatives to solutions based on plasma and Ethereum.

However, the front-end and UI side of dApps and decentralized systems generally need significant improvements, especially if dApps are to target the consumer base of widely used centralized platforms.

Featured image of TechCrunch / Flickr. TradingView Charts.

Follow us on Telegram or subscribe to our newsletter here.
• Join the CCN Crypto community for $ 9.99 a month, click here
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: sought-after full-time and part-time journalists.


Source link