Vitalik Buterin, the founder of Ethereum, gave a presentation ‘Ethereum Next 12 Months’ at Deconomy 2018 in Seoul, Korea.
Vitalik started off as showing his frustration with people who only care for the price of Ether (aka ‘when moon, when Lambo’ people), and emphasized that all the efforts of Ethereum ultimately lead to benefit the entire Blockchain ecosystem.
Buterin explained how blockchains are 1,000,000 times less efficient than traditional database or Cloud Services like Amazon, but their are goals that Blockchain can achieve that cannot be done through traditional systems. The goals are:
- Censorship resistance (ie. third party interference, eg. governments, banks/payment processors, internet companies)
- Fraud resistance (ie. first party interference, eg. exit scams)
- Robustness (ie. won’t just randomly go offline due to one computer failure)
- Interoperability (including permissionless interoperability)
However, with high efficiency losses, only applications that really need one or more of these properties above will be willing to use public blockchains, meaning that the only people who would use blockchains are the one who need those properties despite of low efficiency and high cost. Therefore in order to achieve the massive adoption of blockchain-based applications, the protocol must be first scalable.
If you’d like to know what Vitalik Buterin would like to say about Scalability and Ethereum, his presentation video is available below or go to youtube and subscribe Deconomy