Vitalik Buterin is “very confident” about launching phase zero of Ethereum’s mammoth scaling project early next year, but less so about the incentives driving people who will use the blockchain.
Ethereum’s co-founder made his remarks. and a host of others—on subjects as diverse (and unconnected) as altruism and Facebook’s Libra coin—during then 80,000 hours podcast on Tuesday.
The non-profit podcast is focused on solving bottlenecks in the world’s most pressing problems, which is something that the 25-year-old Buterin enjoys discussing.
He said that while the technical aspects of Ethereum’s scaling magnum opus were well in hand, and the network aims to run at “tens of thousands of transactions a second.”
But it was the real-world interactions—what would happen when theories were let loose in the wild—that still worried him. And many of his fears were based on whether people would use the new Proof of stake proof-of-stake network in the decentralized way for which it was intended—or take the easy option, and assign their “stake” to an exchange.
“For example, are people just going to be lazy and run all their staking nodes on AWS,” Buterin asked. “Are people going to be lazier and just do all their staking by sending their money to Binance, and Binance is going to stake for everyone? Are people going to stake in ways that are insecure and lead to a bunch of people getting hacked at the same time? And how decentralized is it actually going to be?”
He added “that some of the uncertainty is starting to be resolved already: “I’m pretty confident that there aren’t any showstoppers,” he said, adding that the platform would be the first of its kind.
Buterin also admitted that Ethereum developers had learned “quite a bit” from watching events unfurl at competing for blockchain, Cosmos, which launched its own proof-of-stake blockchain recently.
“Of course,” he added, “when, Ethereum 2.0 launches, we’re taking this kind of multi-pronged strategy where we first launch proof-of-stake, then we let it run for a bit, prove itself, then do sharding.”
During the recording, Buterin’s excitement about the coming changes to Ethereum was palpable. Sharding will enable the blockchain to be faster than any current platform.
“Blockchains as they currently exist are in many ways a joke, right? Like 15 transactions per second… you’re not going to run the world economy on top of that… So I’m definitely just really excited about turning Ethereum into a system that we can really, fully, be proud of,” he said.
Buterin’s plans for Ethereum are hugely ambitious. In the past he has said that “Ethereum 1.0 is a couple of people’s scrappy attempt to build the world computer; Ethereum 2.0 will actually be the world computer.”
And, to date, he believes the focus for blockchains has almost entirely been on cryptocurrency, but it’s what lies beyond that really excites him.
Consensys Lays Off Additional 14% of Staff
Blockchain software company Consensys let go of an additional chunk of its staff while splitting its focus in two separate directions. Consensys cut its employee base down by roughly 14%, the company announced on Feb. 4 in a press release. Headquartered in New York, Consensys has also decided to split the company. Part of the operation will continue in the software sector while the other part pursues investment endeavors, the press release said.
Job cuts are nothing new to Consensys as the company previously headlined multiple stories regarding staff reductions. Rumors circulated in December 2018 surrounding a possible 60% staff cut. January 2019, however, only yielded a 13% staff cut. With its roots in the Ethereum blockchain, Consensys has multiple associated projects, including Ethereum wallet Metamask and Consensys Codefi.
Consensys now has two divisions — one to continue in software building, and the other to work on the venture side of the table, the release explained. With its 14% job cuts, Consensys is “restructuring teams to be better aligned with the needs of a focused software development company,” the statement said.
Insolar Launches Mainnet, Changes Ethereum-Based Token To A Native Coin
Enterprise blockchain platform Insolar is launching its own mainnet, debuting its native Insolar Coin (XNS) to replace its formerly used Ethereum-based token INS. After successfully piloting the testnet in 2019, Insolar will be rolling out the commercial launch of Insolar MainNet on Feb. 3, the firm said in a press release.
According to the firm, holders of the Ethereum-based ERC-20 token INS will be able to swap their tokens for XNS on the first day of the mainnet launch. Insolar users will be able to store their XNS tokens on Insolar’s new native cryptocurrency wallet, Insolar Wallet, the firm noted. As part of the token swap, some crypto exchanges announced that they will be temporarily closing INS deposit and withdrawal services in order to support the token swap.
As detailed in the Insolar Economic Paper issued in June 2019, the XNS token serves as a medium of exchange and a store of value and can be used for payments and staking. Fueled by XNS token, the Insolar MainNet is the primary public network based on the Insolar Blockchain Platform that is designed to build a blockchain-driven application marketplace.
Founded in 2017 as INS Ecosystem, the project initially was an Ethereum-based app connecting consumer goods and customers. As of June 2019, Insolar was positioning itself as a “company building a horizontally scalable hybrid blockchain platform with interoperability between public and private networks.” The launch of Insolar Mainnet comes after the company successfully launched its testnet last year.
In March 2019, Insolar released an updated iteration of the testnet that reportedly demonstrated a throughput of over 19,000 transactions per second. In order to ensure a stable mainnet launch, Insolar partnered with major global cybersecurity company Kaspersky Lab for an extensive testing and code audit. Additionally, Insolar has been collaborating with major global tech platforms such as tech giant Microsoft and computer technology corporation Oracle. Other purported partners include the Swiss Innovation Promotion Agency, Innosuisse, as well as the United Kingdom Energy Innovation Centre and the German Energy Agency. In conjunction with the mainnet launch, Insolar also announced that it will be offering bounties through bug bounty platform HackerOne in order to improve the network’s security. Insolar’s mainnet bug bounty program will initially only be available to a select group of specialists before a public rollout.
ETH Creator Vitalik Buterin Says “Bitcoin Cash Is Not Bitcoin”
In a recent tweet, Ethereum network co-founder Vitalik Buterin said Bitcoin (BTC) and Bitcoin Cash (BCH) are not the same.
“Bitcoin Cash is not Bitcoin,” Buterin said in a Feb 1 tweet responding to Brad Mills’ accusation of Buterin as Bitcoin Cash promoter. Several tweets exist that might suggest Buterin is not 100% against BCH, although he clearly made the distinction that BCH is not BTC, even back in 2017.
Several months after a 2017 hard fork divided BTC into two coins, BTC and BCH, Buterin tweeted a seemingly positive comment toward BCH. “I consider BCH a legitimate contender for the Bitcoin name,” Buterin tweeted on Nov. 13, 2017. “I consider bitcoin’s *failure* to raise block sizes to keep fees reasonable to be a large (non-consensual) change to the ‘original plan’, morally tantamount to a hard fork.” Although one might possibly interpret this tweet as support for BCH, Buterin’s additional tweet on the same day clearly shows distinction. “That said, *right now*, I think trying to claim ‘BCH = bitcoin’ is a bad idea, as it *is* a minority opinion in the ‘greater bitcoin community,’” he said in a follow-up tweet.
Almost one year later, in August 2018, Buterin again responded to BCH tweet with a comment consistent with his previous thoughts. Twitter user Meni Rosenfeld tweeted, “It has been one year since BCH split off from Bitcoin, and it is now clear that it has failed to gain traction as ‘the’ Bitcoin.” Rosenfeld added, “It was given its chance but now it should cease confusing the market with the inappropriate name ‘Bitcoin Cash.’” Buterin responded:
“I disagree. ‘Bitcoin Cash is Bitcoin’ is at this point unrealistic, but the name Bitcoin Cash by itself is totally fine.”
According to Buterin’s comments, it seems like the Ethereum co-founder has not always been negative toward Bitcoin Cash, but he has clearly signified a difference between BTC and BCH through the years. In his most recent note on the subject, commenting on a BCH development fund Twitter post, Buterin said:
“In case you’re wondering what side I’m on in all of this, I’m on the side of taking public goods challenges seriously and being open to adjusting ideological preconceptions while maintaining a commitment to core values of decentralization in order to meet them.”
Altcoin News2 days ago
Calibra Technical Lead Explains Why Facebook Built New Language For The Libra Project
Blockchain News12 hours ago
JP Morgan: Digital Money Foundation Laid, Blockchain In Banking Years Away
Blockchain News2 days ago
NBA & NFL See a Future In Non-Fungible Tokens, But Not Contract Tokenization
Altcoin News3 days ago
Tron Community Angry Because Genesis Coins Used In Super Reps Vote
Bitcoin News4 days ago
Bitcoin Gold May Be Held Captive by Whale With Almost Half The Supply
Blockchain News4 days ago
Dubai Government Set To Launch KYC Blockchain Consortium In Early 2020
Bitcoin News4 days ago
DeCurret Partners with KDDI So They Can Test A Digital Currency
Altcoin News14 hours ago
Crypto Makes A Cameo On The Simpsons Where Jim Parsons Explains It’s ‘Cash of the Future’