Ethereum’s founder and Ethereum Foundation co-founder Vitalik Buterin has left China-based venture capital firm Fenbushi Capital to focus on developing Ethereum.
Vitalik Buterin focuses on developing Ethereum
Buterin announced that he is stepping down from his role as general partner of Fenbushi Capital, one of the most active investors in the blockchain and cryptocurrency industry. He stated that he will no longer serve as a full-time partner of the company, but will remain as an advisor.
Buterin emphasizes that the blockchain, practical usability, rising transaction fees and scalability issues are receding, despite the increasing cryptocurrency market users and valuation coefficients.
To respond to the growing demand for Ethereum and the high expectations of the global Ethereum community, Buterin announced that he will focus on developing the Ethereum blockchain and resolving scalability issues to provide a better ecosystem for decentralized applications.
Vitalik Buterin said the following for Ethereum:
I hope 2018 will be an eventful year, especially on the Ethereum axis. Scalability, Plasma, PoS (Proof of Stake) and privacy studies that we have been meticulously focused on for four years; in some cases, it will become a reality with live code that can be tampered with by anyone on the testnet or even the mainnet.
Buterin’s statement said that many experts in the cryptocurrency space, including Augur co-founder Joey Krug, lacked developers working on scaling solutions for the Ethereum network. The rise in popularity of successful decentralized applications such as CryptoKitties, EtherDelta, and 0x is clogging the Ethereum network, which processes more transactions than the entire cryptocurrency market’s blockchains.
Scalability Issues
According to Etherscan, the Ethereum network processes approximately 1.2 million transactions daily, which is more than 4 times the daily transaction volume of bitcoin.
However, Vitalik Buterin and Joseph Poon, developers of Bankex. Apps like CryptoKitties are flooding the Ethereum network with hundreds of thousands of large-scale transactions, as . non-network applications have off-network solutions to execute orders or transactions outside of the network and aggregate many transactions into a single transaction and then broadcast them to the main Ethereum network. Nevertheless, the vast majority of applications still do not have innovative solutions to reduce the congestion of the Ethereum network.
As Krug emphasized, developers working on Ethereum scaling solutions are very important to the ecosystem and Ethereum scaling solutions contribute to the open source code base. says there should be more developers.
Ethereum needs more developers who need to deal with problems related to sharding, PoS and Plasma. In addition, more people should be recruited to the operation team to plan this whole process.. For example, Solidity is currently being audited. If all this can be done, Ethereum would be a hundred times more perfect.. Currently, only 10 developers are dealing with the three big problems I mentioned.
CCN