“The perfect candidate for the salary of an Intern”: Buterin on Google, the hype and the thirst to say goodbye to the PoW algorithm

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“The perfect candidate for the salary of an Intern”: Buterin on Google, the hype and the thirst to say goodbye to the PoW algorithm

Acne Buterin shared his thoughts about the future of the blockchain, the Ethereum state, and many other things during the private event, which took place recently in San Francisco. Journalist and entrepreneur Rachel Wolfson recorded the most interesting statement to Forbes. You can read the translation.

A student organization at Berkeley Blockchain, Origin and Steve Chen, co-founder of the Modernist social club, helped organize the meeting, which was attended by Vitaly Buterin and member of the Taiwan Parliament Jason Xu. Buterin and Xu raised the most important problems of the modern cryptocurrency community.

Xu said:

“I organized a meeting with Vitaly, because I believe this sector needs to be reformed because too much money poured into it too quickly. I feel that too much emphasis on the price of the cryptocurrency, not the implementation of the projects. I know acne for years and consider it a “Keeper” of Ethereum. He gave me the nickname “cryptologist” which became my “mandate” in the Taiwan Parliament. I asked Vitalik to openly talk about what was bothering him, and also about the process of working on the Ethereum.

It is important to realize that the power behind the progress of cryptocurrencies, should not be to find money. Rather, we should think about how blockchain technology will fundamentally change the system of trust.”

Working on what he Buterin

Before Rachel had time to personally ask doctors some questions. In particular, she asked, now working on it personally. Buterin said:

“Lately I’ve been working a lot with protocols Proof— of— Stake and sharding. At the current stage, these phenomena are the focus members of the research team Ethereum. We think PoS and scaling is very important. Over the last few months we have made significant progress in improving our algorithms and the development of multiple constraints.

In addition, I am familiar with the economic analysis of transactional commissions and possible ways to improve their algorithms to reduce the fee and increase the quality and effectiveness of the centres of the unification Protocol. These are the main areas of my personal work.”

About Casper

Then began the informal discussion. Responding to a question about progress in the work on the Protocol Casper, Buterin was full of enthusiasm. He noted that the Ethereum community is moving forward:

“In the last time there was a lot of frameworks for States. At this stage of the Protocol, Casper is very close to taking its final form. He had only to pass academic analysis”.

Hype and reality

According to Buterin, the main problem that now faces the blockchain— sector is the prevalence of hype on real usage scenarios. Buterin said:

“The volume of sustainable use of the blockchain is very small. Of course he is, because many people value crypto currencies, but the real benefit is still too small in comparison with the illusion of something useful that generates a market capitalization of $200 billion. the Main challenge for the sector (in my vision) is the need to bridge the gap and come to the conclusion that this amount stood some kind of real value.”

Privacy in the blockchain

Further Buterin raised the issue of privacy in the blockchain, pointing out that while it is impossible to provide:

“Currently there are no effective ways to use a blockchain, while maintaining privacy. Were made worthy attempts to solve this problem, for example, using zcash for, researches were conducted on top of Ethereum. However, in terms of preserving privacy in the blockchain have to do a lot more.”

On regulators

Another topic that is relevant to the crypto community in recent times, the actions of regulators. While small countries like Malta has established the legal framework, the United States still does not have the power to take actions that would help in the development of cryptocurrency market and the sphere of the blockchain. According to Buterin, now regulators need to facilitate people buying and selling small amounts of cryptocurrency:

“I dream of a time when you can go to mini market to pay $5 to get a card for $5 in bitcoin, ether, Bitcoin, Cash, etc. minus a small Commission and start to use it. The possibility of massive use of small amounts of cryptocurrency will be a boon to cryptococcoma, especially for blockchains whose usage scenarios are not limited to cryptocurrencies. Even non-financial scenarios assume the use of the blockchain transaction fee. If we can eliminate this disadvantage one going to the mini market, it will be easy to begin to use cryptocurrencies”.

According to Buterin, the governments of various countries seeking to develop normative— legal basis of circulation of cryptocurrencies, should first understand the importance of services that are useful for the entire sector of the blockchain. Vitalik says:

“In the simplest usage scenario is the creation of a national identity related digital signatures. Another, less realistic in the near future, is the issue of government cryptocurrencies. Issuing its own cryptocurrency a small country will lead to the fact that people are finally beginning to find her on the world map, and for the world economy, this phenomenon will serve as an incentive.

In addition, if we talk about regulation, cryptocurrency exchanges, ICO, etc. need friendly attitude of the regulators and the relevant legislation. Most important: governments seeking to develop cryptocurrency legislation should contribute to establishing a strong academic ecosystem”.

The present and future of Ethereum

Although the future of the blockchain and the legislative framework remains of great interest, the price of the air drops significantly. Last year Ethereum has been a favorite platform for ICO projects, and he Buterin have already noted that the ICO have become “old and boring”.

At this time, the acne also touched on a topic such as the current state of Ethereum. He noted that he is satisfied with the progress in the work on the Protocol of the second level Plasma.

Talking about scalability, Buterin noticed that Ethereum Foundation seeks to authorize the decision that will improve scalability and lead to a higher level of consensus. Although progress in this direction is not as significant as expected, Buterin said that the decision was far better than he imagined five years ago.

Vitali said:

I look forward to the time when the cryptocurrency community will say goodbye to the proof of the execution of the work. About “tempting” the offer Google

Sharing deep thoughts about the future of the blockchain and cryptocurrency Vitalik ended the conversation on a humorous note, telling about how Google recently tried to hire him.

Xu asked jokingly Buterin: “a Few months ago there were rumors that Google wanted to hire You. I guess You came to town for an interview?”

Laughing, he replied:

“I hope everyone understands that it was a joke. One employee of the personnel Department Google wrote me an email — most likely, because a machine learning algorithm analyzed my GitHub and saw that I got high scores at international Olympiads. They have the impression that I meet the criteria as the perfect candidate for the salary of an Intern”.

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