Vitalik Buterin Admits ‘Fees Are A Huge Problem’ For Ethereum’s Usability
Ethereum co-founder Vitalik Buterin has acknowledged that high fees remain a significant challenge for the digital asset, posing a threat to the vision of creating a decentralized economy.
Speaking during an interview with Time magazine, Buterin noted that high fees are derailing Ethereum’s usability as the migration to the proof of stake (PoW) continues.
“Fees are a huge problem for Ethereum’s usability, especially for things other than some of the financial applications that have dominated recently,” he said.
Vitalik Buterin also expressed his frustration with the impact of high fees and how it’s affecting the implementation of critical projects
At the same time, he showed optimism that if sharding is carried out, the fees could come down.
“The main thing that prevents Ethereum from being used for cool stuff today is just the fees. It feels like a boring answer; there’s this big social problem in Ethereum and the biggest reason for it is one technical thing that hasn’t been done fast enough,” he added.
Besides high fees, Buterin stated that the decentralized goal of the platform might be derailed by bad actors who are after personal gains.
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Vitalik Buterin Admits ‘Fees Are A Huge Problem’ For Ethereum’s Usability
Ethereum co-founder Vitalik Buterin has acknowledged that high fees remain a significant challenge for the digital asset, posing a threat to the vision of creating a decentralized economy.
Speaking during an interview with Time magazine, Buterin noted that high fees are derailing Ethereum’s usability as the migration to the proof of stake (PoW) continues.
“Fees are a huge problem for Ethereum’s usability, especially for things other than some of the financial applications that have dominated recently,” he said.
Vitalik Buterin also expressed his frustration with the impact of high fees and how it’s affecting the implementation of critical projects
At the same time, he showed optimism that if sharding is carried out, the fees could come down.
“The main thing that prevents Ethereum from being used for cool stuff today is just the fees. It feels like a boring answer; there’s this big social problem in Ethereum and the biggest reason for it is one technical thing that hasn’t been done fast enough,” he added.
Besides high fees, Buterin stated that the decentralized goal of the platform might be derailed by bad actors who are after personal gains.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Annie
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