Vitalik Buterin, ethereum’s inventor, attended a session at South Korea’s parliament at the member’s hall of the National Assembly with the theme of “Blockchain and Economic Future” which was also attended by Min Byung Doo, Chairman of the National Policy Committee.
“In ethereum 2.0, the goal is to achieve 2.8MB transactions per second, or 14,000 transactions per second,” Buterin said, with P0S and sharding remaining top priority.
“We will use Casper, which is Ethereum’s own verification algorithm, as core technology of Ethereum 2.0,” he said according to a rough translation.
“The initial problems of blockchain tech are being solved by technological advancement,” he said. “Over time, various blockchain technologies such as proof of identity will be applied.”
To be a mainstream technology, the blockchain must address scalability, privacy and security, Buterin said.
The transaction speed is too slow to replace the existing financial market. In the case of personal information, it is pointed out that it may be inappropriate to include personal information due to the characteristics of a blockchain in which information is disclosed to all. He also said the industry needs to devise ways to increase security to keep wallets secure.
He mentioned Metadium as one example of blockchain based identity which can potentially resolve some security related concerns.
Regarding the poor performance of ICO projects in recent years, he stated that in general “companies, especially those related to new technology, are likely to suffer a decline in share prices after listing.
If the industry grows, investors will judge what growth and what sustainable models will be possible.
This year, the quality of projects and the quality of ICOs has become even better,” he said. “We also understand what applications to build using blockchain technology.”
Referring to it as growing pains, he said it was a process in all other industries where most early stage projects fail with sustainable models then rising.