Vitalik Buterin spoke about Ethereum 2.0 in the South Korean Parliament

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Vitalik Buterin, the creator of the second largest cryptocurrency Ethereum, had a speech in the South Korean Parliamentary session. The main theme was the future of blockchain and the global economy. Min Bjung Du, the chairman of the South Korean National Policy Committee, also took part in the session.

14k transactions per second

“The purpose of Ethereum 2.0 is to reach 14,000 transactions per second, which is equivalent to 2.8 MB,” said Buterin. He explained that this is due to the transition to PoS and implementing sharding, which is still a major priority.

“We will use our Ethereum verification algorithm Casper as Ethereum 2.0-based technology,” said Buterin. “The technological progress helps to solve the initial problems of blockchain technology,” he said. “Over time, various blockchain technologies such as Proof-of-Identity will be used.”

Developing wallet security

Buterin noted that the key technology in the blockchain must meet the requirements of scalability, confidentiality and security. In reality, the speed of blockchain transactions is too small for it to replace the financial market safely.

Also, Vitalik Buterin said there is a need to develop ways to enhance wallet security. As far as private information is concerning, the users should probably not enter it into the blockchain. Given its specificity because such information can be disclosed.

He mentioned the Metadium project as an example that can work with identification data and successfully address security issues.

Bad performing ICOs

He also addressed the bad performance of ICO projects in recent years. Buterin said that, in general, innovation companies would probably suffer from a drop in stock prices after listing. Also, he was pointing out that in the future, the investors will determine the growth and viable financing models of these companies.

Buterin noted that in 2019 the quality of ICO projects has improved significantly, and the demand for certain blockchain applications is now becoming more apparent.


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