Blockchain is one of the newest and most groundbreaking technologies in the finance world, with an increasing amount of potential as it becomes more widely adopted. One of the best uses of blockchain is Ethereum as a currency and investment. The co-founder, Vitalik Buterin has recently stated his opinion on where he expects the currency to go.
Buterin recently discussed how he views the next five years will go and it primarily goes over how technological advancements could help shape and reshape the market. Bueterin stated that “the amount of activity on the blockchain is orders of magnitude larger than it was just a couple of years ago.”
To continue growing as it is now, the priority is to be able to handle the increasing amount of storage needed to enable more transactions. Buterin continued to state that “scalability is probably problem number one. There’s a graveyard of systems that claim to solve the scalability problem but don’t. It’s a very significant and hard challenge. These are just known facts.”
One of the technological improvements that Buterin would like to make is one that partitions the data into different subsets, where each different node would only store one part of the entirety of Ethereum. Instead of how it is now, where every transaction is on one node, the new system would be able to conduct transactions in an easier and swifter way. Each node would be able to rely on other nodes, thus creating a system that would essentially work the same as the one we have now.
Buterin stated that “other universes where all this stuff we’ve been working on these last few years can be rolled out much faster.” With the increasing technology for each different cryptocurrency, it is only a matter of time before cryptocurrency takes over the world financial system.