According to the Ethereum co-founder Vitalik Buterin, the days of 1000-fold growth in the sector of cryptocurrency, as it was last year, passed.
In a conversation with Bloomberg at the conference Ethereum Industry Summit in Hong Kong Buterin noted that the public’s awareness of cryptocurrency and blockchain technology reached its peak in December 2017, when the growth rate of the leading digital asset such as bitcoin, Ethereum, Ripple and Bitcoin Cash, generate income from 10-fold to 300-fold.
“The space of the blockchain is coming to the level when the upper limit in sight. If You communicate on this subject with the average educated man, he had heard about the blockchain at least once. It is no longer possible for one thousandfold growth of something in space,” said Vitaly Buterin.
From his point of view, the evolution of bitcoin and other cryptocurrencies for the first six or seven years was mainly based on the marketing efforts of your team to bring attention to their projects.
The situation typical for the end of last year, often called the experts not only as a speculative bubble, was a turning point: the interest in cryptocurrency appeared in the vast majority, people began to accept the virtual currency as an emerging asset class. The next step will be a more in-depth involvement of those users who are interested. Buterin said: in the coming years the industry will focus on improved usability and accessibility of decentralized systems is an active promotion.
Co-founder of Ethereum, believes that the strategy of promoting blockchain technology and cryptocurrency as a way to expand the circle of users generally “stalled”, now is the time to improve the infrastructure, decentralized, blockchain-based applications and protocols and, in this way stimulating the growth of the number of users working with the platforms on the basis of the blockchain.
“Move from a situation where people want to real applications real economic activity,” advised Buterin.
Note, the community is increasingly heard opinion that to achieve wide distribution in the coming months and years, the developers of blockchain applications need to achieve a level where the use of decentralized systems is as smooth and efficient as in the case of centralized platforms.
It is impossible to deny that the transition from Fiat currency to cryptocurrency may cause technical difficulties in most people. For example, applications such as Peepeth — a decentralized alternative to Twitter requires users to send the air or gas every time some information needs to be transferred to the main Ethereum network. So, one job with MetaMask seems most are extremely complex, and whether it is such efforts when there is the usual Twitter?
As noted by the CEO of a decentralized cryptocurrency exchanges Kyber Network Loy Lou (Loi Luu), to improve and simplify the process of using the systems based on blockchain need to work on the user interface, which is still “good enough”.
“Users are not familiar with decentralized exchanges; they are more known Binance or Bittrex. That’s why we wanted to make the process of using really is easy for the user. And we are not focusareas on the aspect of decentralization. We are more focus on the aspect of ease of use,” said Lou.
As to the progress of the Protocol, Ethereum developer community is actively working on the implementation of the Sharding solutions and Plasma, it is expected, will greatly enhance network scalability.
Other projects, such as Cardano and Zilliqa, develop solutions, proof-of-stake (PoS) and ideas related to sharding as an alternative to Plasma and initiatives on the basis of Ethereum.
And yet, given the intention of the teams to focus on consumer database the widely used centralized platforms, we can expect a substantial increase in developments in this area in the near future.
Recall that in mid-August, the acne Buterin stated that crypto-currencies have not yet revealed their potential.