Ethereum Co-Founder Vitalik Buterin: Blockchain growth based on marketing strategy coming to a dead end
Ethereum co-founder, Vitalik Buterin, in a recent interview spoke about the growth of the blockchain industry. He believes that the days of its explosive growth have likely come and gone.
In an interview with Bloomberg at an Ethereum and blockchain conference in Hong Kong, Vitalik said, “The blockchain space is getting to the point where there’s a ceiling in sight.” He further added, “If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”
According to Buterin, in the first six or seven years, the growth in Bitcoin and other cryptocurrencies depended on marketing and trying to get more adoption. “That strategy is getting close to hitting a dead end,” he added. The Ethereum co-founder believes that the next step will be to get people who are interested in cryptocurrencies already and to be involved and become consumers of blockchain products in the real life. “Go from just people being interested to real applications of real economic activity,” he said.
The cryptocurrency of Ethereum, Ether, that fuels the blockchain, has gone down by 80 percent from this year’s January high. Currently, it is trading at $205, according to CoinMarketCap. The “next stage” that Buterin mentioned in the interview may eventually turn out to be positive for ETH, if ‘en masse’ developers decide to go with Ethereum to build their platforms.
In other news, Ethereum will become hub for global collaboration with Ethereum 2.0. The new Ethereum 2.0 will support massive on-chain transactions while maintaining decentralization and security. It focusses on delivering massively scalable blockchain which can process thousands of transactions per second. The new design will supposedly improve the current scalability and decentralization of the blockchain.
Ethereum co-founder Joseph Lubin speaks about origin of ConsenSys, cryptocurrency & more
Image via Shutterstock
Join our Telegram group