Vitalik Buterin says what is stopping Ethereum from being decentralized? 17891
News
Madhurima Roy
Jul 7, 2018 at 5:03 PM

Vitalik Buterin, the co-founder of Ethereum, recently attended the ‘TechCrunch Session: Blockchain’ where he stated that he is trying to decentralize Ethereum’s design as much as possible, irrespective of the fact what the community expects.

Buterin told Jon Evans in the TechCrunch interview: “The Ethereum Foundation tries very hard to be a decentralized organization.”

“We try very hard not to have a very hard divide, such as you’re on the inside and you’re on the outside.”

ALSO READ: Vitalik Buterin says Ethereum to have “1 Million Transactions Per Second”

So, what’s the hiccup in attaining the goal?

User authentication is a vital issue that is standing in the way of Ethereum and barring them from attaining their goal of being end-to-end decentralized. To break down the complicacies, a private key and a public key need to be employed to manage the wallet. But if all user authentication methods fail, “it’s going to be hard to reach mainstream adoption.” “If all fails we’ll all use Coinbase — that’ll be less fun,” he added.

ALSO READ: Vitalik Buterin boycotts Consensus 2018; Snoop Dogg and Twitter CEO to attend

What’s wrong with being centralized?

Centralized exchanges, according to him, exist because they are working as an interface between the fiat world and the cryptocurrencies, and “the fiat world only has centralized gateways.”

“I definitely hope centralized exchanges go burn in hell as much as possible,” Buterin said. Buetrin specifically is of the opinion that there is no purpose for some projects to spend $10 to $15 million in listing fees in order to allow individuals to trade their tokens on centralized exchanges.

"You get the efficiency of a centralized server, almost the same code of a centralized server, but a public blockchain fallback in case the centralized server ends up failing."

Image via Shutterstock

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