MEW Creator to Answer Big ETH Questions

Kosala Hemachandra told about DApss, initial coin offerings, Ethereum community, trust to crypto and new level for Ethereum developments
26 December 2018   496

The coming year will test the reliability of the Ethereum ecosystem. In addition, in 2019, one of the most anticipated updates, Constantinople, will be activated on the Ethereum network. In the column for CoinDesk, the creator of the popular cryptocurrency wallet MyEtherWallet (MEW), Kosala Hemachandra, answered the questions of concern to users regarding the state of affairs in the Ethereum community.

Kosala Hemachandra said that many good decentralized applications (DApps) have already appeared on the Ethereum network that can improve the user experience.

In his opinion, the progressive DApps-developments include the products of Kyber Network and MakerDAO, as well as the domain name system Ethereum Name Service (ENS), a solution that allows replacing long addresses with “readable” names.

Although these applications work on the principle of decentralization, according to Hemachandra, it will take at least five years for these DApps to interest the average user.

I encourage dapp developers to focus on building ecosystems with user experience and newcomer adoption in mind. We cannot ignore that in recent years, the Ethereum community has expanded beyond the technically-proficient to include the crypto-curious too.
 

Kosala Hemachandra

Creator, MyEtherWallet

Kosala Hemachandra believes that the ICO boom was both the best and the worst event in the crypto industry. In 2017, start-ups attracted more than $ 5.5 billion through tokensale, and already in the first eight months of 2018, this figure exceeded $ 14 billion. This increased interest in the industry and spurred the creation of innovative solutions.

However, at the time of the rise in the price of Ethereum cryptocurrency, many ICO organizers and developers withdrew the collected funds and left the ecosystem. According to the creator of MEW, although then the community lost bright minds, these events helped clean the ecosystem from developers looking only for financial gain.

The results of the Satis Group study showed that in 2017, fraudulent ICO collected more than $ 1 billion. Kosala, however, notes that ICO's frustration led to the growth of the popularity of traditional and venture financing, which can provide an incentive for development to crypto companies.

This season will not just be a test for the robustness of Ethereum’s technology, but also how we evolve as a community. 
 

Kosala Hemachandra

Creator, MyEtherWallet

Ethereum developers have already come to unified solutions and compromise, according to Kosala. DevCon's annual conferences allow ecosystem participants to interact harmoniously.

Now more than ever, it is important that we hold onto good talent throughout the industry. In the midst of these volatile market conditions, we cannot afford another brain drain and it is crucial that intelligent and committed people are drawn to this field and incentivized by goals that are not purely financial.
 

Kosala Hemachandra

Creator, MyEtherWallet

According to him, in order to have less people disenchanted with cryptoindustry, it is necessary to raise the level of awareness of fraudulent projects.

To turn over a new leaf, we can start by making it easier for crypto beginners by providing more materials and resources tailored to them.
 

Kosala Hemachandra

Creator, MyEtherWallet

Drawing an analogy with Bitcoin, which took almost 10 years to attract massive attention, Hemachandra is sure that for the successful development of the Ethereum network, new solutions need to be developed carefully and slowly.

We Need 100k Transactions\Sec, - Buterin

During the conversation with the head of Abra Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use
21 March 2019   118

The founder of Ethereum, Vitaly Buterin, expressed the opinion that for the network of the second most capitalized cryptocurrency, it is vital in the long run to achieve a throughput of 100 thousand transactions per second. It is reported by The Daily Hodl.

During the conversation with the head of Abra, Bill Barkhidt, Vitalik noted that the developers are focused on several main issues - scalability, privacy and ease of use.

As far as the big problems, my top three at this point are probably scalability, privacy and usability. So scalability – the Ethereum blockchain right now can process 15 transactions per second. Really, we need 100,000.
 

Vitalik Buterin

Creator, Ethereum 

According to him, in the context of solving the problem of scaling, the Ethereum team has high hopes for sharding.

There are two major kinds of strategies that we’re working on for scalability. One is layer-one scaling and the other is layer-two scaling. Layer-one scaling basically means improving the blockchain protocol itself to process a larger set of transactions. And the main bottleneck with blockchains right now is basically every user has to download the whole blockchain. Which basically means the blockchain can’t hold more transactions than one guy’s computer can store.

And our solution to this, called sharding, basically means that you split up the different transactions to randomly selected, different groups of computers. And this basically means that the blockchain can process way more things than one single computer can hold. And that can increase scalability by maybe a factor of 1,000 or so, but then potentially even more, much later down the road
 

Vitalik Buterin

Creator, Ethereum 

According to Vitalik, Ethereum developers also continue active work on second-level scaling solutions.

So there’s two major classes of systems we’re working on in this regard. One is called state channels. And there’s a bunch of teams working on this. There’s a team called L4 in Toronto that’s done some really good work. And another project is Plasma. And there’s a lot of work that’s been done on that. OmiseGo is this decentralized exchange that’s building on plasma. There’s TheMatter. There’s more and more of these projects. And then, there’s one of our researchers, Karl Floersch, who has been working on implementation of a reasonably complete Plasma prime specification, which is the latest version of Plasma – which has some really cool features in terms of increasing scalability and reducing the amount of data you have to store.
 

Vitalik Buterin

Creator, Ethereum 

Discussing the problem of scaling, Buterin mentioned Bitcoin. According to him, developers should achieve a significant increase bandwidth of Ethereum network. Otherwise, the second cryptocurrency capitalization will not be actively involved in everyday transactions and a significant market share will remain behind BTC.

If Bitcoin wishes to just be a store of value, then realistically it’s probably fine, though I think they should switch to proof-of-stake. If they want to actually be a currency that people use for transactions, then I do think base-layer scaling, and also speeding up the blockchain and reducing block times at the base layer, is also something which is very important.
 

Vitalik Buterin

Creator, Ethereum 

On the last day of winter hardfork Constantinople hardfork took place on the Ethereum network.