Vitalik Buterin's article led to record sales of Ethereum from cryptokit wallets
Ethereum creator Vitalik Buterin, in absentia criticizing Elon Musk's intentions for the global modernization of Dogecoin, convinced major investors to close some of their positions in ETH. The published article on the limits of blockchain scalability led to the largest influx of the second largest cryptocurrency into cryptocurrency wallets this year with the aim of selling cryptocurrency.
Traders transferred $ 445 million to the sites in 10 minutes, at that moment the statistics of the Santiment portal recorded a sharp increase in transactions from cryptokit wallets containing a balance equivalent to $ 100 thousand or more.
Vitalik Buterin's article led to record sales of Ethereum from cryptokit wallets
Ethereum cryptocurrency declined on the general wave of sales. Large holders participated in the sale on May 21, after the meeting of the Financial Stability Committee of the State Council of the People's Republic of China, which actually banned the work of miners.
Sunday's activity is due to the fact that Vitalik Buterin actually admitted that the transition to Ethereum 2.0 will not solve all the problems of blockchain technology. In his article, he acknowledges that transaction database storage issues are still relevant.
The growth in the size of the transaction history leads to centralization, which can only be avoided by allowing more people to run full nodes. This leads to technological limitations on block size, hard disk space for the blockchain, and the level of CPU operation required for a node to function.
PoS algorithm, sharding and sharding will not solve the above problems, which are superimposed on the speed of the Internet. Keeping the ability to open nodes for any miner willing will limit the scalability of the blockchain.
If technology standards are raised to achieve acceptable transaction speeds, there is a risk of forks. ETH 2.0 may repeat the fate of Bitcoin in 2017, when the chain was cloned 59 times in a relatively short time.
Vitalik Buterin was so convincing in his arguments that a number of large holders overestimated their views on the potential of Ethereum 2.0, deciding to invest in other market instruments. As a result, the cryptocurrency rate sank by 58% from historical highs.
If technology standards are raised to achieve acceptable transaction speeds, there is a risk of forks. ETH 2.0 may repeat the fate of Bitcoin in 2017, when the chain was cloned 59 times in a relatively short time.
Vitalik Buterin was so convincing in his arguments that a number of large holders overestimated their views on the potential of Ethereum 2.0, deciding to invest in other market instruments. As a result, the cryptocurrency rate sank by 58% from historical highs.
Report
My comments