Ethereum (ETH) Founder Takes Down Elon Musk’s Dogecoin Statement »Crypto Insiders

Last week, Tesla CEO Elon Musk suddenly claimed the following about Dogecoin (DOGE):

Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down.

— Elon Musk (@elonmusk) May 16, 2021

Musk was immediately criticized for that. According to well-known developers from the cryptocurrency industry you cannot do this just like that. Among others, Adam Back, CEO of Blockstream and one of the most prominent Bitcoin (BTC) developers, went into this.

Now also has the tech savvy Ethereum (ETH) founder Vitalik Buterin extensively commented on Musk’s statement. In his paper, Buterin poses the question: how far can you scalable a blockchain push? Is it possible to do that as Musk wishes without compromising a blockchain and creating extreme centralization?

The limits to blockchain scalability (or, why you can’t “just increase the block size by 10x”):https://t.co/y08T3TMr2U

– vitalik.eth (@VitalikButerin) May 23, 2021

According to Buterin, there are two ways to scale a blockchain: by making fundamental adjustments or by simply increasing the parameters. Buterin elaborates on why blockchain scalability has certain important limits, especially when it comes to factors such as computing power, bandwidth and storage. If you scale this too far, users will not be able to node (computer on the blockchain) run more and that is of “crucial importance” to decentralize the network.

Let‘s make one thing clear:

You defend against malicious protocol changes by having a culture of users validating the blockchain

Not by having PoW or PoS

— Hasu (@hasufl) March 30, 2021

Let’s get one thing straight: You defend against malicious protocol changes by having a culture of users who validate the blockchain. Not by having Proof-of-Work (PoW) or Proof-of-Strike (PoS). ”

According to the well-known crypto researcher Hasu, quoted by Buterin. Buterin says that simply increasing parameters, which Musk suggests, is a “fundamentally incorrect approach”:

“Increasing the parameters sounds really appealing at first: if you do the math on a napkin, it’s easy to convince yourself that a consumer laptop can process thousands of transactions per second, doesn’t require ZK-SNARKs or rollups or sharding. Unfortunately, there are many subtle reasons why this approach is fundamentally wrong. ”

Technical adjustments might work, such as sharding, says Buterin. Sharding is the splitting of chains on the blockchain so that they can process transactions in parallel. Ethereum plans to introduce this later this year, but there are limits to this too, says Buterin:

“Sharded blockchains can scale up much further, because no single node in a sharded blockchain has to process every transaction. But even there, there are limits to capacity: as capacity increases, the minimum number of safe users increases. It will take work to do this without sacrificing the decentralization that makes blockchains so valuable. ”

Musk, of course, does not respond and only reacts with a silly joke, but now we are no different from him. Musk himself previously criticized Dogecoin for centralization because a small group owns a very large amount.

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