Vitalik Buterin, the founder of Ethereum, decided to speak clearly and concisely about the popular digital currency. In a recent interview, he agreed that the future of economics and security is going to be found in something called the ‘brain virus’. Not just that but that Ethereum will play a crucial role in the development as it will be able to replace gaming servers but also credit card networks.
According to Buterin the world is divided into two types of people when it comes to digital currency: “There’s the average person who’s already heard of bitcoin and the average person who hasn’t. Where Ethereum comes from is basically you take the idea of crypto economics and the kinds of economic incentives that keep things like bitcoin going to create decentralized networks with memory for a whole bunch of applications,” he added. “A good blockchain application is something that needs decentralization and some kind of shared memory.”
This is his vision and the hope that others will build on the same network they have already created and grown. For now, it is not as fast as it needs to be in order to use the large portion of the mainstream applications.
“Bitcoin is processing a bit less than 3 transactions per second, Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa.” said Buterin.
The brain behind Ethereum also says that he doesn’t think that everything should or could be run through the blockchain. However, he does believe that most things can be, especially that technology that will be replacing services which require that programs are supposed to be run at the same time
“You could run StarCraft on the blockchain. Those kinds of things are possible. High level of security and scalability allows all these various other things to be built on top. Ethereum is a secure base layer that doesn’t have too many features.”