Vitalik said this week that blockchains must become more affordable...or they'll lose their users
Ethereum's co-founder said the switch to a proof-of-stake blockchain is just the beginning — and the upgrade will transform how this technology is used.During his keynote speech, Buterin shared a graphic that showed the median income of four countries, and how it compares with current ETH transaction fees. While typical take-home pay in Canada is $113 a day, it stands at $16 in Mongolia and $4 in Zambia.
His impassioned argument could be interpreted as a rebuttal to those who believe that Ethereum should remain as a Proof-of-Work blockchain, and he warned that "fees are going to go crazy again" in a future bull market. "Scalability is also a problem that we've been talking about, we've been complaining about, we've been thinking about how to fix… pretty much since the beginning of the Ethereum project and even before the chain launched all those years ago."
This would be coupled by efforts to compress data in rollups — "trying to pack a much larger number of transactions into a much smaller amount of space so that we just get a big scalability gain for free."Elsewhere in his keynote speech, Buterin also challenged the notion that the centralization provided by Web2 giants is necessary because of how they can help users regain access to accounts they've been locked out of.
"You can make whatever choices you want. You can say 'I'm going to have five recovery contacts. Two of them are going to be an institution, one of them can be an employer, one of them can be my dad, one of them can be a friend.'"
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