Changpeng Zhao (aka "CZ"), Co-Founder and CEO of Binance, said on Wednesday (August 21) that although he likes Vitalik Buterin and Ethereum, blockchain scalability is "a largely solved problem for newer blockchains (for now). However, Vitalik disagrees with this view.
CZ's comments about blockchain scalability came in response to what Vitalik said on this subject in an interview with The Star, Canada's largest online news outlet, which was published on Monday (August 19).
During this interview, Vitalik was asked what are "the roadblocks to more widespread adoption of cryptocurrencies." He replied:
"Scalability is a big bottleneck because the Ethereum blockchain is almost full. If you’re a bigger organization, the calculus is that if we join, it will not only be more full but we will be competing with everyone for transaction space. It’s already expensive and it will be even five times more expensive because of us. There is pressure keeping people from joining, but improvements in scalability can do a lot in improving that."
He then explained how scalability could be improved:
"The main problem with the current blockchain is this idea that every computer has to verify every transaction. If we can move to networks where every computer on average verifies only a small portion of transactions then it can be done better."