On Sunday Vitalik Buterin, co-founder of Ethereum, published an article where he explained why Elon Musk’s method of scaling Dogecoin is fundamentally flawed.
Elon Musk has a flawed method
In the lengthy article Buterin emphasizes the compromise between decentralization and scalability in blockchain network architecture. In particular, the article stems from a Tweet published last week by Elon Musk, CEO of Tesla.
In this way, in the Tweet Musk say that Dogecoin will emerge as the leading chain if it moves to increase its block size by 900%.
“Ideally, Doge speeds up the block time 10 times, increases the block size 10 times and reduces the rate 100 times. Then he wins without a doubt, ” the Tweet states.
Therefore, in this regard, Buterin challenged Musk’s proposal. So the article, Buterin explains that while tenfold increases in parameters might seem like an attractive option on paper, they would make blockchains much less secure and less decentralized.
“Increasing the parameters sounds very attractive at first: if you do the calculations on a napkin, … it’s easy to convince yourself that a consumer laptop can process thousands of transactions per second…Buterin explained. But, despite being very attractive in theory, there are many reasons why this method would be flawed.
And interestingly, it seems Musk read Buterin’s crypto article given that he responded with a Dogecoin meme, as expected.
Ray Dalio claims to have some of the crypto leader
According to CNBC, Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, assured during a CoinDesk event that he owns some of the leading crypto.
But in addition, Dalio assured that, although crypto still faces risks, ” Bitcoin’s biggest risk is its success.”
In this way, he explained that if crypto succeeds, “one of the great things, I think, as a concern is that the government has the ability to control … Bitcoin, or digital currencies. They know where they are and they know what’s going on.”
Jay Clayton himself advises crypto ETF
Do you remember Jay Clayton, the former president of the SEC? In fact, it is worth remembering that during its supervision a number of applications for a crypto ETF were rejected. Well, now he’s advising One River with the goal of getting one approved.
Yes, ironically seem that Clayton, who previously rejected Bitcoin ETF applications, could help get One River approved. Will you achieve your crypto mission?
HSBC takes a stand on crypto
HSBC CEO Noel Quinn told Reuters that the banking institution has no plans to explore the crypto market.
“Given the volatility, we are not in Bitcoin as an asset class, if our clients want to be there, of course they are,… but we are not promoting it as an asset class within our wealth management business.”, Quinn said.
In a few lines…
- BTC.Top is the first major Bitcoin crypto miner to stop its operations in China citing regulatory risks.
- Wharton School at the University of Pennsylvania believes DeFi can revolutionize decentralized finance, but it has challenges ahead.
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