Using a political analogy, Vitalik Buterin noted that two distinct groups exist. These include those with power and those trying to wrestle it away. While the parties with power are often considered authoritarian amid possible incompetence, those in opposition are considered too feeble to implement actual changes.
To Vitalik Buterin, this applies to the Bitcoin blockchain where, mostly, no innovation is taking place – as many hoped for. Buterin pointed out that the attempt to create alternatives through other chains like Bitcoin Cash (BCH) has proven almost ineffective.
To mitigate this one-sided competence war, Vitalik Buterin suggested that the opposition needs to realize that this fundamental problem exists. Then, they need to create solutions to the problem intentionally. Vitalik Buterin said identifying the problem is not nearly enough, as a concerted effort is needed to restore the core operational tenets for a blockchain that will truly compete with traditional payment giants.
For example, layer-2 scaling solutions are doing a great job in fees, while alternative layer-1 networks like Solana, Cardano and XRP Ledger are also advancing the usability features of what a functional blockchain should be like.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
