The co-founder of Vitalik Buterin has left his position with China-based venture capital firm Fenbushi to focus attention on the development of the etherium network.
Focus on the etherium network
Buterin announced that he had stepped down as a general partner of Fenbushi, which was one of the most active investors in the blockbuster and digital currency sector. He said he would not be a full-time partner in the company, but would remain an adviser. During an interview with TechCrunch, Buterin stressed that although the digital currency market has shown a huge increase in users and its market value, the practical use of pluxin networks has declined as a result of higher transaction fees and scalability issues. To address the growing demand for etherium and the high expectations of the global etherium community, emphasis should be placed on the development of the Athenium blockin network and the resolution of expansion issues to provide a better system for decentralized applications. Buterin said on this subject:
"I expect 2018 to be a busy year, at least for the ethereal network I have the right to talk about. This year will also bring together all the ideas about scalability, plasma, and PoS algorithm as well as the privacy that we have been working hard to refine over the last four years and eventually become the reality of "
This statement came after many experts in the digital currency sector including Joey Krug, the founder of Augur, said there was a clear lack of developers working on expanding the ethernet network solutions. The proliferation of successful decentralized applications such as CryptoKitties, EtherDelta, 0x has led to the congestion of the etherium network, which is already processing more transactions than all the pluxin networks in the global market combined.
Expansion problems
According to Etherscan, the etherium network processes 1.2 million transactions on a daily basis, more than 4 times the daily volume of the Betcoin network. But, as explained by Bankex developers who recently explained the practical implementation of plasma solutions and the scalability offered by Vitalik Buterin and Joseph Poon, these solutions, in turn, are using interconnecting plucin networks to reduce the congestion of the main ether block. Applications such as CryptoKitties perform hundreds of thousands of transfers on a regular basis and fill the etherium network with large-scale transactions. Some decentralized applications such as 0x have off-the-string solutions to execute commands or transactions outside and transmit them to the main ethernet network after multiple transactions are combined into a single transaction. However, the vast majority of applications still do not have innovative solutions to reduce the congestion of the etherium network.
As such, Krug stressed that developers working on the ethernet expansion capabilities are working hard and there must be more developers working on the original open-source code for the expansion of the ethernet network.