Vitalik Buterin vs. Elon Musk
Vitalik Buterin re-emphasized the technical challenges in DOGE scalability in an interview.
Buterin revealed that he loves DOGE and holds some DOGE.
Ethereum co-founder Vitalik Buterin recently spoke on the Lex Fridman podcast about DOGE and Elon Musk’s stance on cryptocurrency. The interview addresses several of Musk’s tweets about DOGE and its scalability. Fridman quoted Musk’s statement:
“Ideally, Doge speeds up the block time by 10x, increases the block size by 10x and reduces the commission fee by 100x.”
Vitalik Buterin talked about DOGE scalability
Speaking on the scalability question regarding DOGE, Buterin emphasized that the type of scalability that Musk wants for DOGE can lead to centralization, thus opposing the essential feature of blockchain technology.
Referring to a blog post by Buterin, Fridman opposed Musk’s explanation, stating that this was impossible based on technical factors. The interviewer went even further to ask Buterin about the technical barriers preventing Dogecoin from becoming one of the primary cryptocurrencies in the world. Also, Fridman asked Buterin if he was afraid of DOGE, as Musk said in a tweet.
In response, the Ethereum co-founder said he is not afraid of DOGE. According to Buterin, Dogecoin is used for payment at annual DevCon conferences. He stated that he believes Ethereum is not against Dogecoin. Buterin announced that he has some on hand.
Musk’s influence on cryptocurrencies
Also, Fridman talked about how Musk could influence the development of cryptocurrencies. Notably, the Tesla CEO has fueled the gains and losses of certain cryptocurrencies over time. The latest Bitcoin drop is due to Musk’s critical comment on BTC energy consumption.
Buterin said it would be great to have a secure “DOGE to Ethereum” bridge. The interviewer also mentioned Musk’s interest in Bitcoin before moving on to DOGE. Musk was once a Bitcoin advocate who added the Bitcoin hashtag to his Twitter bio. In February, Tesla announced in a filing with the Securities and Exchange Commission that the electric car company had purchased $1.5 billion worth of Bitcoin. The automaker also said it will start accepting Bitcoin as a form of payment.
However, Musk announced that Tesla will no longer accept BTC, citing environmental concerns. Musk defends DOGE, and Fridman thinks Tesla might consider buying the cryptocurrency. In the interview, Buterin asked if the programmer thought SpaceX might consider ETH an entry into the crypto space. Buterin is optimistic that Tesla and SpaceX may need to consider ETH sometime.
Fridman also talked about the similarities between the Cardano and Ethereum projects. Cardano is led by Charles Hoskinson, one of the founders of Ethereum. It leverages proof-of-stake like the Ethereum network. The interviewer asked whether Buterin saw Cardano as a competitor or as a complementary technology.
On May 3, Forbes announced Buterin as the youngest crypto billionaire in the world. At the time of the announcement, the 27-year-old programmer holds 333,520 ETH worth $1.09 billion at an ETH price of $3,278.