Why Elon Musk’s plan to expand cryptocurrency by 10 times has “fundamental flaws”

Ethereum co-founder Vitalik Buterin published a lengthy paper on the scalability limits of blockchains, criticizing Tesla CEO Elon Musk’s claims.

article, Published Published on Buterin’s personal blog on May 23, he emphasized the trade-off between decentralization and scalability when designing a blockchain network.This article is in response to Elon Musk’s May 15 tweet assertion If Dogecoin takes action to increase its block size by 900%, it will become the leader chain:

“Ideally, the Governor can shorten the block time by 10 times, increase the block size by 10 times, and reduce the handling fee by 100 times. Then win.”

Vitalik Buterin Challenges Musk’s claims, emphasizing the challenge of seeking to achieve scalability and a dramatic increase in throughput, “without leading to extreme centralization and compromising the fundamental attributes that make the blockchain its essence.”

Buterin emphasized the necessity of decentralized management to eliminate the risk of a single point of failure in the network, and widely distributed networks enjoy protection from coordinated attacks. He added that if there is no permission for ordinary users to run nodes freely, decentralization cannot be achieved.

“For the blockchain to be decentralized, it is important for ordinary users to be able to run nodes and have a culture that running nodes is a common activity.”

Buterin also asserted that sharding can facilitate the scalability provided by many centralized chains. Based on the current state of the Ethereum network, Buterin predicts that sharded Ethereum can “process approximately one million transactions per second, and the blockchain has complete security.”

He added: “But this work must be done without sacrificing the decentralization that makes blockchain so valuable.”

In March, the co-founder of Ethereum suggested The summary will be deployed on Ethereum Before using ETH 2.0 for sharding.