Vitalik Buterin Talks About China’s Blockchain Adoptions in the Recent Q&A Session

Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.
  • TechNode, a cryptocurrency media agency held a question answer session with Vitalik Buterin.
  • Buterin said that it was too early to comment on BSN’s growth and the kind of projects that can be built on BSN’s platform.
  • Buterin has ensured that the developer team has done everything to make Ethereum more friendly to small scale stakers.

Recently TechNode, a cryptocurrency media agency held a question answer session with Vitalik Buterin. Buterin is the CEO and the co-founder of the second largest cryptocurrency protocol, Ethereum. He was invited to discuss the very least talked topic of China’s impact in the blockchain industry. Throughout the session Buterin elaborated the growth of blockchain adoption in China and particularly the Chinese based Blockchain Services Network (BSN). BSN is a platform that promotes blockchain developement and brings together different types of cloud services and chain protocols. 

A Career as a Journalist Shaped him to be a Blockchain Entrepreneur

Buterian as we know is a Canadian-Russian programmer. He started his career as a journalist in Bitcoin magazine. He expressed that working with a media agency had increased his knowledge regarding the technology and economics of cryptocurrencies and blockchain. It had also enhanced his writing skills. He elaborated the problems that are associated with China’s activity in the blockchain industry. The main drawback is that chinese investors and even the government are more inclined towards consortium chains rather than public chains. However, BSN is taking a positive outlook towards public chains. 

Too Early to Predict BSN’s Take on its Projects

Buterin said that it was too early to comment on BSN’s growth and the kind of projects that can be built on BSN’s platform. As per him, BSN wants to give the developers option and ability to use high-quality public networks. However, there is no comparison between Ethereum and BSN, because in this case Ethereum is the leader. He thinks that the main mistake that people generally make is manipulating the project from its initial information. 

When quizzed about creating a scripting language on top of Bitcoin,  Buterin confirmed that it was a misconception and that he actually proposed to build on Primecoin instead of Bitcoin. The main reason why he wanted to build on Primecoin was because at that time he thought that he was incapable of writing the entire code all by himself. However, soon people offered to help him and he felt confident enough to build the Ethereum blockchain. 

Buterin Talks About ETH 2.0 and the Rumoured Threats to its Decentralisation

Ethereum’s new mainnet upgrade implements the Proof of Stake algorithm to enhance scalability and efficiency of the platform. However, staking pools and mining pools are likely to dominate the platform contributing to centralization. To this, Buterin has ensured that the developer team has done everything to make Ethereum more friendly to small scale stakers. However, he mentioned that Staking pools are going to happen no matter what and they are expecting that there is less centralization in staking as compared to mining.

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