The cryptocurrency universe has been one of the fastest yet most valuable industries. Ethereum and Bitcoin along with several other coins have proved to be highly promising. Despite the upsides of the industry, the shortcomings seem to be taking over. While the crypto market can be a tough nut to crack for a beginner, the applications become much easier with time. Elaborating on the issue of wallet security, the co-founder of Ethereum, Vitalik Buterin appeared in a recent interview.
Ethereum’s Vitalik Buterin Reveals That Eth2 Is Making Immense Progress
The entire crypto community was awaiting the launch of the constantly delayed, Ethereum 2.0 aka Serenity. This network-wide upgrade would insinuate Ethereum’s transition from Proof-of-Work [PoW] to Proof-of-Stake [PoS]. While Phase 0 of the upgrade recently went live, the others are yet to come. Appearing in a recent Latin American Bitcoin Conference, the Ethereum co-founder revealed proposed that Eth2 would pave the way to an array of possibilities as the network could harbor over 3,000 transactions every second.
While the community is in anticipation of releases pertaining to Eth2, Buterin revealed that the upgrade would not be functional for a while. Pointing out that this time would allow developers to work better on Eth2, he added, “more attention on minimizing risks and maximizing opportunities” would be prioritized.
Additionally, he revealed that there was still no ease in usability with regard to wallets and this would pose a significant issue in terms of adoption. Detailing about the lack of attention on the issue, Buterin added,
“The security side—wallet security. It’s still much easier than it should be to lose $200,000 if your wallet breaks. I have a theory that we don’t talk about the problem enough because no one is willing to admit they lost $200,000 because if you admit you lost $200,000, you look like an idiot.”
Furthermore, Buterin went on to suggest that issues like these are quite often sidelined and this leads to people believing that the problem is dainty, despite its magnitude.