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Saturday, July 1, 2017

Coinbase Co-Founder: Ethereum Needs Off-Chain Scaling Solutions to Scale

Coinbase Co-Founder: Ethereum Needs Off-Chain Scaling Solutions to Scale

Fred Ehrsam, former Goldman Sachs trader and co-founder of the bln dollar Bitcoin startup Coinbase, laid out several scaling issues of Ethereum and the necessity of off-chain scaling solutions to scale the Ethereum network.

According to Ehrsam, seven major scaling solutions exist that are being developed by Ethereum developers, which will be launched by late 2018. The migration from Bitcoin’s proof of work consensus protocol to proof of stake protocol is the largest alteration to the Ethereum network Ethereum co-founder Vitalik Buterin has revealed to date.

Although the Ethereum network prioritizes flexibility to provide an efficient ecosystem for decentralized applications (Dapps) and decentralized autonomous organizations (DAOs), Ehrsam noted that in order for Ethereum to support large-scale Dapps with one to 10 million users, it will need a scaling solution that will demonstrate a 100x improvement in the Ethereum protocol by 2018.

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Source: CoinTelegraph

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