Aya Miyaguchi CEO of the Ethereum Foundation recently stated that “as the use of technology grows, scalability remains a huge challenge. Scaling is easy if you don’t mind decentralization, but trying to scale without compromising decentralization, so anyone can participate, is hard work.
Miyaguchi, who was appointed in 2018 to that position, made these remarks during a discussion on March 18, 2021.
During the talk, she was asked about what challenges block chains are facing right now, to which she pointed out that transparency is a key benefit that block chains can provide. While there are many problems that can be solved with more transparency, he said, there is also a privacy challenge. He added that they are working to educate people about the benefits of public block chains.
Miyaguchi noted that at the same time, privacy enhancements (such as zero-knowledge proofs) have been evolving, and they hope that these challenges will gradually be resolved as well. With these technologies, even companies are becoming more comfortable using public block chains, he explained.
The executive shared her perspective on how decentralization works to create a free Internet. He said the vision for each app depends on the teams that build them. But through many of these, users have access to tamper-proof information or borderless financial tools that prevent governments from having unnecessary control.
“We believe that a more free and open system can help protect and inform people where protections and information are most needed.” – Said, Aya Miyaguchi CEO of Ethereum.
It is worth remembering that, in May 2019, through its blog, Ethereum published that it was on the way to being more decentralized and sustainable. The document reaffirmed that the Ethereum Foundation’s number one priority is to release version 2.0 of the network , a software update to stop using proof of work and move to proof of stake.
This is a generalized change in the consensus protocol used by the network to reach an agreement on the information registered in the chain. Rather than requiring miners to participate by spending computing resources, the new system will rely on stokers to validate new transactions, which will demonstrate their reliability by blocking large stakes of money.