During an interview with Korea JoongAng Daily and JoongAng Ilbo, the two largest news publications in South Korea, Ethereum co-founder Vitalik Buterin discussed the potential of his creation, merits and flaws of initial coin offerings (ICOs) and his personal thoughts on whether cryptocurrencies such as Bitcoin will be able to replace fiat currencies.
ICOs: merits and flaws
Since the beginning of 2017, ICOs have evolved into the popular method of crowdfunding for Blockchain startups. WIthin less than a year, ICOs have been raised over $1.5 bln, with several successful ICO projects such as EOS and Bancor raising hundreds of millions of dollars.
Two to five years for Ethereum to solve most scaling issues
Buterin is further emphasized that it would take two to five years to solve the majority of scaling issues in Ethereum. In contrast to some other Blockchain networks that are designed to handle specific tasks, the Ethereum protocol was developed to operate as a framework and infrastructure for decentralized applications.