Ethereum founder Vitalik Buterin believes the cryptocurrency and its blockchain can replace credit card networks and gaming servers.
In an interview at a TechCrunch event, Buterin said Ethereum and Bitcoin networks are currently too slow to work for mainstream applications, however.
“Bitcoin is processing a bit less than three transactions per second. Ethereum is doing five a second. Uber gives 12 rides a second. It will take a couple of years for the blockchain to replace Visa,” said Buterin.
He said Ethereum also offers high levels of security and scalability, which allows for applications to be built on top of it.
“Ethereum is a secure base layer that doesn’t have too many features.”
The price of the Ethereum token has risen rapidly in 2017, going from $8 at the start of the year to $280 at the time of writing.