Vitalik Buterin is the young and famous Ethereum co-founder who currently holds the second most valuable crypto. Using the recently held ETHDubai occasion as a platform, the Ethereum co-founder has expressed salient concerns about the fate of the digital currency in the blockchain future and the crypto ecosystem as a whole. Speaking in an interview with the reputable Time Magazine, he expressed concerns about the network, especially the intentions of most of the major shareholders of the crypto.
He commented that the majority of the key players of the network are only after selfish and immediate gains that only result in profit without considering the greater good of the network in the long term. This attitude, he said, deviates from the initial purpose of the Ethereum network, which was supposed to be egalitarian. This means that users have the right to decide on their own investments, including how best to use their resources and how to allocate their assets, among others.
He further stressed the fact that the idea behind the Ethereum network is not to make a profit and amass millions of dollars but rather to create meaningful and lasting value in the crypto ecosystem and the world at large. The Ethereum London hard fork is a move towards this idea. The big question is what is ETH London hard fork?
He urged his audience to use their voice and speak up against the wrongful implementation of the currency. Vitalik also threw subtle shades at some major stakeholders in the Ethereum ecosystem. He stated that these shareholders were using the currency to buy several million dollars worth of ‘monkey pictures’ rather than using it to create lasting and profitable value in the world in general.
His outburst at the ETHDubai event was not the first time he publicly aired his strong and controversial views. Far back in 2018, he had publicly cautioned crypto investors about putting their entire savings and earnings into the crypto market. He strongly reminded old and intending investors about the volatility of cryptocurrency and advised them not to invest more than they were willing to lose.
Reactions To The Statement
The Ethereum co-founder’s outbursts have caused a lot of stirs among both investors and critics alike. Several people supported his claims and praised his intelligence, while many others have also come out to refute his comments on the issue openly.
Commenting on Vitalik’s statement, Aleksei Pupyshev, who currently works as a developer at GTON capital, has revealed that he advocates for equilibrium between profit and non-profit projects on the Ethereum platform. He believes that while making an impact in the world through charity projects, there should be incentives that the investors can benefit from too. He further said that these incentives would attract more investors to the Ethereum network.
Sergej Kunz did not hide his displeasure with Vitalik’s statement. The co-founder of the 1Inch Network mentioned that although fake blockchain platforms extort money from investors, there are also good ones that require funding. He added that the money made and re-invested into the platform will enable it to achieve its ultimate goals and purpose.
On the other hand, the co-founder of IoTEX seems to agree with Vitalik. Raullen Chai has expressed his fears that the key players of the Ethereum blockchain network may not be able to stick to the original plan behind creating the network.
Another co-founder of Ethereum, Charles Hoskinson, in a recent event, urged investors not to be entirely focused on the financial benefits of the network but rather on the other factors that make it ‘special.’ He also shared his views on decentralization in blockchain technology.
Does This Affect Eth Upgrade?
It is no news that the Ethereum network is making plans to upgrade its blockchain from Ethereum Classic to Eth 2.0. However, before this upgrade is finalized, there had to be a precursor which would transform the blockchain and make the final transition easier. There came the ETH London hard fork.
It is an upgrade of the entire Ethereum blockchain. The ETH London hard fork typically consists of a collection of 5 Ethereum network improvement proposals (EIP). Also regarded with the code EIP-1559, these proposals aim to revolutionize the Eth blockchain experience.
Due to the unlimited supply cap of Ether, the native currency of Ethereum renders it an inflationary currency. Transactions on the platform are validated by miners who receive coins as rewards for validating new blocks. These coins are usually gotten from the transaction fees billed to the users of the platform.
However, miners will no longer be compensated with the users’ transaction fees with the hard fork. Ether will also be burned after each transaction. This is intended to give the currency a form of scarcity which will, in turn, increase its market price. With the hard fork, network congestion will be drastically reduced. This will also lead to a decrease in the price of the Ethereum gas fees.
Experts believe that the implementation of the hard fork will reduce the volatility of the asset, which has been a major cause of concern among investors, users, and developers on the network.
However, this hard fork will not affect investors who make use of crypto exchanges or external wallets.
A major preliminary upgrade consisting of a set of rules that will aid user experience and raise Ether’s value is the simplified answer to the question: what is ETH London hard fork?
Despite Vitalik Buterin’s recently expressed concerns, he admitted to still having great faith and belief in the Ethereum network. He believes the network can be a stepping stone to making a lasting impact, especially in the socio-political aspect of society.
What are your thoughts about the co-founder’s concerns? Do you think the network should focus only on charity rather than profit-making?
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