Vitalik Buterin is worried about Ethereum — Here’s how the community responded

Vitalik Buterin, Ethereum’s co-founder, expressed concerns about blockchain’s future in a recent interview. ETHDubai attendees voiced mixed feelings towards his view on crypto’s perils.

Buterin spoke out in an interview with Time magazine about his concerns regarding the network. He said that it is populated by people who only want to make money and are not committed to the original vision of an egalitarian platform. He stated that if we don’t speak up, only the immediately profitable things will be built.

The most recent ETHDubai event was held at Le Meridien Dubai.

Sergej Kunz (co-founder of 1inch Network) commented on Buterin’s woes and said that he disagrees with the Ethereum cofounder. Kunz stated that there are scam projects out there trying to raise money from investors. However, there are also good projects which need funding and can be funded by venture capitalists in order to make a profit. Kunz used the example of 1inch to illustrate this point:

We see angels and investors. They were very helpful. They provided money for us to concentrate on the startup. […] Our goal is to improve the space and create something new, as well as improve the financial system.

Aleksei Pupyshev is a GTON Capital developer. He believes that there should be a balanced between profit and non-profit initiatives in the space. He believes that even though there are many projects that support charity and solve health-related problems, rewarding people can be motivating them to enter the industry.

We need more people who are interested in exploring and are willing to invest.

Siva S, Ozone’s chief technology officer, believes the problem is linked to Ozone’s growth. He believes that the growth of the crypto ecosystem will bring in more traditional finance players, who will want to take control. However, he believes that developers will continue to be happy to use Ethereum as long as core concepts such as consensus remain relevant.

Raullen Chai is co-founder of IoTeX and shares many of the same concerns as Buterin. He is also concerned that crypto pioneers will not be able stick to their visions of their platforms. He explained:

“I have the same concerns here. I don’t know if the crypto OG people can keep their vision. I do hope they can. Unfortunately, I don’t see any solution to this problem.

Related: Vitalik Buterin is named on the Time magazine’s list of 100 most influential people for 2021

Charles Hoskinson is also an Ethereum cofounder and spoke out in support of decentralization at a recent talk held by Binance Blockchain Week. He stated that “if you’re only here to make money, then you lose everything that makes the technology unique.”

https://cointelegraph.com/news/vitalik-buterin-is-worried-about-ethereum-here-s-how-the-community-responds

Charles Griffin

Charles Griffin – Business and Transportation I am Charles Griffin with more than 10 years of experience in the Stock market industry, I am energetic about Finance and Business news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of Magnewspress.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Business News category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.  

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