Between expectations and reality… Learn about the vision of the founder of Ethereum for the future of Ethereum
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Answer Between expectations and reality… Learn about the vision of the founder of Ethereum for the future of Ethereum
Ethereum co-founder Vitalik Buterin explained some of his conflicting perceptions and beliefs about cryptocurrencies last Monday.
He explained how his idealized vision of how Ethereum could grow and what it must become to match reality is failing.
Comparison between Ethereum and Bitcoin:
Programmer Vitalik Buterin, who has never hesitated to criticize Bitcoin in the past, began His long thread on Twitter By liking the Bitcoin network.
He emphasized the long-term success and stability of the Bitcoin network, but believed that the Ethereum network would require active short-term change to be able to imitate this.Read:Best apps to track cryptocurrency prices and your wallet
Compared to Ethereum, Bitcoin upgrades and changes are much less, and its community is very resistant to attempts at hard forks.
For example, Ethereum is preparing to turn its blockchain into a stake rather than mining.
But the Bitcoin developers and community are vehemently opposed to the change in the proofing mechanism and prefer to stick with the traditional method (mining).
Ethereum is also greatly influenced by the Ethereum Foundation, a non-profit organization dedicated to promoting and managing network development.
In addition, the base layer of Ethereum lacks the security to survive in extreme conditions, which was confirmed by the founder of Ethereum, who went on to explain:
Many of the major implementations of Ethereum already rely on security assumptions that are more fragile than anything we consider acceptable in the design of the Ethereum protocol.
The co-founder of Ethereum is not the first to write comments about these issues.
The CEO of Signal released a lengthy blog post in January detailing how the Ethereum application infrastructure has been massively integrated around a few large organizations.
Ethereum real-world applications:
Despite the hopes of the co-founder of Ethereum, Vitalik realized how Ethereum had yet to offer a more successful application in finance.Read:Bitcoin Drops Below $21,000, XTZ Up 8%
In the original Ethereum white paper, Vitalik envisioned Ethereum as a playground for decentralized consensus systems that could bypass the monetary role as a store of value in Bitcoin.
Instead, Vitalik grudgingly admitted that such financial applications, including jpegs and NFTs, are currently underpinning the cryptocurrency economy.
The process of adopting crypto is also one of the methods that unfortunately calls for compromising some of its principles, as Vitalik explained:
The contrast between my desire to see more countries adopt radical political experiments (eg, countries embracing crypto!) and my realization that governments that are most likely to go ahead with such things are more likely to be centralized and not internally friendly to diversity.
Last year, Vitalik showed his refusal to praise the absolute Bitcoin community for El Salvador’s President Najib Bukele, after he adopted Bitcoin as legal tender.
The president has referred to himself as the world’s coolest dictator, and has come under fire for enforcing the bitcoin law on a population that has little love for bitcoin.Read:The IOTA project is facing a new problem..the founder is suspending the project not being held hostage to anyone
The bottom line is that Vitalik wants to adopt desirable from all parties, whether from the government or individuals, and not obligatory on the population from a higher side, as El Salvador did, according to him.
A title related to the “Axie Infinity” hack transmits a large amount of stolen Ethereum…Details here
The number of individual investors in cryptocurrency decreased significantly in the first quarter of 2022 and institutions are taking the lead
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