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Thursday, February 9, 2023

Vitalik Buterin Speaks About The Perils In The Crypto Sphere

Vitalik Buterin, the co-founder of Ethereum, recently graced the first page of Times Magazine this month- where he spoke about the crypto industry. In fact, the cryptocurrency founder was also interviewed by the publication regarding the many perils that could be found in the cryptocurrency sphere- one helped to create. In the 80-minute interview, Buterin explained the potential for a dystopia that digital assets had- if they were implemented incorrectly. 

Vitalik Buterin Talks About His Fears With Ethereum

One of the biggest fears that Vitalik Buterin were regarding overzealous investors, public displays of wealth, and humongous transaction fees- especially by those who claimed to have made a fortune out of trading crypto and NFTs- nonfungible tokens. While Buterin does seem to have high hopes for Ethereum, which is the network that powers the second largest cryptocurrency in the world by market capitalization, he has his reservations. He fears that his idea of a more egalitarian digital economy could be overtaken by those who only had plans for their greed. 

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The interview then focused on other pain points for Vitalik Buterin- with regards to Ethereum- such as the amount of power that was needed to be exercised in the community- during highly contentious periods in its evolution. The interview did portray Buterin as a pragmatic leader who had a very clear approach- one that involved taking a middle ground in order to solve those issues that were impacting the community. 

The last few years have seen Vitalik Buterin using his personal blog in order to advocate for technical solutions which were related to the development of Ethereum. Back in December 2021, he had published Endgame- which was a thought experiment that would explore the evolution of Ethereum 2.0. This has now been referred to as the consensus layer. In the post, Buterin went on to suggest multiple improvements to the network scalability of Ethereum.

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