Back to the monkeys – Vitalik Buterin made the cover of Time magazine in March 2022. He then shared in a lengthy article dedicated to him by the media, his concerns about the evolution of Ethereum (ETH)† Some participants of the ETHDubai event reacted to the words of the Ethereum co-founder. Reviews are mixed.
Blockchain and Cryptocurrencies: New Eldorado of Capitalism
Vitalik Buterin had expressed concern about the proliferation of projects on EthereumThat seek immediate profit only† He had criticized the Bored Ape Yacht Club NFT Collection, saying that “the ultimate goal of crypto is not to play games with images of monkeys worth millions of dollars.” The founder of Ethereum wants cryptocurrencies to be used to “do things that… significant effects in the real world”.
Vitalik Buterin also emphasized the need to practice “our voice”. If so, “the only things that get built are the ones that are immediately profitable”.
Is this criticism of Vitalik Buterin justified? Are crypto projects really moving away from the ideals of building an egalitarian, inclusive world through blockchain and cryptocurrencies?
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Critics who are not unanimous
Raullen Chai, co-founder of the IoTeX blockchain, parts “same concern” as the founder of Ethereum. He fears that “crypto pioneers” will not be able to “hold on to their vision”, while admitting that he ” no solution for this problem† Unfortunately “†
1inch Network co-founder Sergej Kunz disagrees. He believes there are good projects with real financing needs, capital that can be provided by venture capitalists. However, he admits that some projects are just scams†
The analysis of Aleksei Pupyshev, developer at GTON Capital, goes beyond a simple stance regarding Vitalik Buterin’s concerns. The developer called the need for balance between for-profit projects and non-profit initiatives.
GTON Capital is a decentralized autonomous organization that aims to grow the digital capital markets and build the DeFi infrastructure and ecosystem of products needed to achieve this goal.
The reasons for this short-term projection
Return on investment is necessary according to Aleksei Pupyshev to motivate “people” to explore the sector† He also recalled that there are many projects that support charities or solve health problems in the cryptosphere.
The co-founder and CTO of Ozone Sivagurunathan S, was previously interested in the cause of this multiplication of blockchain and crypto projects, looking for near-term profitability.
The growth of the crypto ecosystem is motivating traditional financial players to dive into cryptocurrencies, according to Sivagurunathan S. Ozone is a company based in the United Arab Emirates, with a research center in Bangalore, India. The company helps companies develop their applications.
These players in the traditional financial world want: priority to generate and maximize their profit, while trying to exert “a kind of control”. However, the co-founder of Ozone believes that developers will continue to build on Ethereum as long as core concepts of decentralization such as consensus mechanisms remain relevant.
Unfortunately for Vitalik Buterin, blockchain and cryptocurrencies will not only serve “noble” purposes. Companies from different sectors see it as a new space to create new revenue streams away from big ideas about creating a better world. The cryptosphere is not a perfect world, ideologically but also technically, this tech player points out the limits of an often vaunted decentralization†
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