back to the monkeys – Vitalik Buterin appeared on the cover of Time magazine in March 2022. He then shared in a long article dedicated to him by the media, your concerns about the evolution of Ethereum (ETH). Some participants in the ETHDubai event reacted to the words of the co-founder of Ethereum. Reviews are mixed.
Blockchain and cryptocurrencies: new Eldorado of capitalism
Vitalik Buterin had expressed concern about the proliferation of projects in Etherealwhose seek only immediate profit. He had criticized the Bored Ape Yacht Club’s NFT collection saying that “the ultimate goal of cryptocurrencies is not to play games with monkey pictures worth millions of dollars.” Ethereum founder wants crypto to be used to “do things that have significant effects In the real world”.
Vitalik Buterin also highlighted the need to exercise “our voice”. If so, “the only things that get built are the ones that are immediately profitable.”
Are these criticisms of Vitalik Buterin justified? Are crypto projects really drifting further and further from the ideals of building an equal and inclusive world through blockchain and cryptocurrencies?
Criticisms that are not unanimous
Raullen Chai, co-founder of the IoTeX blockchain, to share “the same concern” as the founder of Ethereum. He fears that “cryptocurrency pioneers” may not “stick to his vision” of him, although he admits that he had “ there is no solution to this problem, Unfortunately “.
1inch Network co-founder Sergej Kunz disagrees. He believes that there are good projects with real financing needs, capital that can be provided by venture capitalists. However, he admits that some projects they are just scams.
The analysis of Aleksei Pupyshev, developer of GTON Capital, goes beyond a simple position regarding the concerns of Vitalik Buterin. The developer mentioned the need for balance between for-profit projects and non-profit initiatives.
GTON Capital is a decentralized autonomous organization that wants to grow the digital capital markets, building the DeFi infrastructure and ecosystem of products necessary to achieve this goal.
The reasons for this short-term projection
The return on investment is, according to Aleksei Pupyshev, necessary to motivate “people” to explore the sector. He also reminded 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 very interested in the cause of this multiplication of blockchain and cryptographic projects, in search of short-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 in the development of their applications.
These traditional finance players will want priority to generate and maximize your profit, while trying to exert “a kind of control”. The Ozone co-founder believes, however, that developers will continue to build on top of Ethereum, as long as basic decentralization concepts such as consensus mechanisms remain relevant.
Unfortunately for Vitalik Buterin, blockchain and cryptocurrencies will not only serve “noble” causes. Companies from different sectors see it as a new space to create new sources of income, far from the big ideas about creating a better world. The cryptosphere is not a perfect world, ideologically speaking but also technically, this tech player points out the limits of a vaunted decentralization.
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