Let’s go back to the monkeys – Vitalik Buterin did the cover of Time magazine in March 2022. He then shared a long article dedicated to him in the media, your concerns about the evolution of Ethereum (ETH). Some attendees of the ETHDubai event reacted to the observations of the Ethereum co-founder. Reviews are mixed.
Blockchain and cryptocurrencies: the new Eldorado of capitalism
Vitalik Buterin had expressed his concerns about the proliferation of ongoing projects Ethereumwho seek immediate profit only. She criticized the NFT Bored Ape Yacht Club collection saying that “the ultimate goal of cryptocurrencies is not to play with images of monkeys worth millions of dollars.” Ethereum founder wants cryptocurrencies to be used to “do things they have significant effects in the real world “.
Vitalik Buterin also stressed the need to exercise “our voice”. If so, “the only things that are built are those that are immediately profitable”.
Are these criticisms of Vitalik Buterin justified? Are cryptocurrency projects really deviating more and more from the ideal of building an egalitarian and inclusive world through blockchain and cryptocurrencies?
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Criticisms that are not unanimous
Raullen Chai, co-founder of the IoTeX blockchain, sharing “the same concern” of the founder of Ethereum. He fears that the “cryptocurrency pioneers” will not be able to “stick to their vision”, even if they admit that they have ” no solution to this problem, Unfortunately “.
1inch Network co-founder Sergej Kunz disagrees. He believes there are good plans 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 Vitalik Buterin’s concerns. 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 digital capital markets by building the DeFi infrastructure and ecosystem of products needed to achieve this.
The reasons for this short-term projection
Returns on investment are, according to Aleksei Pupyshev, necessary to motivate “people” to explore the sector. He also mentioned that there are many projects that support charities or solve health problems in the cryptosphere.
Ozone co-founder and CTO Sivagurunathan S was quite interested in the cause of this multiplication of blockchain and crypto projects, looking for short-term profitability.
The growth of the crypto ecosystem motivates, according to Sivagurunathan S, traditional finance players to dive into cryptocurrencies. Ozone is a UAE-based company with a research center in Bangalore, India. The company helps companies develop their applications.
These traditional finance players will want priority to generate and maximize your profit, while trying to exercise “some kind of control”. The Ozone co-founder believes, however, that developers will continue to rely 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” causes. Companies across industries 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 speaking but also technically, underlines this technological player the limits of a much vaunted decentralization.
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