Expectations v Reality: Vitalik Buterin on His Vision for Ethereum 

On Monday, Vitalik Buterin, co-founder and CEO of Ethereum, shared some of his contradictory beliefs and realizations about cryptocurrency. He described how his idealistic vision of Ethereum’s growth – and its potential future – is not matched by reality.

Comparing Ethereum and Bitcoin

Although he has always criticized Bitcoin, the programmer began his long Twitter thread by expressing admiration for the main crypto network. He believes that Ethereum will need significant “active short-term change” in order to replicate Bitcoin’s long-term stability.

Bitcoin is far more stable than Ethereum and has fewer upgrades and changes. Its community is also much more resistant to hard fork attempts. Ethereum, for example, is moving its blockchain to a proof-of-stake system. However, Bitcoiners insist on their legacy proof of work as superior.

The Ethereum Foundation, a non-profit dedicated to the development of the network, is also heavily influencing Ethereum. Vitalik expressed appreciation for other “live players” in his thread but also claimed to favor “fixed systems” that lessen reliance on individuals.

Additionally, Ethereum’s base layer is not as secure as it should be in “truly extreme situations” as he would like.

“Most key apps on Ethereum already depend on far more fragile security assumptions that anything we consider acceptable in Ethereum protocol development.”

These issues are not new to the co-founder. Moxie Marlinspike, Signal CEO, wrote a long blog post in January describing how Ethereum’s app infrastructure is consolidated around a few large institutions.

Vitalik Buterin

Ethereum’s Real World Applications

Vitalik, despite his hopes, recognized that Ethereum has not yet been able to offer a more profitable application than finance. Vitalik envisioned Ethereum as a platform for decentralized consensus systems, which could go beyond Bitcoin’s role of monetary/store of value.

He instead admits, with a smile, that these financial “applications”, including the market for NFTs and jpegs, are what sustain the crypto economy.

Unfortunately, Crypto’s adoption path also requires him to compromise his principles.

“Contradiction between my desire for more countries to adopt radical policy experiments (eg. crypto countries!) He tweeted, “I realized that the governments most likely not to take all the action on such matters are more likely be centralized and less friendly to diversity internal.”

Vitalik expressed disapproval last year for the Bitcoin community’s unfettered praise for El Salvador President Nayib Bukele after he adopted Bitcoin legal tender. He has called himself the “world’s most cool dictator” and was criticized for imposing the BItcoin law upon an unwelcoming population.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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