Vitalik Wants More Time to Work on Ethereum
Vitalik Buterin, the well-known co-founder of Ethereum, has decided to cut down his involvement with Fenbushi Capital, a Chinese venture capital firm that invests in various blockchain projects. According to Vitalik, he would like to focus more on further development and improvement of the Ethereum platform. The 23 year old computer programmer would also like to see people pay more attention to the actual technology behind cryptocurrencies, instead of always being obsessed with price. This happens to be quite an important issue that needs to be addressed.
The Importance of Crypto’s Technology
Ravi Menon, Managing Director of Singapore’s Monetary Authority, stated on Monday, January 15th, that “I do hope when the fever has gone away, when the crash has happened, it will not undermine the much deeper, and more meaningful technology associated with digital currencies and blockchain”. Although Mr. Menon may not be a crypto-expert, he does have the aptitude to recognize that the world needs to understand how crypto works, and how it can benefit society. This is exactly what Vitalik, one of the world’s leading crypto-experts, wants to convey to the crypto-community.
Vitalik has been using his Twitter account and other social media outlets to engage people in intellectual discourse on the practical benefits of crypto, especially its underlying blockchain technology. He predicts that addressing scalability issues will be one of the hottest topics for 2018. In addition, he thinks that there will be a lot of talk and work being done on privacy and security issues, plasma, and proof-of-stake,
Crypto Has Been Over Hyped
Vitalik believes that cryptocurrencies, and maybe even blockchain, have been overhyped or given more credit than they deserve at the moment. In his opinion, which is probably shared by most of the crypto-community, there’s a lot of work that needs to be done to improve crypto-related technology. He points to the fact that investors have poured in large amounts of money into the crypto-market without actually bothering to understand what they’re getting into. Many people and companies have also flooded social media with crypto-related information that’s not always accurate. Scam artists have also managed to steal people’s money by luring them in with false and outrageous claims.
Vitalik also feels that blockchains might have become less usable partly due to rising costs of crypto-transactions. Here’s a noteworthy tweet from his Twitter accounts with over 562,000 followers:
Clarifying Buterin’s Role with Fenbushi
Although most news outlets have correctly reported what Mr. Buterin would like to work on during 2018, they’ve used misleading titles for their articles. For example, it has been reported that Mr. Buterin has left Fenbushi Capital. This is simply not true. It’s kind of like clickbait or something. The real story, when you actually read these articles, is that Buterin was never employed with Fenbushi on a full-time basis. He was simply a general partner. Now, he’ll still remain affiliated with Fenbushi, but will take on more of an advisory role.
Crypto-Market Down BIG
The cryptocurrency market seems to be crashing. Billions of dollars have been wiped off from its value in a matter of a few days. If you take into consideration what Vitalik Buterin has been trying to tell us, that we’ve overhyped crypto and maybe even overrated it, then this crash makes sense. Hopefully, this crash will help people look at cryptocurrencies more realistically.