Ethereum co-founder Vitalik Buterin expressed his concerns about the future of blockchain in a recent interview, and attendees at the recent ETHDubai event expressed mixed feelings about his views on the risks of cryptocurrencies.
In an interview with Time magazine, Buterin pointed out some of his concerns about the network, including that it is populated by gamblers who are only looking for profit and deviates from the original vision of the equality platform. “If we don’t use our votes, only things that are immediately profitable will be built,” he said.
ETHDubai talk event at Le Meridien Dubai.
Commenting on Buterin’s concerns, 1inch Network co-founder Sergei Koons said he strongly disagrees with the Ethereum co-founder. Koons said that while there are “fraudulent projects” trying to get money from retail investors, there are also really good projects that need funding and can get that funding from venture capitalists trying to make money. Referring to one inch as an example, Koons explained that:
“We see the angels and the investors. They helped us. We got the money so we could fully focus, work on this startup. […] We’re optimizing the space, creating something unique and improving the entire financial system.”
Alexey Pupyshev, developer of GTON Capital, believes that there must be a balance between commercial and non-commercial initiatives in the space. He believes that while there are many projects that support philanthropy and address health issues, the rewards can motivate people to enter the industry.
“We need more incentive for people to explore and explore through investing.”
On the other hand, Siva S., CTO at Ozone, believes that the problem is related to the growth of the platform. He said that as the cryptocurrency ecosystem grows, more traditional financial players interested in profit will come in and have “sort of control.” However, he believes that as long as core concepts such as consensus remain relevant, developers will continue to build on Ethereum.
Meanwhile, Rawlin Chai, co-founder of IoTeX, shares Buterin’s same concerns. He is also concerned that cryptocurrencies will not be able to stick to their vision for their platforms. It is to explain:
I have the same concern here. Not sure if the Crypto OG guys can stick to their vision. I hope they can, unfortunately I don’t see a solution to this problem. ”
See also: Vitalik Buterin was included in the list of the 100 most influential people of 2021 according to Time magazine.
Charles Hoskinson, also co-founder of Ethereum, expressed his belief in decentralization during a recent lecture at Binance Blockchain Week. In his keynote address, he said, “If you’re just here to make money, you lose everything that makes technology special.”