Ethereum co-founder Vitalik Buterin made the cover of Time magazine this month after the publication interviewed him about the potential risks of the industry he helped create.
During the 80-minute interview, Buterin explained the “minor potential” of digital assets if not implemented correctly. Among his biggest concerns are overzealous investors, high transaction fees, and public displays of wealth from those who claim to have made their fortune trading cryptocurrencies and non-fungible tokens (NFTs).
While Buterin has high hopes for Ethereum — the network that runs the second-largest cryptocurrency by market capitalization and countless other projects — he worries that his vision of creating a more egalitarian digital economy is in danger of being taken over by sinister actors simply looking for greed.
“If we don’t use our votes, only things that will immediately turn a profit will be built,” he said.
The interview also addressed Buterin’s other Ethereum-related pain points, such as what power should be exercised in society during controversial periods of development, including the infamous 2016 assessment for a decentralized autonomous organization, or DAO. In the interview, Buterin is portrayed as a pragmatic leader with a “golden mean” in dealing with issues affecting society.
Over the years, Buterin has used his personal blog to promote technical solutions related to the development of Ethereum. In December 2021, he published The End Game, a thought experiment focused on the development of Ethereum 2.0, now called the “consensus layer”. In his post, Buterin proposed to improve network scalability through notable trade-offs, the most important of which is the centralization of block production.
Related Topics: Andreessen Horowitz Invests $70M in Ethereum Lido Effort Protocol
Although the development of Ethereum for the Proof of Stake chain is still delayed, the investment community has high hopes for the future. Beacon Chain Ethereum now includes over 316,000 validators and around 10.1. Bet 1 billion ETH.