Ryan Berkmans, an Ethereum community member and investor, discussed the possible implications of the Tornado Cash ban on the future of the network.

According to Ethereum community member and investor Ryan Berkmans, the Ethereum network will be able to withstand the risks of censorship in both the short and long term.

The U.S. authorities’ ban on the Ethereum-based Tornado Cash privacy tool earlier this month left many wondering if Ethereum transactions would be at risk of censorship, especially after Ethereum’s imminent transition to a proof-of-stake system.

A common problem is that organizations that control large amounts of Ether (ETH), such as Coinbase or Kraken, are starting to censor transactions in line with US sanctions. According to Berkmans, who sees the high centralization of ETH staking as a temporary issue, such a scenario is not unlikely.

Berkmans said the costs of participating in the staking business will decrease over time due to “the maturity of open source tools and industry experience, and an overall lower risk profile.” This will allow more and more players to enter the betting business, thereby reducing the dominance of large betting pools.

“The idea that they can somehow censor user transactions or influence the choice of an Ethereum fork is not credible,” Berkmans said.

In addition, according to Berkmans, banning Tornado Cash in the United States was a political mistake that is unlikely to result in further government sanctions. He said US policymakers are likely to admit the mistake and take a more positive approach to Ethereum that is “inherently in America’s best interest.”

“Ethereum is about unlimited innovation, free enterprise, property rights and globalization,” Berkmans said.

Watch the full interview on our YouTube channel and don’t forget to subscribe!

Source: CoinTelegraph

LEAVE A REPLY