Vitalik Buterin, the founder of Ethereum (ETH), recently expressed concern about the future of Ethereum. However, attendees at the recent ETHDubai event expressed mixed feelings about Buterin’s talk about the dangers of cryptocurrencies.
In an interview, the founder of Ethereum pointed out some of his concerns regarding the platform. This includes the platform being populated by players who are only looking for profit and deviate from the original vision of an equal platform. “If we don’t exercise our voice, the only things that get built are the ones that are immediately profitable”Buterin said.
Commenting on Buterin’s problems, Sergej Kunz, co-founder of 1inch Network, expressed that he disagrees with the Ethereum founder. Kunz said that while there are “fraudulent projects” that are trying to get money from retail investors, there are also good projects that really need financing and can get that financing from venture capitals trying to turn a profit. Citing 1inch as an example, Kunz explained that:
“We see angels and investors. They helped us. They gave us money to fully concentrate, to work on this startup. […] We work to improve the space, to create something unique and improve the entire financial system.”
Following this, Aleksei Pupyshev, developer at GTON Capital, believes there needs to be a balance between for-profit and non-profit initiatives within the space. He thinks that while there are many projects that support charity and solve health-related problems, the rewards can motivate people to enter the industry.
“We need more motivation for people who explore, and explore by investing.”
For his part, Siva S, CTO of Ozone, explained that the problem is linked to the growth of the platform. According to Siva, As the cryptocurrency ecosystem grows, more traditional financial players will appear who are focused on profit and will want “some form of control”. However, he believes that as long as basic concepts like consensus remain relevant, developers will still be happy to build on top of Ethereum.
Meanwhile, Raullen Chai, co-founder of IoTeX, shares the same concerns as Buterin. According to Chai, he is also concerned about whether crypto pioneers can stick to their visions for their platforms. He explained:
“I have the same concern here. I’m not sure if, like the crypto OG people, they can stick to his vision. I hope they can, and unfortunately I don’t see a solution for this problem.”
Charles Hoskinson, one of the co-founders of Ethereum, also expressed his belief in decentralization in a recent talk at the Binance Blockchain Week event. In his keynote address, the Cardano founder said, “if you’re just here to make money, you lose all the things that make the technology special.”
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