When Vitalik Buterin expressed concern about profit-driven participants on Ethereum, the community reacted in a variety of ways.
The founder of Ethereum (ETH), Vitalik Buterin, recently highlighted his fears regarding Ethereum’s future. Attendees at the recent ETHDubai event, on the other hand, had mixed feelings about Buterin’s talk on crypto’s dangers. Ethereum’s founder expressed some of his concerns about the platform in an interview. This includes players that are simply interested in making money and who break from the original goal of an equitable platform. “”If we don’t speak up, the only things that get built are the things that make money right away,” Buterin added.
Sergej Kunz, the co-founder of 1inch Network, commented on Buterin’s woes, stating that he strongly disagrees with the Ethereum inventor. While there are “scam projects” that try to defraud retail investors, Kunz believes that there are also good ideas that require serious finance, which may be obtained from venture capitalists looking to make a profit. Kunz described, using 1inch as an example:
“We see angel investors and venture capitalists.” They came to our aid. They offered us money so that we could focus solely on this venture. […] We strive to develop the space, create something new, and improve the financial system as a whole.”
Following this, Aleksei Pupyshev, a developer at GTON Capital, feels that within the area, there should be a balance of business and non-profit projects. While there are numerous programmes supporting charity and addressing health-related issues, he believes that incentives can encourage people to enter the business.
“People who are discovering, and they are exploring by investing, need additional drive.”
On the other hand, Ozone’s CTO, Siva S, indicated that the issue is related to the platform’s expansion. According to Siva, as the crypto ecosystem matures, more profit-driven traditional finance players will enter, seeking “some type of control.” However, he expects that developers will continue to build on Ethereum as long as key principles like consensus remain relevant.
In the meanwhile, Raullen Chai, the co-founder of IoTeX, shares Buterin’s concerns. Chai is also concerned about the crypto pioneers’ ability to cling to their platform visions. He elaborated:
“I’m concerned about the same thing.” I’m not sure if the crypto OGs will be able to keep their vision. I hope they could, but I don’t see a solution to this dilemma.”
In a recent talk at the Binance Blockchain Week event, Charles Hoskinson, one of the co-founders of Ethereum, expressed his conviction in decentralisation. The Cardano founder stated in his keynote speech that “If you’re only here to generate money, you’ll miss out on everything that makes technology unique.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.