Back to the monkeys – Vitalik Buterin made the cover of Time magazine in March 2022. He then shared in a long article dedicated to him by the media, his concerns about the evolution of Ethereum (ETH). Some attendees at the ETHDubai event reacted to the Ethereum co-founder’s remarks. Reviews are mixed.
Blockchain and cryptocurrencies: new Eldorado of capitalism
Vitalik Buterin had expressed his concerns about the proliferation of projects on Ethereumwho seek only immediate profit. He had slammed the Bored Ape Yacht Club NFT Collection saying that “the ultimate goal of crypto isn’t to play games with images of monkeys worth millions of dollars.” The founder of Ethereum wants cryptocurrencies to be used to “do things that have significant effects in the real world”.
Vitalik Buterin also stressed the need to exercise “our voice”. If so, “the only things that are built are those that are immediately profitable”.
Are these criticisms of Vitalik Buterin justified? Are crypto projects really deviating more and more from the ideals of building an egalitarian, inclusive world through blockchain and cryptocurrencies?
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Critics that are not unanimous
Raullen Chai, co-founder of the IoTeX blockchain, share “the same concern” as the founder of Ethereum. He fears that “crypto pioneers” won’t be able to “stick to their vision”, while admitting that he had ” no solution to this problem, unfortunately “.
1inch Network co-founder Sergej Kunz disagrees. He believes that there are good projects with real financing needs, capital that can be provided by venture capitalists. However, he admits that some projects are just scams.
The analysis of Aleksei Pupyshev, developer at GTON Capital, goes beyond a simple position regarding the concerns of Vitalik Buterin. The developer mentioned the need for a balance between for-profit projects and non-profit initiatives.
GTON Capital is a decentralized autonomous organization that wants to grow digital capital markets, building the DeFi infrastructure and ecosystem of products needed to achieve this goal.
The reasons for this short-term projection
Returns on investment are, according to Aleksei Pupyshev, necessary to motivate “people” to explore the sector. He also reminded that there are many projects that support charities or solve health issues in the cryptosphere.
The co-founder and CTO of Ozone Sivagurunathan S, was rather interested in the cause of this multiplication of blockchain and crypto projects, in search of profitability in the short term.
The growth of the crypto ecosystem is motivating traditional finance players to dive into cryptocurrencies, according to Sivagurunathan S. Ozone is a company based in the United Arab Emirates, with a research center in Bangalore, India. The company helps companies in the development of their applications.
These players in traditional finance will want priority to generate and maximize their profit, while trying to exert “a kind of control”. The Ozone co-founder believes, however, that developers will continue to build on Ethereum, as long as core concepts of decentralization, like consensus mechanisms, remain relevant.
Unfortunately for Vitalik Buterin, blockchain and cryptocurrencies will not only serve “noble” causes. Companies from different sectors see it as a new space to create new sources of revenue, away from big ideas about creating a better world. The cryptosphere is not a perfect world, ideologically speaking but also technically, this tech player pointing the limits of an oft-vaunted decentralization.
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