Community Reacts Over Vitalik Buterin’s Concern Over Ethereum

As Vitalik Buterin expressed concerns over profit-concentrated players on Ethereum, community gave responses with several perspectives.
While there are fraudulent projects, trying to bag money from investors by making them victims, there are good projects too.
Others think that issues persist in the growth of platform, as cryptocurrency ecosystem sees growth, it will lure more traditional players.

Vitalik Is Worried About The Network

Vitalik Buterin, co-founder of Ethereum, showed his concerns regarding blockchain’s future in an interview, and attendees of ETHDubai voiced mixed sentiments regarding his vantage point on cryptocurrency’s perils.

During an interview, Buterin shedded light on a few of his worries concerning the network, involving it being populated by those who just want profits and astray from the original perspective to make an egalitarian platform.

He stated that, If folks won’t practice their voice, only stuff that gets developed is the stuff which is profitable.

What Others Think?

1inch network co-founder Sergej Kunz, commented on Vitalik’s woes, saying that, while there are fraudulent projects making efforts to snatch funds from retail investors, there are also good projects which genuinely require funding and can receive that money from venture capitalists attempting to bag profits.

Putting 1inch as an instance, he said, the organization sees investors and angels, who assisted them, who offered them funds to focus entirely, to do development on this startup. They aim to work for betterment of space, to make something distinct and improve the entire monetary system.

A GTON Capital developer, Aleksei Pupyshev, thinks that a balance is required among profit and non-profit initiatives within the sector. He believes that while there are projects backing charity and solving health-associated issues, rewards can encourage people to enter the sector.

He adds, More encouragement is required for people who are traversing, and they are traversing through investment.

Ozone CTO, Siva S thinks the issue is pegged to platform’s growth. As per him, as the cryptocurrency ecosystem grows, more conventional finance players who are profit-concentrated will enter and desire some kind of command. However, he thinks that as long as prime notions such as consensus remain relevant, devs will still be happy to develop on top of Ethereum.

IoTeX co-founder, Raullen Chai, shares similar concerns as Vitalik Buterin. He is also worried that cryptocurrency pioneers will astray from their visions regarding platforms.

He elaborated that, he has the similar concern, he is skeptical regarding OG folks being consistent on the given path. He further adds that he is hopeful regarding this, and does not see a solution to this issue unfortunately.

Another Ethereum co-founder, Charles Hoskins expressed his belief in decentralization during a debate at Binance Blockchain Week.

In his kernel speech, he stated that, if folks are here for money, they are gonna lose everything which makes this tech special.