Ethereum co-founder Vitalik Buterin decided to discuss controversial points related to the blockchain he created.
First of all, he admitted that he wants Ethereum to be similar to bitcoin (BTC) with a focus on long-term stability. However, he said, it takes a lot of short-term changes to achieve that.
The contradiction exists between my desire to see Ethereum be more like bitcoin, emphasizing long-term stability, including cultural stability, and my realization that this requires quite a lot of active coordinated short-term changes,” the talented programmer said.
Almost seven years ago, Buterin created Ethereum as a network for versatile applications of blockchain technology, as opposed to bitcoin, which uses the technology as “a purely peer-to-peer version of electronic money.”
At the same time, he published an article on April 1 in which he wrote that Ethereum’s multifunctionality makes it vulnerable to risks. After all, a single complex feature could jeopardize or undermine Ethereum’s decentralization and make the blockchain vulnerable to hacker attacks.
The systemic effects are real, Buterin wrote, and the currency simply cannot “accommodate” an ecosystem of very complex and risky decentralized applications without that complexity somehow holding it back. Bitcoin has made a safe choice.
In a Twitter thread today, Buterin added that there are also tensions between his “desire to rely less on individuals” and his appreciation for “real people.”
He also admitted that he likes decentralization and democracy, but in practice he agrees more with intellectuals than with the masses on many political issues.
Buterin also mentioned that he is not interested in individual modern financial “applications” of blockchain, including monkeys in the form of NFTs that sell for millions of dollars.
There is a contradiction between my dislike of many modern financial “applications” (with monkeys for $3 million, etc.) and my reluctant appreciation for the fact that these things are an important part of what keeps the crypto-economy running and pays for all my favorite cool DAO/management experiments,” he said.