Ethereum Co-Founder Poses Questions Drawing Diverse Opinions
The Ethereum co-founder, Vitalik Buterin, has raised seven tough questions on the cryptocurrency sector and the path ahead of it. This has drawn diverse opinions from the participants of the chat. However, his constructive criticisms have brought to light that the emerging sector is a very nascent stage and encountering difficult issues while engaged in innovation. In any case, this is not restricted to the digital coin sector alone, and almost every new industry faced either one or more issues before becoming more adaptable.
In a WeChat Group, Buterin has raised seven tough questions, dashforcenews.com reported. Among them is bitcoin and associated pools are enjoying 53 percent of the digital coin’s hashpower. Therefore, he asked whether this is not a big issue and why there is the absence of large-scale applications. He lamented the absence of proper security and wondered when the issue of hacking and theft would be resolved. Similarly, he asked whether decentralized apps worked within 5 – 10-second latency of bitcoin and asked the risks of the centralization in proof of stake.
He wanted to know whether all on-chain governance is fundamentally flawed or not. These questions have invited the attention of the members of the chat group, and some of them even offered solutions though some others have disagreed with whatever Buterin said. A user referred to the internet that also witnessed burning of several dollars. Yet, in the end, it is all about the cost and the resultant gains. This was in response to a question seeking proof of work that consumed big money and energy.
On the whole, the co-founder has generated enough attention on the cryptocurrency subjects so that there will be a sustained path for continued innovation. His objective is actual innovation that will drive the larger population apart from the gains seen by the digital currency space. His posture meant that there is a need for cooperation to move ahead with innovation based on trial and errors that were seen earlier too.
The main purpose of encouraging cooperation is to enable the spillover of knowledge. This has driven a number of innovations leading to economic prosperity in the last few centuries. Unlike the earlier period, the advent of the internet enables spillover of knowledge beyond a particular location or a group of people who could be seen physically. The spillover could be seen not only in the country but across the border too.
Buterin is obviously driving the crypto community to find out better ways to ensure that digital coins achieve their original aim of being a peer-to-peer virtual asset. This would help people to have monetary and financial freedom. His seven questions have focused on the difficulties that the sector is encountering in reaching the stated objectives.
For instance, bitcoin that scaled to add bitcoin cash fork thus enabling users with more options. At the same time, it has divided a community leading to a slowdown in the spillover of knowledge among the people engaged in the space. In any case, every part of the emerging digital coin sector is trying innovation in new technologies and integrations.