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ETHDubai Event’s Attendees React to Vitalik Buterin’s Worries about Ethereum

In an interview with Time Magazine, which was conducted a couple of days ago, Ethereum co-founder, Vitalik Buterin, expressed his major worries about the world’s largest smart contracts platform, and the community members that attended the recent ETHDubai event have aired their different opinions over issues that the co-founder termed as worrisome.

In the course of the interview with Time Magazine, Buterin highlighted his concerns in relation to the Ethereum network and crypto space at large. He was most worried about the number of players that have lost the original vision of building a decentralized network, who are now only after profit.

Read Also: Ethereum Co-Founder Vitalik Buterin Introduces New Sharding Proposal. Here’s What EIP-4844 Brings

Buterin said, “If we don’t exercise our voice, the only things that get built are the things that are immediately profitable.”

ETHDubai Event Attendees React

Reacting to Vitalik Buterin’s concerns as reported by Cointelegraph, co-founder of 1inch Network, Sergej Kunz, said he disagrees with his assertion.

According to Kunz, while there are scam projects that are striving to dubiously get money from retail investors in the ecosystem, there are still legitimate projects, such as 1inch, which are seeking funding and getting funded by venture capitalists.

Sergej Kunz noted:

“We see angels and investors. They helped us. They gave us money to fully concentrate, to work on this startup… We work to improve the space, to create something unique and improve the whole financial system.”

A developer at GTON Capital, Aleksei Pupyshev, is of the opinion that there should be a balance between profit and not-for-profit projects in the crypto space. He said although many projects are aiding charity and proffering solutions to health-related issues, there is nothing wrong with using rewards as a means of bringing more people into the industry.

Also, CTO at Ozone, Siva S, thinks the problem rests on the vast growth of the Ethereum blockchain. He pointed out that the growth of the ecosystem has attracted many traditional finance players that are in for the profit, and to also take control.

Read Also: Tom Brady to Vitalik Buterin: Thank You for Everything You’ve Built in the World of Crypto

Howbeit, he believes that developers will remain happy to build on the Ethereum blockchain as long as core concepts, such as consensus, stay relevant.

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On the other hand, the co-founder of IoTeX, Raullen Chai, corroborated Buterin’s assertion. He’s also concerned about the inability of many crypto project founders to maintain their visions as they build.

“I do have the same concern here. I’m not sure if the crypto OG folks can stick to their vision. I hope they can, and I don’t see a fix for this problem, unfortunately,” Raullen Chai noted.


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Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
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