Ethereum leader Vitalik Buterin gave an interview to the Unchained podcast where he talked about the current scenario of his company. Interviewer Laura Shin addressed issues such as regulation and the positioning of Ethereum in the crypto scenario. Buterin has great relevance to the crypto market for leading one of the biggest marketcap today. See below the main topics of the arguments presented by the creator and leader of Ethereum.
Ethereum has been losing its lead?
It’s not possible to see cryptocurrencies in the same way as a company. Hence, the market value of ether is not its focus, unlike other altcoins. The implementation of Ethereum 2.0, for example, was a distributed event in several updates that work independently.
Loss of space in the crypto market
Because this market is extremely new, it is natural that the participation of each cryptocurrency in the total marketcap undergoes natural variations. Ethereum is the first cryptocurrency with the possibility of creating generalist smart contracts. Therefore, it tends to have an ever smaller share in the total marketcap of the cryptocurrencies of this segment. This natural movement can also be observed in bitcoin, which had 100% market share and is now around 51%.
Will new technologies make Ethereum obsolete?
The launch of the bitcoin side chains was the first time a rumor occurred that new technology would make Ethereum obsolete. There is no concern about Ethereum becoming obsolete because it is not just a technical thing. It is an ecosystem to build other tools.
Does Ethereum have a “maximalist” stance?
The attitude of the Ethereum community has always been in collaboration with other cryptocurrencies, such as Z-Cash and, recently, Ethereum Classic. However, Ethereum is the most decentralized platform for building smart contracts today. Therefore, Buterin believes that it should not be surpassed by other technologies, such as Tron, for example.
It’s great to see people within the community taking Ethereum to directions they believe make sense. Having different philosophies is something valuable to the Ethereum, contrary to the common thinking in many large corporations. However, there are still big challenges to be overcome and MolochDAO does not yet have a big background like EOS.
Is the market value of Ethereum important?
The value is not the most important except for extreme situations. Regulatory processes are more important because the applications built on Ethereum are people who generate value. Security is also a more important factor than market value.
How will the blockchain change the world?
We all want to bring better solutions to identity and reputation issues. In the medium term, blockchain has the potential to connect people in different parts of the world forming a global economy. This will allow small businesses to transact assets among themselves, facilitating competition with large companies. In the long run, there will be more data sources, more formalization of identity, reputation, and community. However, the downside is the hacks and scams of the ICOs that is a constant fight.
Other platforms have been struggling to compete with Ethereum and grown quite in the crypto market. IBM recently partnered with Stellar to create an innovative payment system. However, this diversity is good for increasing the competitiveness of the crypto market and benefiting the entire ecosystem.
Forbes reported the interview given by the leader of the Ethereum Foundation on March 26.