Community Trust ScoreLikely Real
It is a bearish weekend for Ethereum. The price trends of ETH has been similar to BTC to a major extent.
Recently, Jack Dorsey slammed the Ethereum Network stating that it had many single points of failure. Jack Dorsey also stated that the projects which are built on the Ethereum Network are not interesting to him. Ethereum is the world’s second largest cryptocurrency, but Jack Dorsey endorses Bitcoin and feels that any other cryptocurrency does not factor in at all.
Meanwhile, Vitalik Buterin, the Co-founder of Ethereum claimed that his influence over Ethereum is decreasing. He also stated that he has less influence in Ethereum than he had about 6 months ago.
He stated, “If you watch some of the [Ethereum Improvement Proposals – EIPs] that I personally promote, some of them don’t even make it. So, for a lot of them you have to try pretty hard to satisfy all people’s concerns.”
When asked which is the biggest initiative which did not get promoted? EIP-4488, Vitalik stated that if he had more control, it would have been in Ethereum. EIP-4488 was a fairly technical change and which implemented would lead to a decrease in the cost of the roll ups in the short term.
“EIP-4488 was meant to temper the network’s high gas fees. Viewable on the EIP GitHub repository.”
For clarity, roll up is a technology which executes transactions outside of the Network’s base layer. This execution happens before the data gets posted to Layer 1 where the consensus is reached.
Vitalik stated that due to the many stake holders in the Ethereum Blockchain, it is becoming harder to make major changes in the Ethereum Protocol as they do have a say in the decision making.
Decisions are getting done through the “all-core devs call” which is a biweekly call and everyone should agree for the proposal to move forward. Therefore, the window of influence for Vitalik is being closed on substantial things and it is harder to get big things done even today.
Vitalik also expressed his worry that cryptocurrency has a lot of dystopian potential if it is implemented in a wrong manner. Vitalik thus sounded alarm about the future of the cryptocurrency space.
He stated that the danger is that there is more effort in building things that are immediately profitable. These quick built stuffs are in reality very far from what is actually best for the world. Buterin opined that if we do not exercise our voice there is a danger of a different kind of gambling.
