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Vitalik Buterin: Ethereum will continue with or without me

Sat 25 Dec 2021 ▪ 19h05 ▪ 3 min read — by James Taylor

During the AskVitalikBA conference, Ethereum founder Vitalik Buterin voiced his opinion on the project’s potential future without him. He stated that ETH can exist with or without him. In addition, Buterin called the PoS consensus more efficient and less vulnerable to censorship.

Vitalik Buterin, FTX, Crypto, Ethereum, ETH

Buterin’s take on the ETH’s future 

This week, Vitalik Buterin took part in the AskVitalikBA conference held in Argentina, where he spoke about the role of crypto around the world. When asked what would happen to Ethereum if, for some reason, Buterin were to abandon the project, he stated that “ the Ethereum community is big and even if I disappear for some reason, it will remain a big blockchain”. At the same time, Buterin assured the audience that he “wasn’t going anywhere”. 

This question was first brought up in 2017 in the light of fake news about Buterin’s death. At the time, ETH’s price dipped by about 30% in just a few hours.

The importance of cryptocurrencies in small countries

Buterin highlighted the importance of introducing cryptocurrencies in developing countries since their population can use digital assets to hedge against inflation and red tape. Many cryptocurrency firms look at the decisions taken by the United States or China, but instead, the crypto community should be focusing on small countries, such as El Salvador, as they are the ones that are likely to lead the crypto revolution.

“I think the difference between here [Argentina] and some of the richer countries is that while both have people excited about cryptocurrencies, people here deeply understand that this is something that is solving real problems for them,” Vitalik Buterin said.

The advantages of the Proof-of-Stake (PoS) model

Buterin also noted the advantages of the Proof-of-Stake (PoS) model, calling it much more resistant to censorship than Proof of Work (PoW). Given that a large amount of electricity is consumed when mining crypto on the POW consensus, it’s much easier for governments to track miners. Vitalik said he was looking forward to Ethereum’s transition to PoS next year, adding that scalability is now a big challenge. “If any protocol becomes too centralised, it is also considered a failure,”  Vitalik believes. 

During his visit to Argentina, Vitalik Buterin met with Argentine President Mauricio Macri. According to Macri, their discussion centred around the role of cryptocurrencies and the opportunities the blockchain can offer.

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James Taylor avatar
James Taylor

Trends are temporary. The blockchain isn’t a trend; it’s the future. I want to help as many people as possible understand it in a simple, clear and interesting way.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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