Russian crypto ace and co-founder of Ethereum, Vitalik Buterin, recently spoke about the future of major cryptocurrency projects like EOS, Bitcoin, ZCash and Ethereum Cryptocurrencies.
What The Future Holds
The crypto market is known for its volatility and the fierce competition between the centralized and decentralized exchanges. However, the co-founder of one of the leading decentralized digital currencies, Vitalik Buterin recently gave an expert analysis on what the future holds for some of the leading cryptocurrencies in the world.
The writer, cum tech guru, appeared in a new video on the ZCash channel, where he aired his view on the virtual currencies. He said:
“A couple of years ago I would have been more firmly in the Tezos-EOS camp that says there should be explicit on-chain governance. And now, I’m like absolutely against that, and I think that stuff is crazy.”
The tech guru also lends voice to the development of EOS and stressed his displeasure at its voting process, stating that the process can be usurped by people, who are ‘big enough:
“So basically, what this voting mechanism has created is it creates this kind of super linear pro-plutocratic effect where if you’re big enough and specifically if you’re big enough to have more than 1.8% of all the coins, you have enough coins you can use to basically buy yourself a delegate slot and then use that delegate slot to earn even more money and get access to this crazy special 2.64% extra premium interest rate that no one else has access to.”
Bitcoin’s Bad Governance
Buterin stated that he is optimistic on the future of Ethereum, stressing that the crypto is still on course and has not deviated from its initial purpose, which is to solve people’s problem and financial related issues. But he’s not so pleased with the governance of Bitcoin, stating that the management of the crypto has been “fairly bad.” He explained further, saying:
“Ultimately, in terms of quality of decision making, I obviously have the public opinion that Bitcoin’s governance has been fairly bad, because it’s overly conservative and values very specific things to much more extreme extents than most actual users of the technology.”
Though, experts are optimistic on the future of cryptocurrencies in general; they are banking on the recent economic clampdown of the U.S. on some countries, forcing countries like Turkey to favor crypto, as a means of staying financially healthy.