HomeEthereumButerin's Thoughts on Ethereum's Protocol Design

Buterin’s Thoughts on Ethereum’s Protocol Design

- Advertisement -

This week, Ethereum co-founder Vitalik Buterin unleashed a tweetstorm. It highlighted inconsistencies in his beliefs and ideals.

Buterin identified ten critical inconsistencies, including his love of decentralization and democracy against a tendency to agree with intellectual elites over “the people”.

Surprisingly, several of the omissions suggest the dissatisfaction of Buterin with Ethereum. His displeasure is with the protocol’s architecture. He also mentioned that he wants to make his product more Bitcoin-like.

Some have interpreted this to suggest that Ethereum’s shift from Proof-of-Work (PoW) to Proof-of-Stake (PoS) is taking longer than anticipated. People made rumours of Buterin’s interest in developing Bitcoin instead.

Still a Delay in Ethereum’s The Merge

Tim Beiko, an Ethereum Protocol developer, said last month that the Merge would not take place in June, as previously promised.

The network refers to blending the concurrently running PoW and PoS chains as the Merge. This event marks a significant step toward completing the ConsenSys layer (ETH 2.0). According to current projections, the rollout will occur in Q3/Q4 of 2022.

Given the repeated delays, it’s evident that the task has overwhelmed the developers.

In his tweetstorm, Buterin expresses his ambition to make Ethereum a resilient protocol that can endure “severe conditions”. Perhaps the events on Terra served as a reminder of what’s at stake if things go wrong.

However, he adds that this desire masks the fact that critical ETH dApps are vulnerable to assault. Furthermore, from the standpoint of security, this situation is unacceptable.

The contradiction between my wish to see Ethereum become an L1 that can withstand extreme situations and my knowledge is that many critical Ethereum apps already rely on far more vulnerable security assumptions than we think acceptable in Ethereum protocol architecture.

Input-Output CEO and former colleague Charles Hoskinson said it’s not too late to come to Cardano after taking this in.

Buterin’s Thoughts on Bitcoin Maximalism

Buterin wrote about Bitcoin maximalism in a blog post last month. He has observed that Bitcoin maxis are frequently poisonous and narrow-minded. Buterin claims that a “good amount of intolerance” is acceptable when defending the “honest” cryptocurrency’s worldview.

The blog post details the subject, including how to build sound money, why first movers are the most “authentic”, and why tolerance is vital to combat unethical actors. Buterin concluded by urging more maximalism.

It’s safe to infer that the Ethereum co-founder is a staunch supporter of Bitcoin and people who promote its ideology above everything else.

When viewed in light of his recent tweetstorm, particularly the post in which he expressed his desire for Ethereum to become more “Bitcoin-like”,. Some speculate that Buterin is planning to leave Ethereum to concentrate on Bitcoin.

“The opinions voiced in this Cryptocurrency news article are solely those of the individuals quoted or interpretations of the author. These opinions & interpretations are not necessarily endorsed by Your Crypto Banker or its subsidiaries.”

- Advertisement -

Featured Crypto Token

SMAKI Crypto TokenSMAKI Crypto Token

Follow Your Crypto Banker

AdvertisementTrading Crypto News

Latest Crypto News

More Crypto Articles