The co-founder of the Ethereum Network, Mr. Vitalik Buterin has taken to Twitter to express his displeasure over the state of the blockchain industry with regards to the impact it has made on the everyday life of people. Buterin, who feels that the cryptocurrency community is not adding real value to the society threatened to altogether leave if things continue that way.
Vitalik, who is a co-founder of the Ethereum network and a co-founder of the Bitcoin magazine said that the community should ask itself if it has earned the billions of dollars that the cryptocurrency community is worth. That it is not enough that the crypto community is moving a lot of money around without positively impacting the society.
The cryptocurrency market grew from less than $20 billion at the beginning of last year to more than $500 billion presently. The drive for that growth is mainly led by the popularity of bitcoin and ether, the two foremost digital currencies. Ether is based on the Buterin’s Ethereum Network and created the smart contract platform on which most companies build their Initial Coin Offerings, the crowdfunding method that has enabled many startups to raise funds using cryptocurencies instead of traditional Initial Public Offer (IPO).
Despite the high spirits and optimism expressed by crypto enthusiasts, Buterin feels that the community has made little or no impact in the utilization of digital applications (dapps) to impact the society and create real changes that help people. For instance, Vitalik asked why the crypto community has not reached a substantial number of unbanked people, which seems to be one of his expectations of the community.
He is also of the opinion that a country such as Venezuela which is launching a token coin should be helped by the community to pull out of their economic troubles instead of the energy being wasted on projects that have no direct impact on the well-being of the society.
Even as Buterin expressed his displeasure with the direction of the crypto community, he had earlier distanced himself from ICOs going forward. This may be the reason a Reddit user called out an upcoming ICO which claimed that Buterin was a team member. Vitalik, who is one of the few blockchain pioneers that is vocal is known to always engage the community.
He had earlier warned that the community is not immune to scams and reacted to the Reddit post through another tweet in which he stated that that was the proper way the community should react to claims that he was party to any new ICOs.
The ICO in question, Orthor had claimed that it was a cryptocurrency conversion platform that converts digital currencies such as bitcoin and ether among many others to fiat and back to digital currencies. However, it is not clear what the status of the ICO will become with Buterin distancing himself publicly from their claim that he was their ‘code programmer’.
As at the time of this publication, the ICO website seems to have been taken down despite the fact that the January scheduled commencement date has passed.