Cryptocurrencies

Surprising Compliment from Vitalik Buterin about Tezos

Vitalik Buterin, (the founder of Ethereum) is famous for his harsh criticism of rival blockchain companies. Likewise, he did not neglect to criticize Tezos, who is shown as one of the biggest competitors of Ethereum. However, this time his criticism was slightly different from the others. Referring to the missing places and explaining how a blockchain should be, Vitalik Buterin then used laudatory words for Tezos. He stated that he did not agree with some of their ideas in his sentences and stated that they had a well thought-out philosophy of technology. Developed by mathematician Arthur Breitman, Tezos differs from Ethereum with several critical features. The most important of these is that the changes can be implemented without “hard fork”. The situation where governance renders itself dysfunctional with non-protocol transactions stands out as an understanding that Vitalik Buterin refuses to participate. The main reason for this criticism is that it poses a great threat to Ethereum. Ethereum’s disruption to its function principles may be a concern for Vitalik Buterin. On the other hand, new up-to-date or even all new blockchain technologies by Ethereum create an advantage against Tezos, but with a sudden progress, Ethereum may lose unexpected value. Despite all this, the fact that he stated that the system was well thought out and that he liked their opinion in his explanation proves his respect for Tezos. This means that the competition will continue better for a while.

Ethereum in the Near Future

There are currently 26.8 million Ethereum in the market. Ethereum, which has reached almost all of its volume, has been trading below $ 390 in recent days and has lost value throughout the pandemic period. The burden of Bitcoin caused cryptocurrencies such as Ethereum to depreciate and this trend still continues. But Ethereum’s situation isn’t just about that. It seems that the time has come for Ethereum 2.0, and there is no one who can be precise about Ethereum-related investments. Although financial companies continue to invest in Ethereum, individual transactions and market transfers are less than the first period of the year. Considering the founder’s statements about Ethereum 2.0, different developments are expected after this process. With the changes in governance, the orientation will be clearer and a new era will begin for Ethereum. Until this happens, it becomes difficult for the analyzes to be rationally consistent.

About the author

Frank Ramos

Frank Ramos

Hello, I am a savings economist at GrayAction and an expert in personal finance. I hold a master's degree in economics from Stockholm University. I hope you will enjoy reading my articles on finance categories on the site.

Leave a Comment