Buterin Stays Positive About Ethereum 2.0 Development


As put by several commentators and stakeholders on Reddit and Twitter, digital assets are much like sports teams. Meaning, investors will stop and nothing to witness their favorite projects succeed, be it XRP, Ethereum (ETH), Bitcoin (BTC), or what have you. 

The Ethereum camp has come under pressure across the board over the last couple of months. According to the “World Computer’s” cynics, the development of blockchain is lagging behind schedule.

In an episode of Laura Shin’s “Unchained” podcast, Vitalik Buterin was candid about his brainchild, Ethereum. The Canadian-Russian programmer reportedly said it is within the realm of possibility that the Ethereum blockchain will see its traction slip in the future.

Per Buterin, “it’s kind of inevitable and unavoidable” that the project witnesses its hegemony within the smart contracting space gradually dwindle away, particularly as a result of development and time.

Union Square Ventures co-founder Fred Wilson recently took to his blog to share he wants to see Ethereum’s space in that ecosystem challenged by new competitors this year. The remark was followed by an almost similar comment from a partner at Multicoin Capital, Kyle Samani. Samani particularly noted that the percentage of total developers work change from Ethereum to newer platforms like Polkadot and Cosmos.

Tetras Capital’s Alex Sunnarborg claimed that the lack of users on Ethereum-based applications such as Augur, layoffs at ConsenSys, and overvaluation of some ICOs are indications that the project is losing steam and momentum.

The project’s critics have latched onto that thesis, resulting in a significant influx about the Ethereum team’s cohesiveness. It was cemented by a series of developer debacles, one of which saw Parity developer Afri Schoeden depart his stint to develop the Dothereum project.

However, Buterin spoke out against “FUD” in a recent Reddit thread. According to the crypto entrepreneur, the Lighthouse, Prysmatic, Ethereum 2.0 (Serenity), etc. are “still continuing work right on schedule.” He said the previous governance issues and shakeups did not impact Ethereum 2.0, not “by even a single day.”

“State channel and Plasma and ZK rollup devs are similarly steadily moving forward, as are the 1.x rent proposals. The existing 1.0 clients are being tirelessly upgraded to better handle the load of the current chain, with a huge victory a few months ago in dropping uncle rates as well as constant improvements in block propagation. When you’re making a bet on the ethereum ecosystem, it’s those silent armies you are betting on,” Buterin concluded.