Ethereum Co-Founder Refutes Bitcoin Proponent’s Scrutiny

http://fortune.com

Bitcoin promoter Tuur Demeester has recently instigated a tweetstorm against Ethereum co-founder Vitalik Buterin, hurling criticisms as he claimed that the Ethereum network was no more than a science experiment, prompting Buterin to post a series of rebuttals.

On December 28, Ethereum skeptic Tuur Demeester posted a 50-part thread on Twitter underscoring the purported flaws of the network and why he remains skeptical about Ethereum. As Demeester emphasized, Ethereum’s underlying culture and architecture, which is in direct opposition to that of Bitcoin’s, is a major contributory factor to the network’s failure to achieve full immutability and decentralization, despite attempts to simultaneously position itself as a smart contract platform, an asset insurance platform, and as a store of value.

He went on likening the platform to a science experiment, calling it too ambitious with nonsensical goals. As Demeester further claimed, the network’s $15 billion valuation isn’t justifiable and that the platform’s scaling projects have very little chance of succeeding.

Demeester’s tweet has since sparked controversies among the crypto community, with some sharing his views while others largely refuted it. Buterin subsequently issued a point-by-point rebuttal of each tweet scrutinizing the Ethereum network.

While Buterin drew a point of comparison between Ethereum’s and Bitcoin’s culture, he did acknowledge that his stance on the matter is largely biased.

Buterin went on, controverting Demeester’s claims that the network was a science experiment at best, deeming it as an invalid argument, as all blockchain projects remain basically in its prototyping stage. He then continued discussing issues raised regarding the network’s scaling, explaining that:

“The fundamentals of sharding have been known for years. We have been working on the core design for more than a year and we have been adding details for a few months now. The implementation of sharding is on its way. Sure, it hasn’t been implemented yet but it’s a work in progress. The incremental things have been going well. Things like uncle rates have reached record lows even if chain usage is currently low.”

Lastly, Buterin concluded his argument highlighting the Ethereum community’s expansion initiative, clarifying that the majority of the issues with the Ethereum consensus mechanism are not technical but cultural.