Ethereum co-founder Vitalik Buterin expressed his discomfort about investments in new era cryptocurrencies. The project that was most exposed to the criticism of Vitalik Buterin this week was Bored Ape Yatch Club.
While Buterin told Time Magazine that the project has recently drifted away from his vision, his criticism was centered on the NFT market on the network, which is causing high transaction fees. While rival networks such as Cardano (ADA), Solana (SOL), Avalanche (AVAX) continue to increase their market share, Ethereum (ETH) still maintains its dominance in smart contracts platforms.
While talking about his vision for Ethereum, Vitalik Buterin talks about the fact that the project has a power of change. According to Buterin, Ethereum needs to exist to eliminate inequalities and facilitate access to finance for people who cannot access the traditional financial system.
Buterin's vision for Ethereum is about the Blockchain network being the solution to real world problems. Buterin wants Ethereum to be the starting point for projects ranging from fairer voting systems to urban planning and universal basic income.
In addition, Vitalik Buterin emphasized that big technology companies such as Meta and Twitter want to break the monopoly on users, while expressing that he believes that Ethereum can have a weight that can stand against governments when used correctly. However, he also emphasized that he was uncomfortable with the fact that the only important issue was to make a profit when it was used for other than its intended purpose.
Ethereum is a decentralized platform. Therefore, it is difficult to establish a decision mechanism on which projects to develop on the network. That's why Vitalik Buterin doesn't have much control over Ethereum's network, so the best he can do is try to raise awareness through blog posts, interviews and conferences.