The co-founder of Ethereum, Vitalik Buterin has left China-based VC firm Fenbushi Capital on Monday.
Although he is listed as a general partner on the firm’s website, he told TechCrunch that he is no longer involved full-time but will retain his role as advisor.
Buterin, who has previously threatened to leave cryptocurrency space. If all it was about is bragging and show off about “this person or the other one buying this and that amount of cryptocurrency,” would rather have the crypto community engage on real usability and application of blockchain technology.
“2017 has been the year where hype in crypto, including financial hype and political hype. General it has far exceeded the reality of what existing blockchain systems can offer. There is a lot of attention and expectation, but as far as reality goes the practical usability of blockchains. Thus in some cases even regressed due to rising transaction fees. I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action.
It will be the year where all of the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years are finally going to turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver”.
Also Read: Ethereum processes nearly half of all blockchain transactions, higher than 6 blockchain networks combined
He would rather have people focus on developing products than staring at crypto price movements, and shifts. However, which is right because prices in themselves cannot sustain blockchain and costs cannot continue prices. Instead, the survival of the ecosystem is dependent on the value of blockchain and what it offers. Indeed, even prices themselves depend on cost.
By pointing at those issues, Buterin is referring to a social problem in the crypto space. In which prices are dependent on media attention and announcements or regulatory moves. Since to some extent the “who is who” instead of being value-driven. Indeed, that largely contributes to the volatility of prices.
News of people allegedly trying to sway crypto prices was commonplace. Especially last year with many predictions and forecasts as Bitcoin soared to new heights. It is easy to see how particular attention to crypto prices, personalities and media buzzes could sway projects’ direction in a relatively young tech like blockchain.
And while everyone who wants to come in and cash in on the price increases in Bitcoin. But other cryptos might not understand this problem, anyone who has spent years building a project to make it worthwhile should realize.