Vitalik Buterin, the founder of the second largest Cryptocurrency Ethereum recently spoke to CNBC about the one challenge that has been on Ethereum. Though we all recognize Ethereum blockchain system uses smart contract to enhance security the assets has some challenges as while. Buterin stated that Ethereum is working towards ensuring that it creates useful and valuable products for its users.
Though Vitalik is working towards making Ethereum more outstanding and expanding its portfolio, the asset, it’s as already proven to be very much applicable as it is been used by host known applications like decentralized applications (dApps), some decentralized exchanges like Curve Finance and Uniswaps are build on ETH smart contract.
Apart from all these achievements that have been noticed on Ethereum Vitalik still says that there is more to be done on the Ethereum ecosystem. As the second largest Cryptocurrency, it has to be highly reliable to its users and other decentralized applications that are emerging.
Furthermore, a number of Ethereum layer-2 networks have emerged at a high rate. This high growth is because of the network’s enormous growth in an effort to scale it. According to a recent Chainalysis analysis, depreciating fiat currencies are a problem in the nations that have adopted cryptocurrencies the fastest.
Vitalik advocates for decentralized Platforms in the crypto Industry
Vitalik goes on to appreciate the endless effort of centralized platforms like Binance and others for their well-played role in the development of the world of crypto. Although he is endorsing the centralized firms he is still campaigning for a more decentralized industry on crypto and for the centralized firms to step aside for crypto adoption to advance.
He continues to claim that the more centralized crypto, the more chances of experiencing misdeeds from the third intermediary. Vitalik goes on to give proof of his statement, focusing on the collapse of FTX. However, FTX was one of the Largest exchanges that collapsed last year on the 17th of November. This collapse was majorly a result of third-party mishandling of user’s funds.
