Ether Co-Founder Vitalik Buterin Has Frank Discussion About Ethereum Related Topics
The primacy of Bitcoin in the cryptoverse is undisputed. Yet, the worlds second largest crypto, Ethereum, isn't doing too shabbily. Sailing past the doldrums the token has done well in steadying itself and most importantly, has been rather astute governance-wise. In an intriguing conversation with the co-founder of Ethereum, Vitalik Buterin, was Eric Conner, the host of the popular podcast “Into the Ether”. The most recent episode touched upon a wide range of topics.
Pleased With The Current Governance Model
The two picked up the topic of the Ethereum governance model. Buterin was happy to discuss on-chain governance models. He felt that the Ethereum governance model was working satisfactorily. In fact, he went a step further
“I actually think that Ethereum governance is under-rated at this point.”
He opined that this was due to the fact that it was not marketed in a flashy manner.
Coupled with the fact, he feels, Ethereum generally tends not to go to the extremes in its working,
“Moderation is a less exciting pitch for people than either on-chain votes or immutability.”
He accepted that there will always be a subsection of the community that will be unhappy and complains about things. Yet,
“in terms of concrete outcomes that Ethereum governance has achieved, it’s done really well,”
Governance Done Right
Expanding on his point, the Ethereum boss quickly pointed to the proper implementation of issuance reductions. Further, the token was quick to act when they were under a DDOS attack in 2016. During the crisis, it managed to implement, roll, stack out, test and roll out a hard fork in less than a week.
“That’s not something we want to repeat but it’s clearly something we can do if we really wanted to,”
Buterin proudly noted.
He also did not shy away from the Constantinople bug controversy earlier this year. Ethereum’s long-anticipated Constantinople upgrade had to be delayed after a critical vulnerability was discovered. He backed the setup stating,
“It is achieving the things that you might reasonably want governance of a protocol to achieve, which is to make changes people want.”
However, the Russian is not too big a fan of giving overarching powers to anyone. He feels that an important aspect that is deliberately being kept extramural is dispute resolution or fund recovery.
“And the other thing it’s not achieving is decentralized funding of public good projects,”
Too much power is too much responsibility.
When the host pushed for more on the topic, Buterin explained how this can lead to more harm than good, undercutting the very fiber on which blockchain stands.” Where can you draw the line if transactions lose immutability?” He asks.
He also talks about his concerns in relation to decentralized funding of
“public good projects”,
which he feels are easily gameable. He poses a simple question,
“In an anonymous context, how can you delineate between a wealthy Ethereum holder or someone that’s legitimately trying to do good?”
About Privacy And Transaction Fees.
Moving on to privacy in Ethereum. the coder says that he is working on a patch to mask a wallets interaction with decentralized applications. He felt this sort of focus on privacy was of paramount importance to sustain Ethereum in the long-term.
A more sticky topic was the issue of funding Ethereum development. Buterin has been, for some time now, pushing the idea of allowing wallet developers the option to charge a 1 gwei fee per transaction made through their software. This can add millions to the war coffers and is preferable to the other options.
Learning From Others
Leading on the topic of monetary sustainability, the head honcho conceded,
“If everything ends up being insufficient, the only option is some kind of inflation funding.”
He explained that he is also looking at Zcash, as an alternative. The structural similarities make Zcash a viable option. As well as
” they are willing to be more aggressive in somewhat more centralized decision making. “
Though Buterin made his position clear,
“I would be opposed to something that goes straight into some centralized organization. I would personally be in favor of pumping the funds into something like Gitcoin.”
Another thing that bothers Buterin is the current size of the Ethereum blockchain. He reckons this will be a serious bottleneck, if not tomorrow then in the near future. His offers two solutions to this. Either alter the way smart contracts exist, to a “stateless” model. Or start charging smart contracts rent whenever there is a storage-based transaction.
Though the conversation did not yield any breaking news, it did provide an interesting insight into one the thought leaders of the cryptoverse. And after the rollicking year that was 2018, a little boring is good.