Vitalik Buterin Asks Cryptocurrency Community's 7 Toughest Questions To Date

Vitalik Buterin, Ethereum’s co-founder, raised important questions to the crypto community worldwide. These queries were shared through WeChat, a platform from where Buterin is a member of the group called ‘Mars Finance.’ The founders of this group are Fred Wang and Vivi Lin.

It is important to mention that Mr. Wang is the founder of Linekong Group, a company that got listed at the Hong Kong Stock exchange back in 2014. During the same year, Wang founded Linekong Technology and introduced FUZE, the first gaming console from China.

Vivi Lin, is the general manager of Mars Finance International WeChat community. At the same time, he is a television host and entrepreneur.

Vitalik Buterin raised the following queries:

  1. Bitmain and affiliate pools now have 53% of all bitcoin hashpower. Isn’t this a really big problem?
  2. Why aren’t there any useful large-scale applications yet?
  3. Why are there not yet good solutions to account security? When will the problem of account hacks and thefts be solved?
  4. How can decentralized apps work well even with 5-10 second blockchain latency?
  5. PoW is burning billions of dollars per year, even more than all scams and thefts combined. Isn’t this a big tragedy?
  6. What are the centralization risks in proof of stake?
  7. Given how EOS governance has turned into an epic fail, doesn’t this mean that all on-chain governance including DAOs is fundamentally flawed? How can any DAO deal with bribe attacks, plutocrats and other risks?

After these queries were risen, the different members of the group expressed their opinion on each of these topics. But it will take some time until some important figures in the crypto world will start talking about this situation.

The EOS community has an interesting question to answer and a governance model to defend, which will be quite interesting to follow.

Bitcoin and defenders of PoW will also have to show their defense of the Proof-of-Work system and how it is properly functioning.

And what about Bitmain? Is the 53% hashing power a sign that there is something wrong going on there? In the next weeks we will see how people and companies involved in these queries will start answering back and generating a very rich debate in the general crypto community.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,471FansLike
2,795FollowersFollow
4,194FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today