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:
- Bitmain and affiliate pools now have 53% of all bitcoin hashpower. Isn’t this a really big problem?
- Why aren’t there any useful large-scale applications yet?
- Why are there not yet good solutions to account security? When will the problem of account hacks and thefts be solved?
- How can decentralized apps work well even with 5-10 second blockchain latency?
- PoW is burning billions of dollars per year, even more than all scams and thefts combined. Isn’t this a big tragedy?
- What are the centralization risks in proof of stake?
- 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.