The job of every founder in the cryptocurrency space is to ensure its users and investors are happy with the innovation. But it seems like Vitalik Buterin is more focused on other projects that aren’t his, and this has angered the Ethereum community.
Why will you spend the bulk of your time on another project when your original project is leaving us bloodied with astronomically high gas fees? the Ethereum community bemoans.
So, why is the Ethereum community holding Vitalik Buterin by the shoestring and demanding that he pays more attention to Ethereum?
WHY THE ETHEREUM COMMUNITY WANTS VITALIK BUTERIN TO FOCUS MORE ON ETHEREUM
The co-founder of Ethereum was speaking on a YouTube channel when he raised concerns on how the general populace and those opposed to cryptocurrency are turning a blind eye to the developments in the cryptocurrency space, where many cryptocurrencies are moving from Proof-of-work to proof-of-stake.
Buterin said his decision to start Ethereum was the environmental impacts that bitcoin had because of its proof-of-work protocol that caused miners to use a lot of gas to mine. He decided that proof-of-work was a better protocol, both for the miners and the environment. Also, with PoS, Ethereum explorers can easily search for confirmed transactions on the Ethereum network.
Proof-of-stake saves miners energy as the process is random, and the selection of validators is based on the stacked coins.
The idea behind PoS is so that the mining process can be more democratic somewhat and the environmental impacts of mining are reduced drastically.
But many naysayers and environmental activists who aren’t willing to understand how proof-of-Stake works often turn a deaf ear to whatever anyone has to say about PoS and Redot.com.
According to Buterin, even if you went out and announced that most cryptocurrencies are either moving to PoS or have plans to move to PoS, many will hear you, and still, bash cryptocurrency for destroying the environment and adding to the ever-increasing carbon footprints in the world. Buterin believes many of these people aren’t interested in the environment as much as they say they do.
However, the co-founder of Ethereum believes that once many cryptocurrencies, especially Ethereum, become PoS, many environmentalists will be convinced of the cryptocurrency developers’ environmental awareness and a need to protect the environment.
So, what enraged the Ethereum community? What he said is good and makes absolute sense.
Yes, what he said is good…But he said some other things related to PoS and cryptocurrency that enraged the Ethereum community.
WHAT INFURIATED THE ETHEREUM COMMUNITY
The community was angered when Buterin said that Dogecoin was also planning on moving to Proof-of-Stake. According to Buterin, who is an advisor to the Dogecoin Foundation, the meme coin is seeking ways to morph into a utility currency and not just one made for the fun of it.
If you recall, Dogecoin was developed as a meme coin with no real utility. But as its community grows around the world, and the price gains momentum in the market, Buterin and the guys at Dogecoin are looking for ways to make the meme coin useful.
The move to Proof-of-Stake that Dogecoin is planning was first echoed by Buterin in September 2021. Many had thought it was a joke, but his latest comment on YouTube shows that the plans are concrete.
Now, the Ethereum community is worried that with Vitalik Buterin actively involved with Dogecoin and the series of changes they plan to roll out, he will be distracted from focusing on the Ethereum upgrade that has been in the works for a long time. Upgrading to ETH 2.0, or Consensys Layer has been on the cards for years now but the upgrade date keeps being postponed.
The Ethereum community is not finding Buterin’s active involvement in Dogecoin any helpful, fearing that the high gas fees will soon leave their wallets empty.
However, before we dissect what this anger is about, let’s delve more into this Dogecoin Upgrade.
WHAT IS THE DOGECOIN UPGRADE ABOUT?
Dogecoin, in addition to moving to Proof-of-Stake, is planning on having community token staking. The staking will involve everyone on the network to profit from dogecoin.
Just as the name implies, community token staking involves dogecoin holders staking their coins on the platform and getting rewarded for staking their tokens.
Also, Dogecoin’s Trailmap aims to transform dogecoin into a utility coin. The trail map highlights that dogecoin will aim for network diversification, enabling more merchants to use dogecoin for payments of goods and services without needing to change to fiat currencies on crypto exchange platforms. (editorialmash.com)
In addition, securing the dogecoin community is paramount for the developers and everyone involved with dogecoin. A keyring app is being proposed to the doge community.
The app will ensure that community members who hold dogecoin can easily move their currencies on their mobile apps without fear that the former wallet has ultimate access to their wallet keys.
So, here is how this works: Dogecoin will integrate with GigaWallet APIs, thus ensuring smooth transition and transaction for dogecoin holders.
Because of dogecoin’s highly active community, there is a sense of possibility with the ideas in the trail map.
IS THE ETHEREUM COMMUNITY ANGER WORTH IT?
One needs to look closely at the outrage on social media following Buterin’s comment to understand whether the anger was worth it.
While it is not unfair to dismiss their concerns, Buterin’s comments didn’t hint, at any time, that he was shifting his attention to Dogecoin and abandoning Ethereum.
Yes, the gas fees of Ethereum have become a major issue for Ethereum holders and traders. And given how well NFTs are growing, and how the Ethereum network is the major blockchain on which NFTs are minted, there is a growing concern that the high gas fees might rob many of their assets.
With Buterin focused more on Dogecoin, it seems he’d be slow in finishing the Ethereum 2.0 upgrade.
However, there are no facts to show that Vitalik Buterin is no longer invested in the success of Ethereum.
While the price of Ethereum has followed the path of bitcoin in falling below the support level, there are hopes that the cryptocurrency market will pick up steam soon enough. It is still unclear where the price of Ethereum will head as many people aren’t as optimistic as they were during dips.
Whichever way, there is a dire need for the gas fees to be looked into and the plans for the upgrade to be quickened.