Vitalik Buterin, co-founder of Ethereum, has left Fenbushi Capital to focus on Ethereum and deliver under the weight of growing expectations. As per a report by TechCrunch, Buterin was a general partner with the China-based investment firm, and is still listed as such on the Fenbushi website; he most likely played a part in Fenbushi Capital’s active participation in blockchain investments and ICOs.
However, Buterin has confirmed to TechCrunch that he will no longer be involved full-time and will only be retaining an advisory role. Meanwhile, in his statement, Buterin cited the increasing attention and expectations attached to blockchain technology and cryptocurrencies as one of the key motivating factors behind his departure, referring to the hype that unrealistic price movements have generated. In light of all this, Buterin pledged his commitment to ensuring that 2018 involves greater advancements for blockchain technology, particularly when it comes to the Ethereum platform, which has to deliver on fronts such as scalability and a shift to the proof-of-stake consensus protocol.
Buterin states: “2017 really has been the year where hype in crypto, including financial hype and social hype in general has far exceeded the reality of what existing blockchain systems can offer. There is a lot of attention, and a lot of eager expectation, but as far as reality goes the practical usability of blockchains has in some cases even regressed due to rising transaction fees.
I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action. It will be the year where all of the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years are finally going to turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet.
Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver.” Last month, when the cryptocurrency market cap crossed the $500 billion mark, Buterin questioned whether the figure had truly been “earned” by existing blockchain systems. He highlighted how the world’s unbanked remained where they had been prior to the introduction of blockchain tech, and how hyperinflation in countries like Venezuela is still resulting in financial ruin for their citizens. Bitcoin and its peers truly skyrocketed in terms of popularity near the end of 2017; however, the fact remains that real-world applications of these cryptocurrencies are sparse and far from refined. Read more from cryptovest.com…
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