The cryptocurrency ecosystem is constantly under attention this year due to the enormous rise of the prices and market capitalization. However, some influencers from the cryptocommunity this it’s wrong to think the financial speculation is what attracts new participants to adopt cryptocurrencies.
One of these infuencers is Vitalik Buterin, the creator of Ethereum, the second largest platform on the market after Bitcoin in terms of market capitalization. Ethereum is known for creating an innovative technology based on the smart contracts. The twenty-three-year-old creator of Ethereum expressed his disagreement with some events and behavior in the cryptocommunity. Buterin thinks the community is acting immaturely, playing with money instead of understanding and promoting the revolutionary blockchain technology.
Buterin also pointed out the recent tweet published by Amir Taaki, one of the evangelists of Bitcoin, where Taaki said Bitcoin was converting into a failed project due to the blindness of the community caused by its desire to make capital gains. The founder of Ethereum says all the cryptocommunities, including ethereum, should listen to this call for attention. They should be able to differentiate between earning hundreds of billions of dollars and achieving something significant for the society.
He said he would withdraw from the cryptoworld if the things continue to develop this way. Nevertheless, Buterin said he still has a lot of hope that the cryptocommunity will turn in the right direction.
Buterin’s cryptocurrency, Ethereum, rose by 8,500% this year and was used as the operational platform by hundreds of ICOs (Initial Coin Offerings). The network’s token emission protocol called ERC-20 is highly popular when it comes to raising funds. One of the most successful ICOs was performed by Filecoin, with a total of 257 million dollars raised. The second one is Tezos with 232 million dollars and the third place is occupied by Paragon with 183 million dollars.
The cryptocurrency market began this year with a total market capitalization of around 18 billion US dollars. Currently, the total market capitalization is around 563 billion dollars, according to CoinMarketCap. Without doubt, the revolutionary change of everyday life offered by the blockchain technology is much more profound than just the personal enrichment and finances.