Thursday, January 20

“If I disappear, Ethereum will continue”, says Vitalik Buterin in Argentina

This last Tuesday (21st), Vitalik Buterin, founder of Ethereum, participated in the “AskVitalikBA” conference that took place in Argentina. On the occasion, Vitalik expressed his beliefs about cryptocurrencies as well as political issues.

Among the most important lines is his view between Proof of Work (PoW) and Proof of Stake (PoS), citing that the second model manages to be more efficient and less vulnerable to censorship. Besides, he too stated that Ethereum would continue to grow even if it disappeared for some reason.

Finally, Vitalik praised the Argentine people and criticized the government by claiming that the state is incapable, unlike its people. Furthermore, he also mentioned the importance of cryptocurrencies in small countries, which are the real pillars of the sector.

“Ethereum will exist with or without Vitalik Buterin”, says co-founder when considering disappearing

One of the main differences between the current two largest cryptocurrencies in the world is linked to their founders. While Satoshi Nakamoto, creator of Bitcoin, disappeared and is no longer connected to the project, Ethereum remains heavily dependent on Vitalik Buterin.

While his vision and command are now extremely critical to Ethereum, Vitalik said the project could continue to grow even if he were to disappear.

“I think the Ethereum community is big and even if I disappear tomorrow, it will remain a big blockchain. Obviously I won’t disappear”

Despite this, it is worth remembering that a false news, that claimed that Vitalik had died, caused the price of Ether to plummet about 30% in just a few hours in 2017.

Proof of Stake no Ethereum

Vitalik also took the opportunity to again defend the Proof of Stake (PoS), an algorithm that allows mining using the network’s own coins instead of graphics cards, as is done by Ethereum’s current Proof of Work (PoW).

“I believe Proof of Stake is much more resistant to censorship than Proof of Work”

According to the creator of Ethereum, it is more difficult for governments to censor PoS participants because, as the PoW, it consumes a lot of energy and space. In other words, it is easier for governments to find these participants, as happened in China.

Looking forward to migrating to PoS in the next year, Vitalik also commented that scalability is the current big challenge. Despite this, he noted that if the protocol becomes too centralized in resolving this issue, it could also be considered a failure.

Cryptocurrencies in emerging countries like Argentina

Vitalik Buterin’s visit to Argentina caught the attention of the entire community that quickly sold out all tickets to see him, reinforcing his importance both in the Ethereum and in the industry in general.

About the use of cryptocurrencies in Argentina, and other countries with similar economies, Vitalik highlighted that the main difference is that its population is able to use cryptocurrencies to solve problems such as inflation and bureaucracy.

“I think the difference between here [Argentina] and some of the richest countries is that, although in both there are people excited about cryptocurrencies, people here deeply understand that this is something that is solving real problems for them.”, said Vitalik Buterin, founder of Ethereum.

That is, although many look at the decisions taken by the governments of great powers like the US and China, the real focus that the community needs to have is on small countries, after all, they are likely to lead this revolution.