As surprising as it may seem, Ethereum co-founder Vitalik Buterin only places a tiny fraction of his ETH in staking. Does this mean that Vitalik Buterin doesn’t really trust the Ethereum blockchain? Part of the crypto community that Charles Hoskinson seems to share this view.
Does Vitalik Buterin fear ETH staking?
On June 29, during a podcast published on the YouTube channel of the Bankless media, the co-founder of the Ethereum blockchain Vitalik Buterin revealed that not all of his ETH was placed in staking.
While staking is very popular among cryptocurrency investors to generate passive income, but also to participate in the decentralization of the network, Vitalik Buterin genuinely surprised his audience by claiming that only a tiny fraction of his ETH was staked.
Here is how he justified this surprising decision:
“The main reason why I don’t stake all of my ETH, but rather a small part, is that if you stake your ETH, the keys to access it must be public on an online system, and for security, it has to be a multi-sig, and multi-sigs for staking are still quite difficult to set up, and it turns out to be complex in many ways. »
This revelation follows a blog post published by Vitalik Buterin on June 9, in which he presented 3 necessary transitions for the blockchain without which it will fail.
In particular, he pointed out that the Ethereum blockchain was dysfunctional in the absence of an adequate layer 2 to facilitate affordable transactions. Furthermore, he also mentioned the difficulties encountered by users when they had to manage several addresses simultaneously.
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The astonishment of the community was not long in coming
Following the broadcast of this podcast, the crypto community was particularly surprised to learn that Vitalik Buterin had not placed all of his ETH in staking.
Some individuals have wondered how the community can be comfortable staking their own ETH even though one of the blockchain co-founders does not. For others, this would prove that Vitalik Buterin does not trust his own product.
Alerted on Twitter, Charles Hoskinson, co-founder of Ethereum and founder of the Cardano blockchain, has also publicly expressed himself on this subject;
“I had to listen to it several times. Words fail me. All our ADAs are placed in staking [certainement ceux des entités dirigeantes de Cardano, N.D.L.R]. You know, that’s what a properly designed Proof of Stake protocol should be like. »
What do you think of Vitalik Buterin’s comments? Does this taint your trust in the Ethereum blockchain?
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Source : Bankless
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Editor-in-chief of Cryptoast, I discovered Bitcoin and blockchain technology in 2017. Since then, I have been striving to share quality content so that the sector becomes more democratic for everyone.
Clement Wardzala
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