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Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development

Ethereum ETH price Vitalik Buterin

Vitalik Buterin, co-founder for Ethereum, has an interesting view on the price development of ETH.

While current investors would be happy to see the price of Ethereum return to its all time high of $1432 in the early days of Jan. 2018, Buterin believes that a high ETH price is healthy for both network security and ecosystem development.

Buterin made his comments in a crypto-focused interview held by Laura Shin at the Columbia Graduate School of Journalism on Mar. 20, which was live-streamed for outside viewers. Shin asked the ETH co-founder whether project leads and designers–such as Buterin–should be focused on the price of cryptocurrency, particularly in light of the high volatility and the current “crypto winter” market conditions.

In response, Buterin pointed to what he called “earlier rhetoric” for ETH which downplayed the importance of cryptocurrency valuation in light of industry growth in development. In particular, Buterin explained that efforts to downplay price talk were both a way to distinguish ETH from other crypto pump and dump schemes, while also keeping the currency from treading in murky legal territory.

Buterin told Shin,

“In part, it was counter-signaling to distinguish ourselves [Ethereum] from other crypto projects that do pumping and lambo-ing way too much. But it was also about minimizing legal risk by basically trying to make the project seem more distant from something that would be covered by financial regulation.”

Since the release of Ethereum in July 2015, Buterin reports that the landscape of cryptocurrency has shifted dramatically. As opposed to earlier perceptions and conversations surrounding crypto, which hinged upon illicit use and other miscreant behaviors, regulators in today’s context are much more open to digital assets and blockchain projects. However, these regulators are unlikely to ignore coin projects just because developers claim they have no interest in the market price, with Buterin explaining,

“Even if people try to claim the price doesn’t matter at all, they are totally going to see through that.”

The cryptocurrency co-founder went on to share his view of ETH’s price, and how increased valuation would benefit the project as a whole instead of just pumping investor wallets,

“I can tell you what things are clearly important about why the price being higher rather than lower is good. One of them is obviously security. If the price is zero, then the network can’t be secure. That’s true in proof-of-work and proof-of-stake.”

Finally, Buterin outlined the value of incentives in cryptocurrency adoption and development, specifically claiming that coin developers and community members are better positioned both in terms of resources and rewards if the currency’s price can continue to grow higher.

The interview concluded with the audience being poised the question “Are Ethereum developers focused enough on the price of Ethereum?,” to which 21 percent reported “yes” with the largest pool of respondents at 38 percent responding “don’t care.”

The post Vitalik Buterin: High Ethereum (ETH) Prices are Good For Development appeared first on Ethereum World News.

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Vitalik Buterin Proposes Gas Fee “Norm” For Ethereum (ETH) Wallet Transactions

Ethereum co-founder and cryptocurrency industry mainstay Vitalik Buterin has proposed a controversial method for increasing ETH developer fund support: imposing gas fees on wallet transactions.

On Mar. 8, Buterin tweeted his proposal, making a clear distinction that his plan would involve the creation of a “community norm,” which users could choose to follow as opposed to being mandatory. However, the idea of the gas fee standard is to encourage the fee being paid on wallet transactions, while discouraging the current practice of users attempting to circumnavigate fees.

I propose we consider supporting a community norm that client/wallet devs can/should charge a 1 gwei/gas fee for txs sent through their wallet, we don’t try to circumvent such fees, and we support protocol changes to make such fees easier (eg. abstraction enabling multisends)

According to the numbers Buterin presents, increasing average user gas costs 7 percent would equate to at least $2 million per year in increased funding for Ethereum developers, without going through the traditional routes of securing more capital that could involve market bias.

While Buterin was floating his idea to the community as opposed to announcing an actual development by the Ethereum team, the proposal was met with conflicting opinions. On user pointed out that an imposed gas fee negated the ability of wallet devs to set their own transaction prices, thereby limiting free enterprise.

“So much for free enterprise? Shouldn’t wallet devs be allowed to charge what they want, even if this is zero?”

Other users were quick to counter that Buterin’s plan involves creating a “community norm” around wallet transaction gas fees, rather than making it a definitive part of transactions. Buterin reiterated this point in a subsequent tweet, clarifying that he was not advocating a mandatory fee increase, but rather hoped to jump start an ETH community initiative to support devs through an alternative method of fee collection,

“To be clear, I am NOT advocating a norm *mandating* the 1 gwei fee. I am arguing for a norm diacouraging overly complaining about and/or trying to circumvent the fee if/where it exists.”

Buterin’s plan, despite the controversy it may have stirred among Twitter responses, does provide a community-generated source of funding for Ethereum developers that promotes decentralization over other forms of fee-collection. However, as some users pointed out, it’s a tough sell to get people to pay for something they were previously receiving for free, even if it comes with good intentions. While wallet operators are free to impose fees to compete on the market, a blanket gas fee–even one that is imposed through community good will or Buterin’s “norm”–would be hard to gain broad adoption.

Despite the lackluster response to Buterin’s proposal, Ethereum has benefited from positive news in the last week surrounding its development. Over the weekend, as reported by EWN, research firm Electric Capital published data showing Ethereum led the industry in active developer support, with over twice that of second-place Bitcoin (BTC). Ethereum has also benefited from the successful launch of its long-awaited Constantinople upgrade at the end of February. 

 

Title image courtesy of beatingbetting.co.uk

The post Vitalik Buterin Proposes Gas Fee “Norm” For Ethereum (ETH) Wallet Transactions appeared first on Ethereum World News.

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Ethereum (ETH) Founder Vitalik Buterin Eulogizes Zcash (ZEN), Calls It “Cool” Project

Ethereum (ETH) founder Vitalik Buterin has once again eulogized Zcash (ZEN), saying the project is cool. The cryptocurrency guru said this while he was charged to comment about a not too popular coin “ANON”.

Buterin despite the demand, said he comments on coins, stating afterward that Zcash is cool.

“Do you comment on coins besides ETH? I was curious. I do sometimes. @zcashco is cool.”

https://twitter.com/VitalikButerin/status/1028022694963343360

Vitalik’s statement attests to the unique features of Zcash. Series of discussion revolves around Zcash, the privacy coin is been praised by cryptocurrency enthusiasts every time. But some are of the opinion that privacy coins will help in fueling criminal offences on the internet.

Not long, Coinbase announced it’s exploring five assets, among them was Zcash. The announcement was seen as a major boost for the cryptocurrency since not many understand how reliable it is until Coinbase mentioned the coin amidst 4 other assets, which include, Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), and 0x (ZRX).

The exchange mentioned Zcash especially saying: “We may also only enable certain ways to interact with these assets through our site, such as supporting only deposits and withdrawals from transparent Zcash addresses.”

Two days back, Zcash Foundation released a weekly update where it was indicated that Zcashd 2.0 otherwise regarded as the first Sapling compatible version is going to be released tomorrow, August 13, 2018.

A video series dubbed Perspective, a series purposely recorded during the Zcon0 conference, is going to be released. Zcon0 is the first ever conference organized by the Zcash community.

Here is this week’s update:

  • Zcashd 2.0 release
  • Sapling
  • Website rebranding
  • A policy to aid set up of  Zcash meetings.

Many have been talking about privacy in the cryptocurrency sphere. In a latest post by Weiss Rating, it was indicated that

According to Weiss and Villaverde:

“Privacy DLT is a technology that can guarantee the anonymity and privacy of voters, precisely what’s essential for secure, democratic elections. Thus, the same kind of Privacy DLT that Zcash uses for shielding transactions can also be used to create a fast, efficient, anonymous, and secure voting system.”

The pace at which people are embracing privacy coin is alarming. While security experts are of the opinion that privacy coin can serve as an option for criminals online, it is a known fact that privacy is sacrosanct for the fact many a number of individuals are under government’s surveillance.

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Ethereum (ETH) Founder, Vitalik Buterin, Says ETF Issues Overhyped

Ethereum Founder, Vitalik Buterin has stated that there has been unnecessary emphasis on Bitcoin and Ethereum ETFs, saying although the ETFs may help pump price, campaign for mass adoption should be given much emphasis because it has long-lasting effect on cryptocurrency.

Vitalik who’s of the opinion that stores need to start accepting cryptocurrency sees hope in the perspective than in the ETFs which is causing unnecessary havoc in the cryptocurrency space.

“I think there’s too much emphasis on BTC/ETH/whatever ETFs, and not enough emphasis on making it easier for people to buy $5 to $100 in cryptocurrency via cards at corner stores. The former is better for pumping price, but the latter is much better for actual adoption.”

SEC Disapproval Of Winklevoss Brothers’ Application

On the 27th of July, cryptocurrency market witnessed a drastic downturn which must likely be a reaction to the United States Securities and Exchange Commission’ (SEC) decision to turn down Winklevoss brothers’ application for a Bitcoin exchange-traded fund (ETF).

Although, crypto market recovered, the news held the market for hours, making people think the end of crypto was signaled.

There is A big Difference

It is worthy to note that, according to Coindesk, the bitcoin ETF proposed by the Winklevoss brothers is not the same with the bitcoin ETF by investment firm VanEck and financial service company SolidX, which many people are discussing in the cryptocurrency space.

VanEck and SolidX made known that they applied to the SEC to get approval to kickstart what could be seen as the first bitcoin-based ETF. Responding to this application, SEC demanded comments on the request, interestingly, over 100 comments have been received, and SEC may respond to it any moment.

The Winklevoss bitcoin ETF was according to SEC rejected because the application is not “consistent with the requirements of the Exchange Act Section 6(b)(5), in particular the requirement that its rules be designed to prevent fraudulent and manipulative acts and practices.”

Crypto Community Is Calm.

While SEC’s decision has caused uproar in the crypto community, some respected investors keep on calming those who may be scared, saying the decision by SEC is nothing but a fume that will soon go into obscurity.

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