Global fintech and funding innovation ecosystem

Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again

SmartCompany | Dominic Powell | April 10, 2019

Vitalik life after blockchain - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder againIn an industry filled with shouting voices, fierce partisanship and big personalities, Ethereum founder Vitalik Buterin is a breath of fresh air.

The softly spoken 25-year-old Canadian-Russian would be entitled to brag louder than most if he wished to. The blockchain platform he founded at age 17 was a central tenet of the 2017-18 cryptocurrency boom, with a market capitalisation of more than $US19.3 billion ($27.1 billion) and countless projects built on its infrastructure.

The Ethereum Enterprise Alliance boasts members such as Intel, Microsoft, JP Morgan and Samsung, and the project’s current development includes implementing a new proof-of-stake consensus algorithm and data-management method known as ‘sharding’, designed to fix some of Ethereum’s scalability issues.

See:  Ethereum Foundation Announces Millions in Grants for Scaling Research

But despite all this, Buterin chooses to stay humble, and outside of the occasional, well-articulated fight on Twitter, the founder seemingly avoids the hyper-partisan debates which can dominate the cryptocurrency space. However, the blockchain pioneer has said he’s unlikely to be the founder of a project again any time soon.

Speaking to StartupSmart in a rare interview, Buterin said while the big personalities in the industry did make it more difficult to operate, others being unprofessional “make you stick out by being professional”.

“The crypto space is definitely very unique because it brings all the most honest and idealistic, but also the most scammy people out there into one pot,” Buterin says.

“There’s definitely an extreme contrast between different parts of [the industry]. Within the Ethereum space, I try to promote people who are being good, and encourage people to be the best they can be.”

2019 a big year for Ethereum development

Buterin is in Australia for the second time ever, heading to Ethereum development conference EDCON in Sydney this week, from the 11th to the 13th. While the conference is broadly focused on all aspects of Ethereum’s development, Buterin says he’ll mainly be speaking about Casper CBC, a new consensus algorithm in development for the platform.

This new development is part of Ethereum’s ‘2.0’ roadmap, which Buterin says is coming along well, despite some readjustments and setbacks since the initial plans were set in 2017. The development team, which includes a number of Australians, have launched testnets for its new proof-of-stake network, and isn’t far off rolling out the 2.0 protocol.

“The actual protocol for Ethereum 2.0, which includes proof-of-stake and sharding, is very close to finished. We’ve had a lot of progress on the research and development front,” he says.

“I think developments actually sped up over the last year or so. Before then, we had a lot of technical uncertainty around if these things were actually possible to build efficiently, and around a year ago all those issues were finally resolved, so development has really been picking up steam since then.”

Buterin says there’s a number of interesting things happening in the broader blockchain space currently, pointing to projects such as Maker and Augur as decentralised finance applications people are “getting excited about”.

Outside of the finance-focused space, Buterin says some projects are on the way to seeing mass-market adoption, referring to Etherisc, a project which looks to use smart contracts to automate insurance payouts.

See:  Ethereum Rises on Positive Comments by the SEC

Scalability, security biggest issues

However, the founder acknowledges scalability is still one of the biggest issues facing blockchain developers today.

“I think, especially for applications which are not narrowly crypto- or finance-focused, people are just waiting for scalability,” he says.

“If all you’re doing is trading crypto, it doesn’t matter if you’re paying 57c per transaction, but for regular users who want to use the blockchain for things that don’t have to do with money, we need to get costs down.”

“That’s a big part of what doing with Ethereum 2.0, and it’s a big part of what we’re doing with some of our other scalability efforts, so we’ll see what happens when they come out.”

But scalability isn’t the only thing holding back the blockchain space. Buterin also points to issues with safety and usability, with things such as block times still dominating industry debates. Buterin says he’d like to see block times down to the point where sending a transaction happens as quickly as confirming a credit card payment.

On the safety front, the founder notes that the issue of lost or hacked private keys is a massive problem in the cryptocurrency space, one which is under-reported as “usually people are too embarrassed to talk about it.”

See:  TokenFunder announces Canada’s first Security Token Exempt Market Dealer

Buterin mentions some projects are looking to help fix the vulnerabilities with private keys, something he welcomes and says has even saved his crypto stash at times.

“My favourite solution that has come out recently is the HTC blockchain phone project, which has a trusted hardware chip so your blockchain wallet is protected from some of the security risks in Android,” he says.

“It also has a social recovery mechanism, where you spread out parts of your private key between three trusted contacts, so they can help you recover it if you lose it.”

“It’s early days, but it seems to be working better and better. It’s already rescued me once.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder againFF Logo 400 v3 - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder againcommunity social impact - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again

Support NCFA by Following us on Twitter!







NCFA Sign up for our newsletter - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again




AI | April 12, 2024 AI is not just a tool for augmenting human tasks but an emerging workforce that merges labor and software into a single market NFX recently published an article titled "The AI Workforce is Here: The Rise of a New Labor Market" that discusses the merging of labour and software due to the advancements in artificial intelligence.  The shift is creating significant opportunities for innovation and new business models, transforming industries by substituting traditional SaaS functionalities with comprehensive AI-driven solutions. Traditionally, software has been a tool to help humans work more efficiently. However, AI is changing that by taking on entire jobs by itself, essentially merging the realms of software and labor into one. This means companies might start seeing software not just as a tool, but as an active part of the workforce. As AI starts doing more of the work traditionally done by humans, there's a huge opportunity for new businesses to emerge. These businesses can use AI to do things cheaper, faster, and possibly better than humans.  The convergence of labor and software markets is expected to not only broaden the market scope but also to enhance profit margins. See:  AI Race of ...
Image freepik tech worker in age of AI - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
Competition | April 11, 2024 Competition and Markets Authority Tackles AI Foundation Model Concerns The Competition and Markets Authority (CMA) has recently intensified its scrutiny on AI foundation models (FMs), highlighting serious concerns regarding market competition and consumer protection. As the AI landscape evolves rapidly, the CMA's proactive regulatory efforts aim to ensure that the development of generative AI technologies, such as large language models underpinning systems like OpenAI’s ChatGPT, does not compromise market fairness or consumer safety. Key Concerns and Strategic Reviews In a comprehensive update delivered by CMA CEO Sarah Cardell, the authority outlined three critical risks to fair, open, and effective competition: See:  AI’s Impact on Competition: Bureau Calls for Insights The possibility that dominant firms may limit access to and control critical input resources such as compute power and data, potentially stifling competition. Incumbents might exploit their market position and power to influence consumer choices and restrict competition in FM services. The CMA has noted over 90 strategic partnerships and investments involving major tech firms, which could further entrench market power if not properly managed. "Without fair, open, and effective competition and strong consumer protection, underpinned by these principles, we see a real risk that the ...
CMA AI Foundation Models Update Paper - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
AI Innovation | April, 11, 2024 The Landscape for AI Supremacy is Accelerating.  Open AI, Google and Mistral Launch New Models Within a span of 12 hours, OpenAI, Google, and Mistral— a French AI startup—unleashed new versions of their advanced AI models, signaling a surge of innovation anticipated over the summer. This rapid sequence of launches was set against the backdrop of the upcoming major update to GPT by OpenAI. The releases began shortly after Nick Clegg's announcement in London about Meta's Llama 3 model (coming very soon). See:  Will Google’s Gemini Kill ChatGPT-4? A Comparative Lens Google's Gemini Pro 1.5 came next, introducing its advanced multimodal capabilities to the public, followed closely by OpenAI's GPT-4 Turbo, another multimodal system capable of processing image inputs and, in Google's case, also audio and video. Mistral, taking a different path with an open-source model called Mixtral 8x22B, rounded out this flurry of activity, offering its substantial AI model for free download, showcasing a collaborative approach to AI development. The Race Towards The Future of Innovation The simultaneous release of new AI models by industry giants is a clear indication that the race for AI supremacy is intensifying. This competition is not merely ...
Image Freepik AI generated - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
April 11, 2024 Data theft, phishing scams, ransomware, and hacking are some of the many cybersecurity threats players in the fintech industry face regularly. They are becoming more sophisticated and damaging as the threat environment changes and the technology used to execute them evolves. With cybersecurity experts and players in the fintech industry trying to keep up and everything changing so fast, it is worth looking at the state of cybersecurity in this industry. Technology Use is Increasing Threat Footprints The fintech industry is usually one of the first to adopt new technologies, with mobile devices and apps, cloud computing, and artificial intelligence all a significant part of it now. While these technologies have allowed organizations to offer better services to customers, better manage internal processes, and stay ahead of their competition, they have also increased cybersecurity risks. These risks present significant challenges, including increasing attack sophistication, regulatory compliance difficulties, and an increased need for collaboration. With malicious actors leveraging machine learning, social engineering, and sophisticated ransomware, financial institutions must keep up and upskill their professionals. These additional challenges have made complying with set regulations a significant issue. Fortunately, solutions like using ISO 27001 software and being ISO compliant are ...
Freepik DC Studio Hackers - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
DeFi | April 10 2024 The SEC's Wells notice to Uniswap signals tighter DeFi regulation is coming The U.S. Securities and Exchange Commission (SEC) just issued a Wells notice to Uniswap, a leading decentralized exchange, reflecting the SEC's increasing scrutiny of the DeFi space, a sector that has seen explosive growth but also faces questions about its integration with traditional financial laws. The Wells notice, which serves as a formal indication of the SEC's intent to recommend enforcement action, has sparked a broader conversation about the future of DeFi regulation and its implications for the cryptocurrency ecosystem particularly concerning platforms' compliance with securities laws, raising questions about the future of regulation in this innovative but murky sector. See:  CFTC Publishes DeFi Report for Policymakers and Industry 'Fighting for DeFi' was posted on Uniswap's blog: "We are confident that the products we offer are not just legal – they are transformative. They empower people across the world by enabling transparent, verifiable markets with fewer gatekeepers, which allows for cheap, accessible, global economic participation." Following the SEC's notice, Uniswap's CEO, Hayden Adams, expressed readiness to contest the charges, signaling a potentially long legal battle ahead. Uniswap's chief legal officer, Marvin Ammori, expressed ...
Uniswap - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
Consultation | April 10, 2024 Digital Securities Sandbox Joint Bank of England and FCA Consultation Paper The Bank of England, in conjunction with the Financial Conduct Authority (FCA), has released a consultation paper on the implementation and operation of the Digital Securities Sandbox (DSS) and is seeking feedback on a wide array of topics. The DSS aims to explore the potential of developing technology, such as Distributed Ledger Technology (DLT), in the trading and settlement of securities, including shares and bonds. The sandbox is intended to last for five years, serving as a bridge to a more permanent, technology-friendly regime for the securities market. The DSS is designed to facilitate the application of new technology to securities trading and settlement, offering a path to a new technology-friendly regulatory regime.  The Bank of England and FCA will jointly operate the DSS, aiming to promote a safe, sustainable, and efficient financial system, protect financial stability, and ensure market integrity. See:  UK Launches Pioneering Digital Securities Sandbox The sandbox will accommodate equities, corporate and government bonds, money market instruments, fund units, and emissions allowances, excluding derivative contracts and unbacked cryptocurrencies like Bitcoin. The paper emphasizes the use of limits to allow for the ...
FCA and BOE Digital Securites Sandbox overview - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
DeFi | April 10, 2024 The Avi Eisenberg Case: DeFi on Trial The trial of Avi Eisenberg, accused of orchestrating a $110 million fraud on the Mango Markets DeFi platform, highlights the complexities inherent in DeFi and is evolving into a litmus test for the application of traditional legal frameworks to the rapidly emerging digital finance ecosystem.  On January 23, the Securities and Exchange Commission (SEC) charged Avi with manipulating Mango Markets 'governance tokens'.  Eisenberg's trial started this week and is expected to deeply explore philosophical and practical questions about trading on permissionless blockchains. It is the first federal criminal trial involving a DeFi trader accused of violating U.S. law, challenging the perception of DeFi as an unregulated frontier. Background In October 2022, Eisenberg exploited Mango Markets, a DeFi platform operating on the Solana blockchain, with a trading strategy that led to a $110 million gain. At the heart of the allegations is that Eisenberg manipulated the market by gaming Mango Markets' futures contracts. By artificially inflating the price of the MNGO token, Eisenberg was then able to borrow against his position, draining Mango Markets of its deposits. This act of market manipulation is the cornerstone of the prosecution's case ...
Freepik topntp26 mango - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
Fintech Accelerator | April 10, 2024 Apply to EY and ACs Fintech Accelerator Program by April 20, 2024 In partnership with EY, a global powerhouse in finance and banking, the Accelerator Centre (AC) introduces the Fintech Accelerator Program.  The collaboration with EY doesn’t just open doors; it welcomes you into a world of strategic partnerships with banking clients and a global portfolio teeming with potential. It offers a comprehensive 4 week curriculum designed to provide entrepreneurs with essential tools, knowledge, ad mentorship; Chance to pitch pilot projects (POCs) to larger corporates; By engaging with EY and the AC, your startup will not only address significant industry challenges but also position itself at the forefront of fintech innovation. Targeted Areas of Focus The fintech program is scouting for 6-8 exceptional startups worldwide, targeting: See:  Considerations for Building the Next Fintech x AI Opportunity Security, Fraud Prevention, and Authentication: Seeking solutions that bolster security and streamline identification processes. Customer Service, Retention, and Sales: Aiming to enhance customer experiences and loyalty. Automation, UX, and UI: Looking for projects that automate interfaces, improve developer experiences, and refine design processes. Key Dates Applications accepted from March 28 to April 20, 2024. Program starts in May ...
Freepik innovation presentation - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
Survey Insights | April 9, 2024 How digital transformation is influencing Canadian loyalty to financial institutions The digital age is transforming the landscape of financial services, compelling Canadian financial institutions to reassess their strategies for maintaining customer loyalty. A recent survey by Abacus Data, conducted with 3,550 Canadians, shows the evolving relationship between Canadians and their financial service providers. With the imminent implementation of open banking legislation, this article looks at the current state of financial institution loyalty in Canada, offering insights into consumer behavior, preferences, and potential industry shifts. How Consumers Look at Loyalty to a Financial Institution Consumer loyalty to financial institutions refers to a customer's continued preference for and engagement with a specific bank or financial service provider over others. This loyalty can stem from various factors, including satisfaction with the institution's products and services, the perceived value these services offer, the quality of customer service, and the level of trust the consumer places in the institution. Loyalty is not just about a reluctance to switch to another provider; it often involves a deeper emotional connection, where the customer feels a sense of allegiance or commitment to their financial institution. See:  Open Banking Insights: Decoding Canada’s Financial ...
Freepik gpointstudio women using tablet in coffee shop - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again
AI | April 9, 2024 Boosting Canada's AI Ecosystem and Global Leadership On April 7, 2024, Prime Minister Justin Trudeau announced an ambitious $2.4 billion artificial intelligence (AI) funding package from Budget 2024 to accelerate job growth in AI, enhance productivity, and ensure the technology's responsible development and use.  The funding is critical for Canada to maintain its global leadership in AI at a time when AI adoption is lagging in Canada when other countries are progressing ahead. See:  Canada Aims to Regulate AI in Search & Social Media Having said that, Canada's AI sector witnessed nearly one-third increase in jobs in the past year, indicating a booming industry with potential for future expansion.  The package is set to be tabled by the Deputy Prime Minister and Minister of Finance on April 16, 2024. A significant portion of the budget, $2 billion, is an investment in building computing capabilities and technological infrastructure to support AI researchers and businesses. An additional $200 million will boost AI start-ups and facilitate AI adoption in critical sectors like agriculture, healthcare, and manufacturing. $100 million is dedicated to the NRC IRAP AI Assist Program, helping SMEs scale and increase productivity by adopting AI solutions. The ...
Freepik Investing in AI - Life after blockchain: Why Ethereum mastermind Vitalik Buterin doesn’t want to be a founder again

 

Leave a Reply

Your email address will not be published. Required fields are marked *

nineteen − eleven =