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Ethereum [ETH]’s Vitalik does’t call the shots on developments, the ETH community does, says Camila Russo

Ajay Narayan



Ethereum [ETH]'s Vitalik does't call the shots on developments, the ETH community does, says Camila Russo
Source: Unsplash

In a recent panel discussion, Camila Russo, a financial news journalist, stated that it was important to understand that Vitalik Buterin, co-founder of Ethereum, was not responsible for all the decisions made by the Ethereum platform.

At the conference hosted by Bloomberg, eminent figures from the cryptocurrency community were invited to discuss a wide range of topics, including the hard fork of Ethereum, Constantinople and how coordination played an important role in the Ethereum community.

She added that Vitalik did not have the power to decide whether the network would split or not. Vitalik was a prominent authority figure in the community and his decision-making process was given a lot of recognition by the individuals in the community. Camila added:

“But there, there are specific governance procedures that these developers take to decide where Ethereum is going.”

According to Camila, there were researchers who could submit their proposals on how they wanted “Ethereum to go forward” and various individuals from the community would go online and discuss such proposals. Furthermore, the core developers, would actively be online and contribute to Ethereum’s code, which was factually verifiable. The developers would then vote and discuss how the platform had to get updated.

The finance journalist said:

“This has been happening since the inception, and there’s this whole roadmap of updates which people discuss. So it’s not like just up to the Ethereum but it’s like the whole community pitching in and discussing.”

Elaine Ou, Blockchain Engineer at Global Financial Access in San Francisco, a former developer at Ethereum Classic [ETC] foundation stated that the reason for its split was Ethereum had a smart contract running on the blockchain, Decentralized Autonomous Organization [DAO]

She added that the smart contract had raised about $160 million and at the time, the community members realized that the contract was affected by a bug and a lot of the money was “funneled out”.

Elaine added that the only way to put the funds back was to create a new blockchain where everything was exactly the same as before and convince all the community members to migrate to the new one. Elaine further stated:

“We’re gonna create a new version of the universe, everyone’s going to come join us and we’ll pretend the old thing ever happened.”

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Ajay Narayan is a full-time journalist at AMBCrypto. He has majored in Economics, Political Science and Sociology. His interests are inclined towards writing and investing in cryptocurrencies.