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Ethereum’s [ETH] growth is fueled by Vitalik’s economics brilliance and trustworthiness, says American economist

Ajay Narayan



Ethereum's [ETH] growth is fueled by Vitalik's economics brilliance and trustworthiness, says American economist
Source: Unsplash

In a panel discussion, Tyler Cowen, an American economist and a professor of economics at George Mason University, briefly spoke about Ethereum and its co-founder, Vitalik Buterin.

Tyler, at the event organized by Bloomberg, stated that many individuals in the community had become millionaires by doing something “no one else told them to do” and according to him, that was a very powerful shared experience. Tyler further added:

“I recently spent about five hours with Vitalik and he is one of the handful of smartest people I have ever met.”

He further mentioned that Vitalik was a remarkable individual who had “zero” formal training in economics. Furthermore, Vitalik had written informal papers and had posted them on his website. The papers had complex technical results which were detected by Nobel economists and Vitalik could figure it out just by himself. Tyler commented:

“I’m a professional economist and if I talk economics with him, there’s no argument I can give him that he cannot immediately figure out. He can even be ahead of me. He’s just simply a remarkable man.”

According to Tyler, Vitalik was also very upfront about what blockchain technology had achieved and what was still left unachieved. He further stated that meeting Vitalik was one of the best experiences he had and that he will remember it for the rest of his life.

Tyler also spoke about the connection between Vitalik’s brilliance and its “usefulness” on the Ethereum platform. He added that Vitalik himself would be uncomfortable on the level of trust individuals had on him.

Most of the trust individuals had on Ether or Ethereum was because of Vitalik. In addition, he was always “to the point” and was willing to admit about what he did or did not know, the professor added.

Thus, Vitalik had become an “oracle” to the Ethereum community, which was a part of both the strength and weakness in the platform; the former, because it helped individuals in the community to coordinate efficiently, and the latter, because it was a sign that the platform’s mechanism was supposed to work in a formal way.

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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.


Ethereum [ETH]: Samsung planning to create its own ETH-based blockchain; may issue own token soon

Akash Anand



Ethereum [ETH]: Samsung in the works to create its own ETH-based blockchain, may issue own token soon
Source: Pixabay

The mainstream adoption of cryptocurrencies and blockchain technology has come a long way, with many financial and non-financial institutions now entering the mix. Technology giant, Samsung, is not new to the field, as the South Korean organization previously blew up the cryptosphere by meshing crypto with the launch of the company’s latest flagship device, the Galaxy S10.

Latest reports now suggest that Samsung is getting more serious about virtual assets, as the company might be on its way to create its own Ethereum [ETH]-based blockchain network, with the prospect of launching its own cryptocurrency token in the near future. An anonymous official from the organization stated,

“Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid—that is, a combination of public and private blockchains.”

Sources from within the company added that blockchain technology is being developed by the wireless technology division of Samsung. Despite the fact that it has not been confirmed as to what devices will provide support for the blockchain, a company official revealed that “some models are being tested for it.”

Samsung’s tryst with Ethereum has been ongoing for quite some time now, with previous developments suggesting that Ethereum could be vulnerable on the S10 device. This was evidenced by a video put out by a user ‘darkshark’ on Imgur, in which it was shown how easy it was to crack the phone. Darkshark stated,

“This brings up a lot of ethics questions and concerns. There’s nothing stopping me from stealing your fingerprints without you ever knowing, then printing gloves with your fingerprints built into them and going and committing a crime.”

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