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Georgios Konstantopoulos of Paradigm has spurred Ethereum (ETH) co-founder Vitalik Buterin to discuss the philosophy behind the altcoin. It all started with a suggestion from the internet sensation, who noted that developers in the crypto space are not fully leveraging blockchain’s potential. As a result, he suggested that some services could democratize authentication through decentralized platforms.
This includes self-service onboarding, user-signed requests, and stablecoins.
Ethereum Co-Founder Position ETH as Universal Tool
Vitalik Buterin joined the discussion by highlighting Ethereum’s founding philosophy. At first, he compared the Ethereum address to the principle of “text as a universal interface.” By this analogy, he positioned the ETH address as a universal tool for authorization across the blockchain ecosystem. Then, he called it the philosophy behind the main alternative blockchain.
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It is worth noting that in recent weeks, Buterin has proposed a few solutions via some dedicated enhancements that could improve Ethereum’s future potential. So far, he has discussed The Merge, The Scourge, The Surge, The Verge, and The Purge.
BTC And SOL Beats ETH Price Rally YTD
The Ethereum boss pointed to growing concerns surrounding the sale of the second-largest cryptocurrency by market cap. His statement was specifically on behalf of the Ethereum Foundation. While ETH is currently trading at $2,496.37 with a 1.69% price rally within 24 hours, it is worth noting that the altcoin has recorded a 7.78% dip in WTD.
Unfortunately, this weekly price action erases all the previous week’s profit. On a year-to-date basis, ETH has registered a 40.24% price increase. At the same time, Bitcoin (BTC) has gained 99.18% more, according to CoinMarketCap data. Solana has registered an even bigger increase of 445.23% YTD.
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Ethereum as a Work in Progress
Comparison with these other large crypto has led many market observers and critics to question the foundation’s approach of regularly selling ETH rather than betting on it.
They have advised the Ethereum Foundation to utilize staking revenue as operational costs. In response to these concerns, Buterin explained that avoiding an official stance during potential hard forks is a key reason for not staking all holdings.
Meanwhile, he acknowledged that the network is working on some alternatives, including grants that allow recipients to stake ETH independently. The distribution of authority and resources across multiple organizations is equally under consideration. It is likely expected that this would represent Ethereum. It would ultimately reduce the need for centralized decisions in the long run.
