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Just about a decade ago, Ethereum was hailed as the world’s most innovative blockchain, and even its developer, Russian programmer Vitalik Buterin, became so loved by the crypto community that they called him Nakamoto 2.0. Years later, the second-largest crypto by market cap is crumbling under the weight of its own ambitions. We might know why. Ethereum’s problems didn’t start with the Ethereum Foundation’s executive director, Aya Miyaguchi; as a matter of fact, we could argue she’s not to blame at all. At the center of it all is Ethereum’s founder, the de facto “board” or “sole decision maker” of the Ethereum Foundation, Buterin.  Unlike Bitcoin’s anonymous creator, Satoshi Nakamoto, who wrote the Bitcoin whitepaper, built the network, and then simply let it go, Buterin has always been largely influential on what happens in the network. He just didn’t wear the tag on his sleeve until he made one X post on January 21.  No. This is not how this game works. The person deciding the new EF leadership team is me. One of the goals of the ongoing reform is to give the EF a “proper board”, but until that happens it’s me. If you “keep the pressure on”, then you are creating an environment that is… — vitalik.eth (@VitalikButerin) January 21, 2025 Is it bad that he is the only one who decides who leads EF? Well, the programmer doesn’t give off Sam-Bankman Fried energy, so he wouldn’t want to harm the Ethereuj network in any way. But, after ETH’s recent performances, Buterin could be living in the “centralization” tale he sought to rewrite. A one-man foundation: Community not happy with EF  The Ethereum Foundation was always supposed to be a decentralized force driving the blockchain’s evolution, beyond what Bitcoin could achieve. Instead, it has become an entity…

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Filed under: News - @ February 3, 2025 10:21 pm