Ethereum Inventor Vitalik Buterin Sheds Light on the Company’s Environment

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by Zhanna Lyasota · 3 min read

The Ethereum blockchain remains a crucial centerpiece, but it is ultimately only part of a larger vision of ‘web 3.0’ – a more secure, trustworthy and globally accessible platform for agreements, finance, auditing, tracking and more.

A well-known Ethereum platform is constantly developing. Over the past twenty months the platform has grown from being a simple attempt to improve on Mastercoin by adding a programming language into an effort to push forward a powerful and expansive vision of “web 3.0” that includes multiple technologies and a complex software stack that integrates them all with the aim of making it as easy to build secure, globally accessible and trust-minimized decentralized applications as it is to build a website – and hopefully even easier.

“Together with the Ethereum blockchain, we see an entire suite of internally and externally developed, low-level and high-level protocols including Solidity, Whisper, IPFS, zero knowledge proof systems, account management systems, dedicated browsers and much more, all with the goal of providing a coherent vision of the internet as it should be,” Vitalik Buterin, the CEO of the company, said in the blogpost.

There is no doubt that such ambitious vision causes some challenges. At the moment, the Ethereum project is in a time of complicated transition.

As said by Buterin, until quite recently, almost all of the work on the Ethereum project has been done by subsidiaries of the foundation. In future, although the foundation and its subsidiaries are going to continue taking on a strong and leading role, the community will gradually be the primary driver in making it succeed.

“… it is indeed true that the foundation’s finances are limited, and a large part of this was the result of our failure to sell nearly as much of our BTC holdings as we were planning to before the price dropped to $220; as a result, we suffered roughly $9m in lost potential capital, and a hiring schedule that was meant to last over three years ended up lasting a little under two (although bolstered by a “second wind” from our ETH holdings),” said Buterin concerning the financial condition of the company.

However, the Ethereum ecosystem is maturing nicely, and looks unrecognizable from what it was barely a year ago.

As stated by Buterin, the Foundation will continue to focus on promoting and supporting research, development and education to bring decentralized protocols and tools to the world that empower developers to produce next generation (d)apps, and build a more globally accessible, more free and more trustworthy Internet.

“Today, we can all be proud that the Ethereum developer ecosystem has grown large enough to include major banks, corporations, governments, over a hundred dapps and individuals and businesses in dozens of countries speaking dozens of languages,” said Buterin.

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Zhanna Lyasota

Zhanna has a background working for an American multinational food and beverage company as well as at a number of translation agencies serving similar top multinational corporations. She enjoys discovering new cultures as well as learning new languages. She is also a lover of all things fabric and floral ,especially if they are design-related. Zhanna is a graduate of Belarusian State Economic University with a major in Intercultural Business Communications.