Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
Michael Saylor has always favored Bitcoin ahead of other cryptos and MicroStrategy kept increasing its position even during the market pullback and mass sell-off.
Ethereum co-founder Vitalik Buterin in a recent statement disclosed that while Bitcoin is considered 80% complete, his project is considered only 40% complete. However, things will change after the “merge”, where the network will move from the Proof of Work to the Proof of Stake consensus system. Even with that, the Ethereum co-founder stated that the project would be 55% complete. After the Merge, the network will focus on its roadmap consisting of four major upgrades termed “surge, verge, purge, and splurge.” This will make the network more secure and decentralized. According to Buterin, Ethereum would be able to process 100,000 transactions per second. As this was expected to bring some level of excitement to the Ethereum community, MicroStrategy Incorporated (NASDAQ: MSTR) CEO Michael Saylor, also known to be a Bitcoin maximalist, has questioned it on the grounds of technical developments and ethics.
Speaking at the Blockchain Economy Istanbul Wednesday, Saylor referred to the 40% completion statement by Buterin, pointing out that the Ethereum protocol does not look like it would be completed or stable in the next 36 months.
According to him, the lack of time-tested information on the network raises questions about its technical reliability and security.
“Technically sound’ means I need to see the protocol function for that thing after about five to 10 years. So we don’t know that, either. Right? Because if you are hard forking and changing it, every time you do a big upgrade, you introduce new attack surfaces,” said Saylor.
Michael Saylor has always favored Bitcoin ahead of other cryptos as his MicroStrategy kept increasing its position even during the market pullback and mass sell-off. As of now, his company holds 129,218 Bitcoin (BTC) worth about $2.8 billion. He recently announced that MicroStrategy will never sell its Bitcoin.
As part of his presentation, Saylor explained that his position on the ethical soundness of the Ethereum protocol has to do with the clarification that nobody including Buterin could change it. He also added that subjecting it to change will make it a security.
“I need to know that no one at the Ethereum Foundation, no individual can change the protocol because if they could change the protocol, it makes it a security and if it makes it a security, then it’s not going to become global money,” he said.