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Buterin Explains That Ethereum Cannot Be Forced to Adopt the Codes He Writes

ยท 24 Jul 2018 in Crypto News, Home
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Vitalik Buterin explained that Ethereum does not necessary needs to adopt the codes he writes. He said this in a way to show the decentralized nature of the network he co-founded with Joseph Lubin and Charles Hoskinson.

Ethereum is not Centralized

There are several virtual currencies and networks in the cryptocurrency market. One of the most important is Ethereum, which is used by developers to create decentralized applications and write smart contracts. 

An important misconception about some networks is that disclosing in a public way who are the creators of the network, it makes it vulnerable to single points of failure. For example, these individuals may be forced with violence to write a specific code and change the blockchain they created.

But this is not in this way. As the former Goldman Sachs CEO Lloyd Blankfein commented, cryptocurrencies such as Bitcoin, Ethereum and Litecoin are currencies based on a consensus. They work without depending on centralized third parties.

It is important to mention that Ethereum is proof-of-work (PoW) network that has miners and nodes that adopt or reject the code that is developed in the Ethereum ecosystem.

Buterin explained about this situation:

“The Thing with developers is that we are fairly fungible people. One developer goes down and someone else can keep on developing. If someone puts a gun to my head and tells me to write a hard fork patch, I’ll definitely write the hard fork patch. I’ll write the GitHub issue, I’ll write up the code, I’ll publish it, and I’ll do everything they say. If I do this and publish a hard fork patch to delete a bunch of accounts, how many people will be willing to download the update, install it and switch to that update? This is called decentralization.”

Ethereum uses a consensus algorithm that is a combination of Proof-of-Work (PoW) and Proof-of-Stake (PoS). In this way, it is possible to process transactions with mining activities and by staking currencies.

At the moment of writing this article, Ethereum (ETH) is the second most important virtual currency in the market. Each ETH token can be bought for $7,700 dollars and has a market capitalization of $46 billion dollars.

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