The CEO of ShapeShift, Erik Voorhees stated recently that Vitalik Buterin is a major influence on Ethereum. The outspoken CEO expressed his thoughts on digital asset and cryptocurency markets. Voorhees controls the operations of a digital assets exchange and believes that crypto will eventually rebound.
In a tweet, Voorhees discussed how organizations are facing a tough time paying back more than $20 million of debt. According to Voorhees, it will eventually cause a global financial crisis and lead to the doom of fiat currencies. At that time, governments will have no other option but to start printing money. Due to that printing, cryptos will take over, said Voorhees. The CEO believes that the global financial crisis will also affect cryptocurrencies. Due to a financial crisis, people will try to cash it out. However, that will be an initial phase and once the world moves away from fiat money, they will eventually shift towards cryptos. The reasn being that these coins have no affiliation to government bodies. Therefore no one can adversely affect the supply which could lead to hyper-inflation.
While discussing the influence of Vitalik Buterin on Ethereum’s ecosytem, Voorhees states that Vitalik is a point of centralization. Voorhees further adds, “But if Vitalik got hit by a bus and disappeared, would Ethereum go away? No, I mean it would get cut in half in price for a month or so but Vitalik doesn’t run Ethereum, he doesn’t control it. He’s just a major influence and he’s a brilliant person. So, Ethereum is better because he’s involved.”
The CEO said that adoption never happens instantly and cited the internet as an example. According to Voorhees, it takes almost two decades for mass adoption to happen. However, he believes that people will adopt the Ethereum platform’s game assets non-fungible tokens earlier.
Buterin Dishes Out on Ethereum 2.0
While speaking at the DevCon4, Vitalik Buterin disclosed detailed information about Ethereum 2.0. He stated that Ethereum 2.0 will have VM improvements (EWASM), Scalability (Sharding), Proof of Stake (PoS), protocol economics and cross-contact logic improvements. Buterin stated that these implementations will make the network 1000x more scalable and its transactions speed will increase to 14,000/second. According to Voorhees, Ethereum will be one of the chains that will motivate the shift towards cryptocurrency as it has the right network effect.
Incidentally, the blockchain-based exchange faces an investigation from SEC. The Chief of SEC’s cyber unit, Robert Cohen made the announcement a few days ago. Cohen states that even though the creators build an exchange using blockchain, the creator still is responsible for all operations on the platform.