Ethereum founder Vitalik Buterin says Altcoin Valuations are Far Ahead of Accomplishments

Ethereum co-founder Vitalik Buterin on Wednesday criticised altcoins like Tron saying they “never had a soul”.

Buterin while speaking with Financial Times said discussed the successes of Ethereum platform ERC-20 tokens and the Establishment but he also took a moment to swipe at blockchain projects he felt had no underlying purpose. “There’s projects that never had a soul, that are just like, ra-ra, price go up. Lambo, vrromm, buy buy buy now!” he railed.

Tron seems to perfectly fit Buterin’s idea of a soulless project—one which wasn’t particularly solving any problem yet gets massive investments. In January the market cap for the Tron token spiked to over $14 billion and at the time they didn’t have any product in use.

Though the market cap has since shrunk to about $3.5 billion, the ethereum co-founder believes it’s a classic case of a project that’s “far ahead of what this space has actually accomplished for the world.” Tron team have now announced its testnet—on DATE.

The Soul of Ethereum

Buterin’s ethereum blockchain was designed as a platform where other decentralized apps can be developed. It is more than the ether (ETH) which is the token that fuels the ecosystem. Since its development in 2013 and launch in 2015, the ethereum blockchain has been greatly adopted. “Ethereum got big”. Soon, people will shift from the ethos of cryptocurrency which was to transfer power from institutions to individuals to a get-rich-quick mantra, something he is against.

Through groups like Enterprise Ethereum Alliance (EEA), ethereum have gotten even more mainstream attention from institutions seeking to develop solutions on it. To crypto purists who wouldn’t share space with mainstream folks, Buterin says, “[even] if your goal is to overthrow parts of the establishment, you want to have and present an image of why this is driving human progress.” He declared that “[he] would unite with anyone to do right, and with nobody to do wrong”.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.


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