Buterin Defends ETH, Says BTC Has ‘Lots of Centralized Middlemen’

Buterin Defends ETH, Says BTH Has ‘Lots of Centralized Middlemen’

Vitalik Buterin, co-founder of Ethereum (ETH), has replied to those who claim that the platform is just extending the life of the financial legacy rather than providing a decentralized solution.

In a Twitter debate, Buterin replied to a comment from the creator of CriptoNoticias who claims that the Ethereum-based decentralized finance system, which allows accessing resources such as loans without intermediaries, is simply building an ecosystem that has a lot of middlemen.

Moreover, Buterin talked about some Ethereum-based services that are still based on the decentralized nature of cryptocurrency, such as decentralized exchanges and the Ethereum Name Service (ENS).

Although there could be a gap between the Bitcoin and Ethereum communities, Buterin still aims to create a decentralized bridge between the two leading cryptocurrencies that will enable users to directly convert ETH to BTC and vice versa.

“We should put resources toward a proper (trustless, serverless, maximally Uniswap-like UX) ETH <-> BTC decentralized exchange. It’s embarrassing that we still can’t easily move between the two largest crypto ecosystems trustlessly.”

ETH best solution for major companies

Ernst & Young (EY) has confirmed its commitment to the adoption of Ethereum-based blockchain technology.

In the EY Global Blockchain Summit 2020, Paul Brody, head of blockchain division at EY, stressed that Ethereum is the best solution for Fortune 500 companies. Thus, the accounting firm continues developing corporate-focused Ethereum-based solution.

He shed light on the benefits of the public Ethereum blockchain and commented on why private blockchain is less suitable:

“The only way that blockchains will deliver upon their true promise to the world is if public blockchain networks are the preferred path for enterprises and investors.”

Brody’s statement reflects his company’s strong support for Ethereum. Meanwhile, the executive stressed the current challenges his company is facing, adding that most Fortune 500 companies are still questioning the use of a public blockchain. However, Ernst & Young is aiming to change this skepticism.

During the conference, Brody explained that the public blockchain can provide such companies with the benefits they need. He also indicated that the blockchain is beyond the control of centralized organizations. 

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.