It is being reported that Vitalik Buterin is distancing himself from operations of investment firm Fenbushi Capital in China.The firm that was founded in 2015 was one if the earliest to push cash capital into blockchain companies and ICOs. It is known to have picked up stakes in a lot of firms mainly due to its connection with Vitalik Buterin, the face of Ethereum. Buterin has never been so “fully” into the activities of the firm due to his work with his Ethereum foundation. The report of Vitalik’s separation has not received any response from Fenbushi Capital as the firm still remains silent on the issue.
Vitalik however stated recently that he will retain the role as advisor but he will not be fully involved in the company. That sounds pretty much like something you say to ease tension, Vitalik. We all know that you have never been so fully involved in the firm’s activities.
Vitalik Wants More Time To Develop Ethereum
The main inspiration behind Vitalik’s decision is that he wants to have more time to develop the Ethereum platform according to a statement he realised to news house, TechCrunch. This could be mainly due to how cryptocurrencies and blockchains made the headlines last year. Buterin now sees he has a lot to do in uncovering the vast potential of blockchain technology to take the ethereum platform to the next level of digital financial transactions. This was what he said
“I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action. It will be the year where all of the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years are finally going to turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver.”
But was his departure a surprise? Not really. For people who follow Buterin closely, he has been very emphatic in recent times about how the Ethereum community needs to develop. He has implored the community at large to get into new product development rather than just follow on the rise and fall of the price of the Ethereum Ether.
Ethereum Needs More Innovative Products
Even though the token has crossed the $1,000 dollar mark this year, Buterin’s problem is the fact that there aren’t enough innovative products on the market to bring about more development and improvement on the Ethereum network.
How much he benefitted from the Fenbushi deal is still unknown but at least we can say he is digitally wealthy.
Moreover, looking at how much effort he’s been putting into the Ethereum platform lately with his works on developing Plasma.io, Sharing, Casper and Raiden network, you could tell that Buterin really needs time and that would mean offloading certain duties.
His departure is big disadvantage to Fenbushi. But after all thee years and having established themselves as a household name in the crypto community, they should be able to keep themselves still going in the race.
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