Ethereum co-founder Vitalik Buterin has defended the Ethereum Foundation’s decision to sell ETH, arguing that the revenue is crucial for supporting the development of the Ethereum ecosystem.
Vitalik’s Defense
Buterin, responding to questions about the Foundation’s sales on social media, highlighted the importance of these funds in supporting various projects:
- Research and Development: The Foundation funds researchers and developers who are working on crucial improvements to Ethereum, such as transitioning to a more efficient proof-of-stake system and reducing transaction fees.
- Security: ETH sales have helped fund security measures that have prevented Ethereum from experiencing downtime due to attacks or failures since 2016.
- Privacy and Usability: The Foundation is investing in privacy-enhancing technologies like zk-SNARKs, which allow users to transact privately, and account abstraction, which will make Ethereum more accessible to everyday users.
- Community Events: The Foundation supports local Ethereum events worldwide, promoting the network and fostering its growth.
Supporting the Ecosystem
Buterin emphasized that the Foundation’s ETH sales are not just about generating revenue, but about ensuring the long-term health and security of the Ethereum ecosystem. He argued that these funds are essential for supporting critical development efforts that benefit all Ethereum users.
By investing in research, security, and user experience improvements, the Ethereum Foundation is actively working to build a more robust and accessible Ethereum ecosystem. While some may criticize the Foundation’s sales, Buterin believes they are a necessary investment in the future of Ethereum.
