Tuur Demeester Questions ‘Science Experiment’ Ethereum
Tuur Demeester, who is the creator of Adamant Capital, admits that Ethereum (ETH) is at best a $13 billion science experimentation. The Austrian crypto expert and economist is highly renowned for his persistent questioning of the viability of Ethereum (ETH). This time he has suggested the reason he stays highly pessimistic about the Ethereum Blockchain. Nearly all his points from Ethereum are provided in a 50-pointer thread in which he called the ETH team’s promises of ensuring better scalability in the industry.
Demeester cited a peer review report of this Ethereum Casper/sharding whitepaper, which will be a solution made to scale the mainnet back in 2014. The review, according to how the Adamant Capital creator put it, found the Casper protocol was a theoretical solution that can neither resolve the system’s scalability issues or provide the Ethereum blockchain purposeful security.
Demeester also cited a different example, where he reminded his followers that Ethereum (ETH) programmers were exploring methods to execute a second-layer solution that will be like Bitcoin’s (BTC) Lightning Network solution. However, the economist doubted whether or not the main-chain issued ERC20 tokens will be harmonious with all the Ethereum (ETH) second coating.
It is now exactly 1 year past since Vitalik Buterin the founder of the Ethereum Blockchain proposed a fresh scalability solution, although it was related to implementing a total infrastructural overhaul of this project. Demeester recommended that Ethereum (ETH) should switch in the Proof-of-Work protocol to the Proof-of-Stake consensus.
In the Proof-of-Work project, every miner must compete with other miners on the community to take care of mathematical problems by providing its computing power. The higher the computing power, the better the odds that the miner will fix the issue and receive the block payoff. As for the Proof-of-Stake protocol, the ideal mine is allocated to miners with the most coins. In return, a wealthy miner can remove trade fees rather than the block payoff.
Demeester also questioned why the Proof-of-Stake protocol, which isn’t a new idea, has been adopted at a subsequent stage of Ethereum’s (ETH) development. He asked why a Proof-of-Work consensus was made in the first place if the network was going to upgrade to the Proof-of-Stake project. According to him, such an update will change the market of this community. In his view, the Proof-of-Work protocol was really one of the biggest innovations that ensured the growth of Bitcoin, following the Proof-of-Stake was deemed impractical because of the issue of censorship vulnerability.
Among Demeester’s criticism of Ethereum (ETH) is it is a very overbought asset category due to the sort of hype it got since its launch. According to the Adamant Capital founder, Buterin promised that Ethereum (ETH) is created on an unproven future of the proof of bet system on societal consensus-based hard forks as well as endless income to Ether token holders.