Vitalik Buterin says the Ethereum Foundation’s ETH sale is critical to the success of the leading smart contract platform ecosystem.
Last week, Buterin was asked about the foundation’s sales on social media platform X, but the Ethereum creator was quick to defend the company.
“The ETH Foundation pays researchers and developers who are responsible for:
(i) Ethereum will not bleed 5 million ETH per year in proof of work
(ii) Today’s fees are low.
(iii) Transactions are now contained within 30 seconds instead of 1-30 minutes (EIP 1559)
Show some respect.
(iv) zk tech that allows people to use ETH privately (e.g. railways);
(v) Seedphrase * or * Account abstraction techniques that allow standards holders to use ETH securely without an SBF (Sam Bankman Fried) style central point of failure
(vi) local ETH events around the world, including many where the Foundation’s name is rarely mentioned;
Buterin also said that ETH sales are the reason Ethereum has not experienced any downtime due to denial of service (DoS) attacks or consensus failures since 2016.
A DoS attack is typically a malicious attempt by a malicious attacker to overwhelm a network infrastructure by flooding a target project with traffic.
Ethereum’s creators also claim that ETH sales are funding various security developments to prevent capital loss, as well as code libraries for wallets and decentralized finance (DeFi) apps.
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