Vitalik Buterin, the co-founder of Ethereum, has left China-based venture capital firm Fenbushi Capital according to TechCrunch, to focus on the development of Ethereum.
Focusing on Ethereum
Buterin announced that he has stepped down from his role as a general partner of Fenbushi Capital, which has been one of the most active investors in the blockchain and cryptocurrency sector. He noted that he will no longer serve as a full-time partner of the firm, but will remain as an advisor.
During an interview with TechCrunch, Buterin emphasized that although the cryptocurrency market has demonstrated an exponential increase in users and valuation, the practical usability of blockchains have regressed to the rising transaction fees and scalability issues.
To address the growing demand for Ethereum and the high expectations from the global Ethereum community, Buterin explained that he will solely focus on the development of the Ethereum blockchain network and solving scalability issues to provide a better ecosystem for decentralized applications. He stated:
“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.”
The statement of Buterin came after several experts in the cryptocurrency sector including Augur co-founder Joey Krug said that there is a clear lack of developers working on scaling solutions for the Ethereum network. The rise in the popularity of successful decentralized applications such as CryptoKitties, EtherDelta, and 0x have congested the Ethereum network, which is already processing more transactions than all of the blockchains in the global market combined.
Data Provided by ccn.com