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Ethereum co-founder quits crypto world

We all know how good was Ethereum crypto is, from smart contract to NFT, Ethereum had a key role in these fields. But, Ethereum co-founder Anthony Di Iorio quitted the crypto space, because of security concerns and he don't want to be known as crypto guy anymore, instead he wants to be the problem solver.

Iorio said to Bloomberg that crypto contributes for small portion of the complex problems the world is facing today. He also added that due to security concerns is one of the reason why he is leaving of his the crypto ecosystem.

Since Di Iorio is exiting from the crypto world, he plans to sell his stake in crypto and blockchain world that includes a blockchain startup founded in 2019, and focus on other areas, which have no connection with the crypto world. He said that his startup is valued at hundreds of millions and plans to sell his stake for USD, EURO like fiat currency or equity shares (not for crypto in exchange).

His exit comes at a tough time for the crypto world because the crypto world is facing setbacks due to regulatory and environmental issues, and the crypto industry has also seen acceptance from countries like El Salvador and Paraguay.

Ethereum 2.0, huge upgrade to the blockchain platform that is expected to launch this year, is expected to resolve most of the environmental concerns. In Ethereum 2.0, proof of stake is the major change going to take place. Ethereum’s existing network is based by a proof of work based algorithm, which is a popular method in the crypto community. Proof of work mechanism is vastly used in Bitcoin, Litecoin and Dogecoin.

Vitalik Buterin, famously known as the founder of the Ethereum blockchain network, has said that ETH 2.0 will bring energy consumption down by nearly 99%. The platform is quite helpful for building crypto-based products, as it is much versatile. Di Iorio’s statement on crypto that it isn’t useful for most of world’s problems could have negative impact on the industry at large extent. The transition from PoW to PoS is going to be helpful for existing Ethereum network in terms of energy usage. PoW uses a large quantity of power. A single payment on Ethereum 1.0 ends up using power more than a normal U.S. household does in a single day.

Ethereum's initially had eight people in its founder team, only Vitalik is currently working on the blockchain platform and upcoming ETH 2.0 project. Gavin Wood and Charles Hoskinson have started their own blockchains, Polkadot and Cardano, rival to Ethereum. Joeseph Lubin and Mihai Alisie  started companies to focus on Ethereum apps development and ConsenSys, respectively. Remaining founders, Jeffrey Wilcke and Amir Chetrit have also exited crypto space to focus on other industries.


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