Ethereum [ETH], the third largest cryptocurrency by market capitalization, is currently the central point of the cryptocurrency space due to recent comments made against the project by Tuur Demeester, the founder of Adamant Capital. The Founder explained the reasons why he is opposed to the main project on his official Twitter handle, which led to the attention of several well-known influencers in space.
Demeester began by saying that although Ethereum claims to offer the same solutions as decentralization, immutability and smart contracts, such as that of Bitcoin, architecture and culture are the exact opposite. He added that since it is considered a crypto-blue chip, "it perceives the colors of misinformed newcomers".
This was followed by the Founder who claimed to have followed Ethereum since 2014 and it is his responsibility to share his "concerns". According to him, the third largest cryptocurrency "is at best a scientific experiment" and the current valuation, or 13 billion dollars, is too high.
Later, Demeester noted that he was in complete agreement with the statement issued by Vlad Zamfir, a statement from the developers of Ethereum made at the beginning of 2017. Here the developer had stated that Ethereum is neither safe nor scalable, but was simply an "immature experimental technology". "The developer had even advised people not to work on the network for mission-critical applications if not strictly necessary.
Furthermore, the Founder also highlighted the criticisms expressed against Casper's white paper, stating that "it does not have its claims". The peer review was conducted by a group of developers including Vlad Zamfir, in which he states that the white paper is neither the "theoretical sound nor the practical practical treatment of tolerance to Byzantine failures". It mainly indicates that it is not clear whether the definition of the Casper family of protocols "offers significant security guarantees" for the Ethereum blockchain, or whether this approach can be applied to scale blockchains.
He also stated:
"8 / On the second level front, developers are now attempting to scale Ethereum via scale through the status channels (Lightning version of ETH), but it is not clear whether ERC20 tokens in the main chain will be transferable to this environment . "
Demeester continued to compare this with the evolution of Bitcoin's Lightning Network and stated that it is currently live and is witnessing growth in a "rapid sequence". He said:
"11 / In 2017, another Ethereum scaling buzz was created, this time the panacea was" Plasma. "12 / However, a closer examination was the recycling of some stale ideas, and the project did not go anywhere part: 13 / The elephant in the room is the transition to the test of the pole, an "ecological" way to ensure the chain. (If this was the plan always, why first create a chain of job tests?) "
He went on to say that his main concern is that "sophistication and hyper marketing" are the main factors that have contributed to the success of Ethereum so far. The Founder added that the "excessively inflated expectations" produced an "inflated market ceiling".
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