According to the website of TechCrunch, the co-founder of Ethereum Vitalik Buterin stopped cooperating with the Chinese investment firm Fenbushi Capital.
Fenbushi was founded in 2015. This fifty-million-dollar fund was one of the first to actively invest in a blocking company, in the form of initial investment and participation in the ICO. Being one of the most famous funds of this kind, he acquired shares of dozens of companies. Undoubtedly, his success was facilitated by the connection with Buterin, whose name serves as a synonym for the ether.
Buterin always combined cooperation with the foundation with work for the Ethereum Foundation. On the Fund’s website, Vitalik is still listed as a “partner”, but he confirmed to TechCrunch that he no longer works for him full time. However, Buterin will continue to act as a consultant.
The company Fenbushi did not respond to the request for comment.
In a lengthy commentary addressed to TechCrunch, Buterin explained that he plans to devote more time to working on Ethereum. According to Vitalik, he wants to realize the potential of Ethereum as a platform.
“In 2017, the excitement regarding crypto-currencies, including interest from the media and the public, has reached a size that does not correspond to the true capabilities of the current systems of blockade. We see how much interest and significant expectations are great, but in reality the practical value of the detachments has even, in a sense, gone down, and the main reason is the growth of commissions.
I expect that 2018 – at least in the Ethereum dimension, which I am most qualified to talk about – will become a year of action. That will be the year when all our ideas about scalability, Plasma, protection by the method of “share confirmation” and confidentiality that we have nurtured and improved with such difficulties, will have to be finally implemented, turning into a real, live working code, and this code can be tested on a testete or even in a public network. All Ethereum team members and a wide circle of our associates know that the world looks at us with anticipation, and is ready to give people our product. “
The fact that Buterin left Fenbushi will not surprise the people working in the blockbuster sphere, and, indeed, any of his subscribers on Twitter.
In recent months, Buterin has repeatedly urged members of the crypto-currency community to develop the product, rather than contemplating his own navel. At the time when he addressed these exhortations to the users, the price of the ether, the Ethereum Foundation token, was growing rapidly. January 4, 2018 broadcast for the first time overcame the mark of $ 1,000, which is a solid growth, compared with the price of $ 10 per token a year earlier.
Thanks to this growth, early investors on the air fabulously enriched, as well as investors in bitcoin and some other crypto currencies, but there is a fear that the growing commissions will suffocate the innovation. The main problem, as Buterin repeatedly pointed out, is that the air did not become a full-fledged market product. December 13 last year, Vitalik wrote:
So total cryptocoin market cap just hit $0.5T today. But have we *earned* it?
— Vitalik Buterin (@VitalikButerin) December 13, 2017
In late December, the co-founder Ethereum even threatened to leave the community, reproaching the latter for obsession with memes and material goods:
If all that we accomplish is lambo memes and immature puns about "sharting", then I WILL leave.
Though I still have a lot of hope that the community can steer in the right direction.
— Vitalik Buterin (@VitalikButerin) December 27, 2017
We do not know how much Buterin earned on Fenbushi deals, but being a co-founder of Ethereum, he is clearly rich and independent – in a digital sense – although the exact size of his assets is unknown. He recently told that he intends to transfer the tokens received for consulting Omise Go and Kyber Network, to charitable organizations and / or to use to finance the infrastructure of Ethereum. In addition, Buterin admitted that he made donations, in fi cial money, to the organizations Against Malaria Fund and GiveDirectly.
Over the past year, Buterin worked on a number of projects, united by one goal, to increase the scale of Ethereum and, above all, increase the volume of transactions. The solution of this task is crucial if the authors of the ether want to realize its potential and achieve compatibility with such global systems as Visa.
Buterin is working on Plasma.io along with Joseph Poon, author of the Lightning Network, and is involved in the development of Sharding and Casper, two other technologies designed to solve the scale problem. Another noteworthy Vitalik project is the Raiden Network.
Most likely, leaving Buterina will be a serious blow for Fenbushi. Undoubtedly, to have “Ethereum face” on the site is a successful commercial move, especially in the investment business, where competition is great. Cynics will say that Fenbushi held onto Buterina precisely for this reason. But, to put it bluntly, Fenbushi has been working in the investment field for a long time and she has created herself a name, although now she will have to act independently.
“Lamborghini Meme” is a meme created by the user of the Reddit website, parodying the icons of Jesus with a lamb in his hands: as a Savior, Buterin is pictured holding an expensive Lamborghini car.
** “Pun to the gravy” – refers to the name of the technology Sharding, similar in sound to the English slang word sharting, meaning “involuntary output of stool during the release of gases” (“let the gravy”).