The cofounder of the world’s second-largest cryptocurrency, ethereum, warned about crypto wallet vulnerabilities, claiming the tools are not ready for widespread adoption and encouraged to open more discussions on security matters.
During the 4th day of Labitconf 2020 on December 10, 2020, Vitalik Buterin participated in an interview made with the famous crypto podcaster and businessman Andreas Antonopoulos. The Canadian-Russian programmer pointed out the need for more user-friendly crypto wallets because the current ones are “insecure.”
Buterin pointed out that the crypto community didn’t give enough importance to the security topics, making it easier to lose huge amounts of digital assets if a wallet gets hacked. Ethereum’s co-founder also said:
In my opinion, we don’t talk about the security issues enough because no one is willing to admit they lost $200,000, because if you admit you lost $200,000, you look like an idiot.
The conversation started when Antonopoulos talked with Buterin about which topics do not have enough importance within the industry.
The podcaster added to the discussion that “being your own bank” carries responsibilities that people even don’t understand fully is another topic that hasn’t been addressed.
On the other hand, Buterin stressed the importance that the ecosystem needs to understand that crypto leaders are working on solutions that are expecting to benefit everyone and “not just a single group of people,” and that’s why the crypto ecosystem needs to be “more proactive to minimize the risks” of the protocols used nowadays.
Ethereum’s cofounder commented more on the security’s side of crypto wallets:
The fact is that even if you are a super genius or capable of being really careful, the reality is a system that requires you to expend less effort on not losing your stuff is a better system.
As per the latest development in the Ethereum’s landscape, the research and analysis team Coin Metrics published a report on September 30, 2020, on how decentralized finance (defi) is “fueling Ethereum’s growth,” stating that cumulative ETH fees in 2020 superseded bitcoin’s by a long shot, as high gas prices “are becoming the new norm.”