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‘I Oppose Banning Proof-Of-Word,’ Says Vitalik Buterin

Cryptocurrency Jun 05, 2022 05:00AM ET
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  • Vitalik Buterin delivers commentary on the PoW ban.
  • The post focused on the government’s influence over what code can be written.
  • In related news, the price of ETH is up slightly in the last 24 hours.

The co-founder of Ethereum (ETH), Vitalik Buterin, recently delivered commentary on a Twitter (NYSE:TWTR) post by another user.

The post was made by a Twitter user with the handle @brucefenton, who said that “No government has the right to tell you what software to run.” He added that “Code is speech.”

Buterin retweeted and agreed with the post. He added that he primarily was referring to the efforts by policymakers across the globe to ban Proof of Work (PoW) blockchain networks.

Buterin stated in his Twitter post that “the government picking and choosing which specific applications are an okay use of electricity or not is a bad idea.”

Instead of a ban, Buterin proposed a solution and concluded the post by saying that it is better to “just implement carbon pricing, and use some of the revenues to compensate low-income users.”

In related news, the price of Ethereum (ETH) has risen by over 1.4% in the last 24 hours. This has also pushed the weekly price performance of ETH into the green as ETH is now also up 0.66% in the last seven days, according to CoinMarketCap.

ETH is ranked number 2 in terms of market cap, below Bitcoin (BTC), and currently has a price of $1,791.14 and a total market cap of $217 billion.

Being the weekend, the 24-hour trading volume for ETH has dropped by 43.42% in the last 24 hours. This takes the daily trading volume to $8,134,612,201.

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‘I Oppose Banning Proof-Of-Word,’ Says Vitalik Buterin
 

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Comments (2)
Fernando Saldanha
Fernando Saldanha Jun 06, 2022 6:48AM ET
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He thinks the government has no right to tell people how to spend electricity but he thinks he has the right to tie a portion of the government's fiscal revenues to specific uses that he approves.
jason xx
jason xx Jun 05, 2022 4:29PM ET
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better go to the Supreme Court
 
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