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The cofounder of the worldâs 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.
Buterin Calls for More User-Friendly Crypto Wallets for Non-Technical Users
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 âinsecure.â
Buterin pointed out that the crypto community didnât give enough importance to the security topics, making it easier to lose huge amounts of digital assets if a wallet gets hacked. Ethereumâs co-founder also said:
In my opinion, we donât 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 âbeing your own bankâ carries responsibilities that people even donât understand fully is another topic that hasnât been addressed.
Crypto Ecosystem Needs to Be More âProactiveâ
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 ânot just a single group of people,â and thatâs why the crypto ecosystem needs to be âmore proactive to minimize the risksâ of the protocols used nowadays.
Ethereumâs cofounder commented more on the securityâs 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 Ethereumâs landscape, the research and analysis team Coin Metrics published a report on September 30, 2020, on how decentralized finance (defi) is âfueling Ethereumâs growth,â stating that cumulative ETH fees in 2020 superseded bitcoinâs by a long shot, as high gas prices âare becoming the new norm.â
Do you agree with Buterinâs comments? Let us know in the comments section below.
The post Vitalik Buterin Warns Current Crypto Wallets Are Not Ready for Mainstream Adoption appeared first on Bitcoin News.
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