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Cryptocurrency News Articles
Ethereum Co-Founder Vitalik Buterin Calls for More Transparency in the Blockchain's Governance
Sep 30, 2024 at 05:58 pm
Ethereum is a well-known blockchain network that transitioned from a Proof-of-Work (PoW) consensus to a Proof-of-Stake (PoS) consensus two years ago.
Ethereum co-founder Vitalik Buterin has once again highlighted the importance of transparency in the network's governance structure. In a recent post, Buterin emphasised the need for clear alignment across three key areas: values, technology, and economics.
Highlighting the significance of open-source standards, Buterin stressed the need to reduce reliance on centralised systems and ensure that projects undertaken by the community ultimately benefit the entire Ethereum ecosystem.
"Three levels of alignment for crypto projects: technology (open source standard), economics (sound money), and values (public goods)," wrote Buterin.
Moreover, Buterin highlighted the importance of using measurable metrics to assess alignment and urged crypto enthusiasts to adopt ETH and support public goods. This, he believes, will help ensure that the Ethereum community remains unified and works towards a common goal.
"We need to care about crypto people adopting ETH and supporting public goods, not about making projects successful," added Buterin.
In a recent development, Reddit users have uncovered activity that appears to be carried out by bots, which has been inflating the popularity of certain cryptocurrencies on the platform.
An investigation by several Reddit users, including a moderator from the r/CryptoCurrency subreddit, has uncovered a network of bots that have been manipulating the upvote and downvote counts for posts about specific cryptocurrencies.
The activity was first noticed by a user named 'CaptainWelfare,' who encountered a post about the cryptocurrency XRP that had an unusually high number of upvotes within a short period of time.
Upon closer examination, CaptainWelfare observed that a majority of the users who had upvoted the post had recently created accounts and had only a few interactions on the platform.
"I was scrolling through hot and noticed XRP had 1.2k upvotes in 30 minutes, which seemed odd. I checked the profiles and nearly all of the upvoters had new accounts with very little activity (usually 1 post karma and 0 comment karma)," wrote CaptainWelfare.
After discussing the matter with other moderators, they discovered that several other cryptocurrencies, including XMR, ETC, and DGB, had also experienced a suspicious increase in upvotes.
To further investigate, the moderators used a tool called "reddit-user-analyser" to scan the upvote histories of users who had interacted with the posts about these cryptocurrencies.
The analysis revealed that a large number of these users had upvoted posts about multiple cryptocurrencies within a short span of time, which suggested that they were not actively engaging with the content but rather following a set of instructions.
"We scanned the upvote histories of about 100 users and found that a majority of them had upvoted posts about multiple currencies in the span of 5 minutes to an hour," stated the moderator.
The moderators concluded that the evidence pointed towards the use of bots to manipulate the popularity of certain cryptocurrencies on the platform.
"Based on the analysis, it appears that there is some botting activity that is inflating the upvote counts for posts about specific cryptocurrencies," they wrote.
This discovery has raised concerns among the community, as it could potentially impact the visibility and credibility of cryptocurrency-related discussions on the platform.
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