The ethereum blockchain has aimed at nothing less than revolutionizing the world of digital finance. The second-most valuable blockchain in the world is home to decentralized finance (DeFi) which provides traditional finance services but without the need for third-parties.
But then, critics have come out hard to criticize Vitalik Buterin’s pet project for its bottleneck scalability issues. Some bitcoin maximalists like Anthony Pompliano, the co-founder of Morgan Creek Digital, have gone as far as to liken ethereum with fiat currency.
However, Weiss Ratings commented on ethereum today citing that it is, in fact, the key project carrying the torch of the cryptocurrency industry.
Weiss: Ethereum Is The Main Project Pushing The Industry Forward
In a blog post earlier this week, outspoken bitcoin bull Anthony Pompliano drew parallels between ethereum (ETH) and fiat money. According to Pomp, the logic that ethereum is money is “fundamentally flawed”.
He explained in the newsletter:
“The issue is that Ether is no different than a fiat currency. Fiat currencies have (a) no fixed supply, (b) an inflationary supply schedule, and (c) monetary policy decisions that are decided by a small group of individuals. Ether has (a) no fixed supply, (b) an inflationary supply schedule, and (c) monetary policy decisions that are decided by a small group of individuals.”
He then argued that there are so many new DeFi projects that are being built on more “compatible money” like bitcoin or stablecoins that have the potential to change how people view finance, instead of being built on ethereum which possesses so many flaws.
As expected, these comments immediately attracted heavy criticism from the community as many crypto experts came out on Twitter to explain why Pompliano was wrong.
Now, it seems like US-based ratings agency, Weiss Ratings, also felt the need to chime in on the conversation. Without directly referencing Pompliano, the agency admonished people who are in the habit of praising governments like China for creating their own digital currencies -which obviously go against crypto’s core principle of decentralization- while at the same time classifying ethereum as fiat currency.
Weiss affirmed that ethereum is currently the main project that is driving the cryptocurrency industry forward. In case you have been living under a rock for the last couple of years, ethereum’s programming language makes it easy to build decentralized autonomous apps (DApps) and smart contracts.
As such, it is the birthplace of many DApps and smart contracts in financial services like insurance and lending. Other blockchains providing similar services have since emerged such as EOS and TRON, but ethereum remains king.
Actually, Weiss quipped that ethereum “is where it’s at” owing to the fact that the platform is perfect for both building and trading.
Ethereum (ETH) is trading at $248.63 at the time of publication. The crypto-asset is noticeably the biggest gainer among the top 20 cryptocurrencies, with 4.80% gains on the day. As ZyCrypto reported yesterday, whales have started accumulating ETH which suggests that these top ethereum holders believe the coin is highly undervalued at current prices.