Ethereum [ETH] can act as an equipment for the next big economic crisis, says economist

Glen Weyl, Principal Researcher, Political Economy and Social Technology at Microsoft Research New York City recently took to Twitter in appreciation of the blockchain industry and culture. In his tweet, he mentioned Ethereum and its Co-founder, Vitalik Buterin, specifying that the blockchain movement could be the radical change that can be a major tool in battling the next recession. In his first tweet, Weyl wrote:

“It seems to me (but if someone has a counterexample please highlight) that the most serious organized and broad-based movement for a positive, forward-looking, liberal vision of the future (w possible and overlapping exception of #RadicalxChange) is the blockchain movement”

Furthermore, the researcher answered the questions of “What is blockchain good for?” in one of the tweets and stated that the question is not necessarily technical. According to him, one of the significant use cases of Ethereum is the promotion of a vision for the future that can act as equipment for the next big economic crisis. Here, he said:

“It seems to me that in the same way, the “use case” of @ethereum is less any particular technical question and more offering a vision of the future that can save us from returning to the 1930’s next time we hit a recession. I wonder what @VitalikButerin thinks of that.”

Subsequently, he clarified that he is extremely critical of the current Ethereum technology as it formalizes property but not people, which results in the ecosystem being fundamentally anti-democratic and plutocratic. Weyl went as far as to say that the technology is not transformative per se. The factor that attracts him to blockchain is its ideals and the organization.

He further demonstrated the view that the blockchain movement is bringing people from every race, continent and creed to act in unity and work towards the idea of decentralizing power. In his last tweet, the economist included:

“There is also the practice of decentralization in thought…there is no community I have visited where so many feel so empowered to challenge the views of the legitimacy of those who are more famous and prominent than them. Feels bit like French Revolution”

The post Ethereum [ETH] can act as an equipment for the next big economic crisis, says economist appeared first on AMBCrypto.