Interview with Ethereum founder Vitalik Buterin 2.5 million followers on Insta: Vitalik Buterin, 30, founder of the second largest cryptocurrency Ethereum, came to Zanzibar and made time for a frank interview with THE FUMBA TIMES
Excuse our stupid question: How does cryptocurrency work?
Cryptocurrency is a blockchain, an app that computer networks all around the world share. But we don’t chat, we trade with money. Any message is a transaction. Transferring money is as easy as an email. The system is decentralised and controlled by its users, we are not dependent on any central company or central bank. Ethereum is everywhere in the world.
Hmm, still not easy to grasp. Is a cryptocoin like bitcoin or ether better than dollars or Tanzanian Shilling? What about if it crashes?
Technologically it is very safe and robust. The biggest risk are fast value changes due to demand. But this is also an incentive to invest. When we started Ethereum in 2014, one ether coin was worth 30 cents, now it stands at $3,000. Cryptocurrency is not safer than the dollar, but definitely safer than Zimbabwean or Argentinian currency
It made you a billionaire?
I am a programmer. I was born in Russia. When I was six, my parents migrated to Canada. Note this: everything important has to start somewhere. And I was there for an early start. We can learn from cryptocurrency: the key ingredient to success is consistency and persistence. Any successful community needs a champion.
What can virtual money do for Zanzibar, for Africa?
Imagine it like the modern grandchild of an old-school NGO. Charity and donations work very easily. Even a group of fishermen in Zanzibar could access large amounts from international investors. Transactions cost very little. We are breaking the power of banks.
What’s your impression
of Zanzibar?
It already has a cultural mix and a good understanding of people from everywhere. It reminds me a bit of Taiwan. Indian Ocean enoomies are rising. Good for Zanzibar.
Vitalik Buterin participated in the Zanzalu conference, a networking event of start-ups in Zanzibar.
