Steven Nerayoff, known as a former advisor to Ethereum, has been in the limelight in recent weeks due to his allegations against Ethereum co-founders Vitalik Buterin and Joseph Lubin, involving corruption and other fraudulent activities. As Bitcoinist reported, Nerayoff is currently preparing to take these allegations to court, backed by substantial materials.
Ethereum Insider Teases New Project
Amidst this turmoil, Nerayoff has disclosed today his involvement in a new, innovative venture. Facing queries from the X community, he shared insights into his upcoming project through a public post, stating, “I hope not it’s not my intent to create harm to any project Ethereum or otherwise. Quite the contrary, I’m hoping to get us back to the true ethos of crypto.”
Nerayoff further revealed that he will announce his next project “shortly,” adding “I have not announced it as I didn’t want anyone saying I’m doing this to profit. But it involves the combination of AI tech that I’ve been building since 2010 with next level Web3.”
Nerayoff, holding 46 patents in AI, emphasized the global adoption of his inventions. He reflected on the past four years as a period of intense hardship but also as a time that allowed him to develop what he believes to be a groundbreaking project.
He further elucidated his role in the Ethereum project, “At heart I’m an architect. Using the NFT to deliver the talk with Vitalik was my solution for censorship resistant decentralized delivery of information such as news. It was my way of showing a real use case for crypto.”
Crypto 2.0 Reboot
Nerayoff also criticized the misaligned incentives within Ethereum, leading to a lack of significant Dapps, aside from DEXs. He plans to address these issues in his upcoming endeavors. “I told Vitalik that incentives were misaligned towards Ether price & not protocol development. End result not a single killer Dapp other than DEX’s […] It’s their use that will bring even more value though,” Nerayoff remarked.
Furthermore, Nerayoff revealed plans to potentially launch an incubator, given his numerous system designs and limited bandwidth. He lamented the loss of his Techstars franchise due to his prosecution, a significant setback amidst a series of asset seizures. He acknowledged that the lawsuit against him and “exposing the truth is very high in opportunity costs. But there are more important things than wealth & exposing this is one of those.”
Addressing a community member’s concern about Ethereum’s tokenomics, Nerayoff admitted, “I fully agree. I still live with the guilt even though I set it up properly & they didn’t follow my plan. I’ve said it was like inventing electricity & the people watching you go out and create the electric chair. Now I’m trying to fix that which went awry.”
In another post, Nerayoff recently called for a “crypto 2.0 reboot,” where he contrasts the initial promise of crypto with its current state, which he perceives as corroded and dominated by fraudulent activities. He advocates for a reset to bring crypto back to its original ethos. “Crypto must be cleansed of this darkness & rebooted to fulfill its original promise. This will be Crypto 2.0,” Nerayoff stated.
At press time, Ethereum traded at $2,087.
Featured image from YouTube / CryptoLawTV, chart from TradingView.com
