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Ethereum is moving on to the implementation of a proof-of-stake algorithm, and paying fees to miners are “wasting,” Vitalik Buterin claims.

He explained the reasons of capping Ether issuance at 15.6 million per year with attempts not to allow any users to be privileged.

“Basically, the initial reason was that we wanted to have this fair system – where people who had Ether early on were not too privileged. Later on, we realized that proof-of-stake is possible – and so, in that [proof-of-work] environment, wasting a bunch of money to pay miners is just not really all that sensible,” Buterin said in an interview to Ethnews.

He also admitted that there is a "bubble" around token offerings, but he feels that "the bubble is kind of on a downward trend right now."

“Basically, it is something that has to pop and stop eventually, and I think there is going to be a lull and a temporary decrease in interest and confidence.”

Buterin proceeds the topic, explaining that the barrier to entry the market with ICO is rising. According to him, two years ago, the project needed just to write down their idea, and succeeded to attract financing, while now it is needed to publish a whitepaper and meet quality requirements.

Finally, Buterin made a negative evaluation of the probable national regulatory framework for ICOs.

"The regulatory stuff is probably reducing the bubble, but it’s also been fairly counterproductive because, often enough, the token models that make the most sense look like securities, and the tokens that make the least sense are actually this medium of exchange tokens that are horrible bubbly crap.”