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Former Ethereum Advisor Steven Nerayoff Discloses New Venture Amidst Allegations

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Steven Nerayoff, a former advisor to Ethereum, has recently made headlines with his allegations against Ethereum co-founders Vitalik Buterin and Joseph Lubin, accusing them of corruption and fraudulent activities. Nerayoff is now preparing to take these allegations to court, backed by substantial evidence.

Embarking on a New Venture

In the midst of this controversy, Nerayoff has revealed his involvement in a new and innovative venture. In response to queries from the X community, he shared some insights into his upcoming project through a public post. He stated, "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 disclosed that he will announce his next project "shortly," stating, "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."

A Pioneer in AI

Nerayoff, who holds 46 patents in AI, highlighted the global adoption of his inventions. He described 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.

Discussing his role in the Ethereum project, Nerayoff said, "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."

Criticizing Ethereum's Misaligned Incentives

Nerayoff also criticized the misaligned incentives within Ethereum, which he believes have led to a lack of significant decentralized applications (Dapps) apart from decentralized exchanges (DEXs). He plans to address these issues in his upcoming endeavors, stating, "I told Vitalik that incentives were misaligned towards Ether price & not protocol development. The end result: not a single killer Dapp other than DEX's… It's their use that will bring even more value though."

Potential Incubator and Reflections

Nerayoff revealed plans to potentially launch an incubator, given his numerous system designs and limited bandwidth. He expressed his disappointment over the loss of his Techstars franchise due to his prosecution, which was 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."

Calling for a Crypto 2.0 Reboot

In another recent post, Nerayoff called for a "crypto 2.0 reboot," where he contrasted 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, stating, "Crypto must be cleansed of this darkness & rebooted to fulfill its original promise. This will be Crypto 2.0."

As of press time, Ethereum is trading at $2,087.

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