Gamza Khanzadayev
Ethereum’s Vitalik Buterin shifts focus from memes to real-world uses of cryptocurrencies
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In a heated online discussion about the importance of meme currencies, Vitalik Buterin, co-founder of Ethereum, offered a compelling vision for the future of cryptocurrencies. The discussion began when a prominent cryptocurrency enthusiast expressed frustration with the hype around the meme and questioned its enduring value compared to recent major innovations in the field.
Some of the important developments in the cryptocurrency space listed included decentralized and tamper-proof money, peer-to-peer cross-border payments, programmable money, permissionless financial services, and ownership of digital assets.
Meanwhile, meme cryptocurrencies, while entertaining and a novel way to attract attention, lack the lasting and inspiring potential of previous crypto trends. Cryptocurrency enthusiasts claim that this sentiment drains energy from the cryptocurrency community.
Vitalik intervenes
In response, the Ethereum founder identified several areas where he sees cryptocurrencies having a tangible impact on daily life and expanding their reach today. He pointed to the importance of zero-knowledge technology in improving reputation, identity and credentials, which could revolutionize digital interactions.
Buterin also pointed to significant improvements in peer-to-peer cross-border payments, noting that lower fees and better user experiences make these services more viable this cycle.
In addition, Buterin highlighted the potential of decentralized social networks, which promise more user control and privacy, and prediction markets, which are becoming more practical and accessible. He also mentioned enterprise applications via zk validiums and zk-powered censorship-resistant voting, both of which could transform industries and governance.
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Gamza Khanzadayev