Vitalik Buterin Releases Blog Post; Discusses The Aspects Of The Ethereum Ecosystem That Excites Him
Yesterday, on the 5th of December 2022, Vitalik Buterin, the famous programmer and co-founder of the Ethereum blockchain, released a blog post.
The blog post contains what excites him as regards the Ethereum ecosystem. Ranging from decentralised finance (DeFi) to decentralised autonomous organisations (DAO) and digital identities, the post examined a number of really interesting concepts.
The Blockchain Ecosystem Is Fast Developing – Vitalik Buterin
The Ethereum co-founder stated in his blog post that the world, and particularly blockchain technology, is no longer what it used to be. He noted that today, lots of overwhelming ideas have rolled out, but there are only a few ideas that are still not totally explored.
He mentioned that a few years ago, his idea about how promising the blockchain, particularly Ethereum, could be was mostly theoretical and lacked concrete form. However, it gladdens him to see the situation now and see his ideas taking form.
Vitalik talked about money, how excited he was to have been able to pay for his $20 worth of coffee in 2021, and how the situation is even better now.
He went on further to state that the use of cryptocurrency to conduct transactions helps keep inflation under check. He also stated that now in 2022, progress has been made and the use of cryptocurrency in transactions has been continually scaled, but not without a check that centralised services should be looked out for, especially with the fall of FTX a few weeks ago.
The co-founder of Ethereum went further to talk about how the use of crypto as a form of payment in very rich countries might be slightly different, but that it is still largely suitable and convenient to use. He went further to say that crypto is the only worthwhile invention that is digital, can effectively substitute traditional currency and provides privacy. He mentioned, however, that it is highly unstable and can be difficult to use effectively at times.
Vitalik moved on to stablecoins and firmly posited that stablecoins like USDC are largely dependent on the economic and political well-being of the United States. He went on to state that non-pegged stablecoin RAI does not fall under this and DAO-governed RWA-backed stablecoins have high potential if harnessed the right way.
Decentralised Finance (DeFi) Is Now Overcapitalised
Vitalik Buterin went on to talk about how the concept of DeFi, which started out as really simple and quite limited, has now grown from relying on yield farming to seeking out new valuable applications and stable mediums.
He further emphasised that although decentralised stablecoins are the most important product of DeFi, others like prediction markets, other synthetic assets, and glue layers are also undoubtedly brilliant.
He touched on decentralised identity, emphasising Sign In With Ethereum (SIWE) as a medium and noting how users’ privacy is protected. The co-founder also talked about hybrid apps and decentralised autonomous organisations (DAO), among others, raising very interesting angles of observation and arguments.
Seeing that the blog post came just after an updated Ethereum roadmap was released, there is no doubt that Vitalik and his team are geared to scale the decentralisation of the Ethereum blockchain. We predict a couple of turns of events in the near future!
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