Vitalik Buterin, co-founder of the Ethereum network, made some interesting comments during a recent interview. One of them was his revelation of the worst thing that usually happens on the Ethereum network.
Vitalik mentioned that the worst thing that happens on Ethereum is when people lose money. It is, however, worth mentioning that this particular comment came in relation to his earlier remarks about the impact that wars and dictators have on human lives. This was meant to be light-hearted in comparison to the “heavy things” he had just spoken about.
Meanwhile, Vitalik is of the opinion that crypto has a major role to play in any bid to curb the excesses of those in power. He said that crypto can “counter-pressure” the powers of these governments and large corporations.
Crypto is already doing this, as he highlighted how people have more control over their finances and the government cannot easily grab their money up to fund wars. He also alluded to ZK (Zero Knowledge) technology and how people can prove things about themselves without such information being maliciously used by the government.
These statements made by Vitalik once again emphasize the essence of cryptocurrencies and their role in creating a decentralized economy. As people continue to lose faith in the traditional financial system, crypto has provided a haven for those looking to have more control of their finances.
ETH price falls below $2,400 | Source: ETHUSD on Tradingview.com Digital Democracy On ETH Vitalik also touched on Ethereum and the need to make certain protocol upgrades. He specifically noted how some of these upgrades are economic. For those, Vitalik believes there is a need for the Ethereum community to be more involved to avoid a similar system, which crypto aims to eliminate.
To achieve this, the Ethereum co-founder proposed innovating a better kind of democracy tool where members could use ZK votes to make their voices heard. At the same time, there will also be a need to develop tools that can weed out those who aren’t actually part of the community, he said. That way, core ETH developers can actually implement upgrades that reflect the wishes of everyone in the community.
Vitalik also sounded optimistic about the future of Ethereum. He stated that the network has improved greatly and achieved “amazing success” in terms of scaling and improving UX, security, and privacy. These, in his opinion, were some of Ethereum’s biggest problems in the last 10 years.
Regarding scaling, the ETH co-founder says the “biggest thing” that happened in 2023 was the fact that Rollups became more secure. These layer-2 networks could help Ethereum potentially scale to 100,000 transactions per second.
Featured image from Coingape, chart from Tradingview.com
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.