Все публикации

Blockchain and cryptocurrency technologies are maturing, not collapsing, says Vitalik Buterin

Blockchain technology. Vitalik and Dmitry Buterin. A review by a Bitcoin mixer: mixer.money
Blockchain and cryptocurrency technologies are maturing, not collapsing, says Vitalik Buterin

  1. Blockchain technology and cryptocurrencies are not just about finance
  2. I did not expect Etherium to become what it is
  3. Should we expect blockchain technology and cryptocurrencies to completely collapse?
  4. Cryptocurrency is a lifesaver for many
  5. What will happen to the Etherium blockchain?

The Ethereum blockchain creator is not worried about the current collapse of cryptocurrencies, but he does not like how speculative his creation has become. Vitalik Buterin learned about bitcoins as a teenager from his father Dmitry, a Russian-born engineer and entrepreneur who moved his family to Canada.

Blockchain technology and cryptocurrencies are not just about finance

The father and son told Fortune that they are used to the volatility of cryptocurrency, but on Father’s Day, one of the most famous father-son duos in DeFi has a different message: think about how else crypto can be used.

Vitalik and Dmitri Buterin, the creators of the Ethereum blockchain

Although the creator of the Ethereum blockchain is a rich man, he explains that money has never been the focus or motivator of his activities. He does not like the speculative aspects for which Ethereum blockchain technology can be used, and he sees greater prospects than financial uses.

The Buterins hope to see more applications beyond finance, they said, while continuing to prioritize improving Ethereum and its technology. Vitalik sometimes posts his ideas about the future of the space on his website – for example, most recently he shared a thought about soulbound tokens, where a person’s record of credentials can be documented online. On other occasions, he has written about Ethereum’s long-awaited upgrade, where the blockchain will move from a proof-of-work mechanism to proof-of-stake technology, greatly reducing its impact on the environment.

I did not expect Etherium to become what it is

In a long interview, Vitalik and Dima told Fortune about their journey in the crypto space, Ethereum, regrets, hopes and sympathies for the future of the industry, the long-awaited merger, the collapse of the Terra ecosystem and much more. Although the interview took place in early June, shortly before the serious cryptocurrency sell-off, Vitalik and Dima shared additional comments about the state of the market on June 15, which are also shared.

According to Dmitry, his son started getting interested in numbers as early as age three, and was already involved in programming as a teenager. His idea for Etherium drew the support of Buterin Sr. Regarding the project’s white paper, he said: ” I think this is one of Vitalik’s talents. He can take something very complicated and explain it in a way that is easy to understand.”

Vitalik Buterin and his Ethereum

НWhen asked, “As Ethereum gained more traction, were you surprised as people began to use it? Did you ever anticipate what it’d become?”, Vitalik replied: “No. At the beginning, I actually thought that this would just be a small project that we would work on and get done within three or four months, and then after that, I would just go back to university. But in January, I saw that there’s so much interest in the project and that it would clearly take so much longer that I realized finally that I had to basically give up on that plan. So, at first I thought it would be something pretty small. Then I thought it would be maybe something interesting. The other thing that happened that I totally did not expect is just how big the crypto space got first in 2017 and then in 2021. I think that part of the rapid growth was definitely a big surprise to me.”

Should we expect blockchain technology and cryptocurrencies to completely collapse?

The journalist asked the Buterins’ opinion on the current state of the market, whether it is a cause for concern. But Vitalik is not worried about what is happening, but considers it a regularity – any technology goes through different stages in its development and formation.

“Crypto has had ups before, and it has had downs before, and it will have ups and downs again. The down periods are certainly challenging, though they are also often the periods where the most meaningful projects get nurtured and built. I’m confident that the Ethereum ecosystem will continue becoming a more mature and successful blockchain ecosystem that is ready to meet the hopes and dreams that millions of people have for the crypto space over the next decade.”

blockchain technology. Ethereum chart as of June 21, 2022. A review by a Bitcoin mixer: mixer.money

Father and son see particularly high hopes for the development of Ethereum in the merger of Ethereum with proof of stake. Also, in their opinion, right now the crisis is removing speculators from the market, and as a result, the crypto space will become cleaner, and thus will get a new direction in development – technology-focused and more useful for people.

On the collapse of the Terra ecosystem, Vitaly said: “I think in general, the Luna collapse is in some ways one of these important, kind of healthy moments in crypto reminding people that downsides are real. You can’t just build a system and magically pretend that the negative case is never going to happen. You can’t just worry about what the interest rates look like in the short term, you also have to worry about the fat tails, worry about these really exceptional situations. I think that’s insight that’s ultimately going to lead to a more stable crypto ecosystem at the same time.”

He added:
“Also, I think, whenever situations like this happen in the crypto space, it’s one of the other silver linings that, at least in my experience, always happens is this morally clarifying moment where you can see how different people responded and you get a much better view of what their character is and what kind of people they actually are than you do during the good times.”

Both see what happened as just a lesson that will only benefit blockchain and cryptocurrency technology.

Cryptocurrency is a lifesaver for many

The main benefit of cryptocurrency and blockchain is seen by both as an opportunity for people anywhere in the world who have access to the Internet to connect to the global economy through technology.

The main benefit of cryptocurrency and blockchain is seen by both as an opportunity for people anywhere in the world who have access to the Internet to connect to the global economy through technology.

“Crypto blockchains are some of the key technologies that people [can use] to make money, get involved in a company, in a DAO, and you can sell your art, do some coding, and stuff like that, everywhere in the world. So for me, I’m very passionate about that aspect … because growing up I was growing up in the Soviet Union, which was very isolated from the rest of the world.” – said Dima Buterin.

Vitaly added that during his trip to Argentina late last year, he noticed a very different attitude to cryptocurrency technology there. Often in the West, sometimes even supporters subconsciously view participation in blockchain and DeFi as a gamble for rich people. But in places like Argentina, cryptocurrency becomes a lifeline for people. “People there sometimes use cryptocurrency to just save their money, sometimes to buy and sell things.”

What will happen to the Etherium blockchain?

Finally, the reporter asked Vitalik if he thought his brainchild was headed for the best.

Vitalik replied that the most important part of the current development of the network is the move to a more energy efficient and secure blockchain. Adding some scalability improvements, such as segmentation and collapsing, will seriously affect the transaction fees people have to pay. This will finally make the ecosystem cheap enough for regular people to use.

Vitaliy added: “Also, I’m excited to see all of the different kinds of applications that we’re seeing, especially things outside of finance, really growing. I do think that DAOs can be this amazing improvement to how many people can collaborate and form organizations and work together. That is something that does require a lot of trial and error, and figuring out what kinds of DAO mechanisms actually make sense. But it’s something that people are doing that there is a lot of progress in. I think that we’re going to see even more amazing experiments and successes in the future.

Aside from DAOs, and the whole Ethereum identity and soulbound tokens thing I think could be fascinating, seeing applications built on top of the Proof of Attendance protocol or Proof Of Humanity and these kinds of things—I think there’s a lot of these really amazing things happening inside the Ethereum ecosystem, and it’s only going to get even better.”

Source: finance.yahoo.com


logo bitcoin mixer mixer.money

Our Bitcoin mixer publishes a weekly roundup
of interesting news from the world of cryptocurrencies.
Visit our blog: