Vitalik Buterin Showcases Ethereum’s Best Features

B. Ali
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The co-founder of Ethereum, Vitalik Buterin, wrote an extensive blog article on December 5 about the most important features of the Ethereum network. Canadian programmer Vitalik Buterin listed five characteristics of the Ethereum (ETH) network that might spur additional growth in the coming time.

Buterin said that real-world use cases, blockchain identities, decentralized autonomous organizations (DAOs), decentralized finance (DeFi), and hybrid applications were among the most important developments. 

According to Buterin, the first and most important use for the well-known blockchain is money. He observed that the chain has become noticeably more reliable since the March merge upgrade. According to Buterin, the recent collapse of the FTX exchange will lead to a rise in on-chain transactions as a result of the rising fear of centralized exchanges.

Ethereum Payments

Vitalik Buterin shared his experience using Ethereum to pay for a meal at an Argentinean café. He said that we had purchased tea and snacks and sought the option to pay with ETH. Consequently, the proprietor of the coffee shop complied and gave me the QR code for his Binance deposit address, which I used to send roughly $20 worth of ETH using my phone’s Status wallet. 

He continued by praising The Merge, saying that it made it safer to accept transactions with fewer confirmations since transactions began to be included substantially more rapidly and the chain became more solid. 

Meanwhile, Vitalik Buterin, the co-founder of Ethereum, responded to the rise of DeFi, calling it originally honorable and restricted but quickly developing into “an overcapitalized monster that relied on unsustainable types of yield production.” He said that DeFi is still in the “early stages” of creating a reliable medium, making security better, and focusing on important applications. 

Using Blockchain Technology

Buterin also expressed his satisfaction with the growth of blockchain identification techniques like Sign In With Ethereum (SIWE) and their capacity to increase user privacy. He explained how Sign In With Ethereum (SIWE) prevents Google and Facebook from accessing user data or taking control of their accounts while allowing users to engage with a website.

According to Buterin, these methods might also be used to demonstrate eligibility in situations like governance or airdrops without jeopardizing user data.

Buterin argues that the DAOs have introduced democracy and resilient and effective forms of governance to the crypto industry. Buterin emphasized the MakerDAO instance and said that the project has $7.8 billion in collateral.

Therefore, if governance was left to MKR holders without any protections, someone could buy up half of the MKR, use that to manipulate the price oracles, and take a significant amount of the collateral for themselves.

Prioritize Long-term Crypto Goals

Buterin maintained his position throughout his post, favoring initiatives with long-term value propositions over those focused solely on fanfare and short-term financial gain. He claimed that fewer consistent applications were developed because there was less excitement and opportunity for short-term profit. Buterin used the well-known LUNA disaster of 2022 as an example.

Despite years of neglect, the market value of stablecoins has surpassed $30 billion.

 

 

About B. Ali PRO INVESTOR

Live webinar speaker and derivatives (Forex, Crypto, and Indices) analyst with a broad range of skills for evaluating financial data, investment trends, technical analysis, fundamental analysis, and the best ways to strategies investment selection.  Expertise: Trading Psychology; Speculative Positioning & Market Sentiment; Technical & Fundamental Analysis.