DeutschEthereum founder Vitalik Buterin expresses concern about the future of crypto in a new interview. The market is too concerned with speculation, which pushes the real importance of the industry into the background. If crypto fails because of this problem, a dark age for the internet would begin, according to the programmer.
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Ethereum founder worried: Is crypto decaying due to speculation?
Ethereum founder Vitalik Buterin expresses concern about the future of the crypto market in a new interview by Foresight. Buterin answered questions from journalist Joe Zhou in the Thai city of Chiang Mai.
Zhou last interviewed Buterin a year ago. Now he asked the 31-year-old programmer which changes within the blockchain industry were particularly noteworthy and what Buterin was focusing on.
“The biggest change is that I see a big gap between technology and application”, Buterin replied, suggesting a possible problem that he is personally concerned about.
Buterin praises recent improvements with regard to Ethereum’s scalability – one of the essential problems of the blockchain – but modern developments are increasingly lacking in meaningfulness.
“In the last year, Ethereum has made enormous progress in scaling the technology,” said Buterin, referring above all to the modern scaling solution ZkEVM.
Its successful implementation on the mainnet is yet to follow. In combination with PeerDAS, Ethereum’s throughput should be increased at least fivefold.
“However, I see a significant reason for concern at the application level”, Buterin continued.
Accordingly, many ambitions have vanished over the years. The actual goal of replacing important applications with decentralized alternatives is increasingly fading into the background. The Canadian cites the taxi service Uber as an example of such applications.
“I just feel that very many people have long forgotten these original aspirations. (…) Cryptocurrencies are financially successful, but have lost their importance in administration,” criticizes the programmer.
He therefore sees decisive shortcomings in the functioning of DAOs. Instead of addressing these problems, the industry prefers to concentrate on trivial content such as memecoins. He classifies trivial speculation as the greatest risk for crypto.
“For me, it’s about avoiding the “doomsday scenario” for cryptocurrencies. My biggest concern for the future is that the entire industry could degenerate into a pure speculation bubble without real applications.”
Buterin: Crypto could secure freedom on the Internet
The Canadian believes that the Internet is currently at an important crossroads that will fundamentally decide its future. Thanks to crypto, the Internet could become a better place. If, on the other hand, centralized artificial intelligences prevail as its counterpart, the quality of the Internet would decrease significantly.
“If we fail in the field of cryptocurrencies, there is a risk that the future technology landscape will be completely dominated by centralized artificial intelligences, which would be very dangerous.”
Buterin classifies cryptocurrencies as essential for preserving digital freedoms.
“Cryptocurrencies are our last line of defense against this trend towards digital totalitarianism and for the preservation of diversity and freedom in the world of technology.”
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