Vitalik Buterin, co-founder of Ethereum and one of the most popular figures in the crypto industry, said that ETH is not just a financial instrument. It is mainly about its usefulness and building decentralized services that can also work with projects outside the financial world.
ETH is the future
ETH and projects that are built from different blockchains are not only beneficial due to their price. Buterin’s goal is to build several projects and ecosystems that can be useful in several spheres. Vitalik Buterin spoke at the EthCC conference held in Paris from 20 to 22 July.
Buterin further stated that ETH is currently used mainly in the world of finance, but it is not the only sphere in which they work. Ethereum’s main vision has always been to move decentralization far beyond finance. According to Buterin, there are currently several reasons why the DeFi sector is so dominant. Fees that are already being addressed remain a problem. At this time, this is the best time to take ETH one step further and start working on new projects. Buterin highlighted in particular the increasingly popular NFT sector.
Buterin’s two main goals for the future:
- Create something that is in line with values and support for the community.
- Create something that is in line with needs, that is, something useful.
Building Ethereum’s ecosystem of social media is, according to Buterin, one of the most important things to focus on. Crypto technology can solve several major problems faced by centralized social media.
“The Ethereum ecosystem needs to extend beyond token trading. This species is stable and valuable until the first and second layers. But once you get to the sixth tier, you actually increase financial instability and the risk of the whole thing collapsing, and you could potentially upset multiple regulators by doing so. ”
Disclaimer: This article is for information purposes only and should not be construed as investment advice.