Vitalik Buterin, one of the co-founders of Ethereum (ETH), took to Twitter to share a series of tweets shedding light on the diverse potential daily uses of cryptocurrencies beyond just financial transactions. Amidst doubts surrounding the practical applications of crypto technologies, Buterin highlighted various advancements that are reshaping the landscape. These include zero-knowledge (zk) proofs for reputation, identity, and credentials management, peer-to-peer cross-border payments with significantly reduced fees, decentralized social networks, and more. These innovations signify a marked improvement in user experience within the current technological cycle.
Buterin also emphasized the growing field of prediction markets that are now truly usable, improved privacy features, and the integration of enterprise applications through zk valiums. Furthermore, he underscored the potential for zero-knowledge proofs to enhance censorship-resistant voting systems, showcasing the deep integration of blockchain technology into societal frameworks.
However, amidst these positive developments, blockchain developer OxDesigner, also known as ‘Blovkvhain Dev’ on Twitter, raised concerns about the overwhelming focus on meme coins in the cryptocurrency space. OxDesigner questioned the sustainability and utility of meme coins, suggesting that their prominence could overshadow more substantial advancements in the industry, such as decentralized money, peer-to-peer payments, programmable money, permissionless financial services, and digital asset ownership. These advancements are viewed as positive drivers of the industry’s growth and evolution.
Expressing disappointment, OxDesigner lamented the lack of a compelling vision for meme coins to enhance everyday life, branding them primarily as entertainment products and a means to monetize attention. While open to changing opinions, the developer expressed dissatisfaction with the current design concepts of meme coins, reflecting a broader sentiment of discontent among crypto enthusiasts regarding the industry’s direction.
In response, Buterin reiterated the importance of focusing on innovations that offer tangible, real-world benefits and propel the industry forward beyond just monetary value. The conversation underscores the ongoing evolution of cryptocurrencies and their potential to revolutionize various aspects of daily life.
Tags: ETH
