Ethereum is money, world computer for CBDC's and DeFi projects – Crypto News Flash
Ethereum has gone through some incredible evolution since its inception. The team behind the project has come up with several upgrades to offset its weaknesses while setting it up for real-world use cases. Ethereum co-founder Vitalik Buterin admitted that his opinion on what blockchain and Ethereum can do was abstract a few years ago. However, this is no longer the case. In his recent submission, Vitalik picked his top five of the several use cases built and deployed on the Ethereum network.
According to him, apps that use cases focuse on money excite him the most while emphasizing the validity of the recent upgrade, the Merge. The recent upgrade has helped to speed up transactions while reducing the fees involved.
Scaling technology such as optimistic and ZK rollups is proceeding quickly. Social recovery and multisig wallets are becoming more practical with account abstraction. These trends will take years to play out as the technology develops, but progress is already being made.
Vitalik also chose Decentralized Finance (DeFi) and Digital Identity as his best use cases. According to him, Decentralized stablecoins are currently the most important Defi products, and would forever be. The Defi sector has been widely adopted and dominated the crypto industry in the span of a few years.
It is also interesting to note that the identity platform operates on views different from that of Vitalik’s despite being bullish on the technology. In his view, decentralized tools are required to build digital identity from scratch rather than centralized effort. He, however, commended the “development surrounding ENS, SIWE, PoH, POAPs and other services building on identity-ecosystem.”
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His other preferred use cases are the DAOs and Hybrid Apps. Vitalik commended the incredible growth in these sectors and predicted more iterations and developments which would enhance productivity.
DAO is a powerful term that captures many of the hopes and dreams that people have put into the crypto space to build more democratic, resilient, and efficient forms of governance.
He also made a special mention to Maker DAO, stating that someone would buy half the MKR if the government was up to MKR holders with no securities. The purchase of such a huge amount could be used to manipulate the price oracles while they steal a large portion of the collateral for themselves. In situations where a similar thing happened to small projects when Maker safeguards itself from such bad events, additional development would gradually ease out the irregularities. He also pointed out that several applications take advantage of the blockchain and other systems to improve their trust models even though they do not exist entirely on-chain.
John’s a cryptocurrency and blockchain writer and researcher with years of experience. He has a lot of interest in emerging startups, tokens, and the invisible forces of demand and supply. He holds a Bachelor’s degree in Geography and Economics.
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