Vitalik Buterin (a computer scientist and co-founder of Ethereum) has discussed what he considers the 3 top opportunities to be witnessed in the crypto world at the current time. While appearing in an interview, Buterin stated that the creation of wallets that can facilitate numerous people is a beneficial thing and could prove to be a big opportunity in the crypto space.
Vitalik Buterin Classifies 3 Top Opportunities for Crypto
The Ethereum co-founder specified that such a wallet should possess a remarkable capacity to allure worldwide consumers by offering real advantages to the crypto community. As per him, a stablecoin that is specifically designed to deal with difficult challenges taking into account the hyperinflation of the US dollar can additionally be beneficial for the community in the long run.
In this way, he mentioned, innovative and promising developments are required and the crypto industry can be revolutionized through them. Buterin is of the view that the crypto community needs a lifeline to confront the current scenario around them. On the 5th of December, the Ethereum co-founder shared a blog post to present his point of view on the diverse ecosystem of Ethereum.
Buterin noted in the post that his platform has not remained the one that had significant potential to offer several undiscovered products and services. He claimed that Ethereum has turned into a forum that has rather proved to be one among some of the particular application categories which are already benefiting the community. In the words of the co-founder, the network is becoming stronger with time.
Ethereum Co-Founder Presents 5 Extraordinary Application Categories
He then talked about 5 categories of applications in which he was interested. The 1st one among them is “money.” He disclosed that an advantage of Ethereum’s Merge is that the transfers are incorporated at a considerably rapid pace and additional stability has taken place in the chain, making it securer to authorize transfers following some confirmations. According to Buterin, the ZK rollups and Optimistic’s scaling technology is escalating swiftly.
He added that multisig wallets have started getting more and more practicability with account abstraction. The respective trends will require some years to play a significant part as the technology is advancing, the Ethereum co-founder specified. The 2nd interesting thing in his perception is decentralized finance (DeFi) and Buterin puts it in the field that has kicked off extraordinarily however its span is limited at the present.
He thinks DeFi to be an overcapitalized giant depending on unsustainable yield farming types. The 3rd noteworthy subject, according to Buterin, is the Identity Ecosystem. In this category, he talked about the “Sign In With Ethereum” standard that permits the clients to enter conventional web portals just like Facebook or Google, saying it is a worthwhile method.
Subsequently, he touched on the 4th topic including the decentralized autonomous organizations (DAOs), and said that they provide control or ownership over some procedure or assets, signifying that it does not rely on any single centralized state or entity and all the participants of a DAO take part in its decisions.
The 5th category discussed by Buterin was related to Hybrid Applications. He revealed that several applications are not completely on-chain however take advantage of blockchain as well as the rest of the systems for the improvement of their trust models. He referred to Voting as the best example in this respect.