2022-12-07
According
to his block posted on Dec 5, 2022, Vitalik Buterin Co-founder of Ethereum
(ETH) wrote that money, blockchain identities, Decentralized finance (DeFi),
decentralized autonomous organizations (DAO), and hybrid applications will be
improved on the top exciting Ethereum economy by Buterin. In addition, he
explained his experience to spend Ether (ETH) to pay at a Coffee shop in
Argentina.
Vitalik
Buterin, said "When we
walked in, the owner recognized me, and immediately showed me that he has ETH
and other crypto-assets on his Binance account. We ordered tea and snacks, and
we asked if we could pay in ETH. The coffee shop owner obliged and showed me
the QR code for his Binance deposit address, to which I sent about $20 of ETH
from my Status wallet on my phone."
Buterin
continued, "Because of the side effects of The Merge, the chain has become
more stable. The Ethereum co-founder
also compared this to previous coffee experiences, where at the time, network
fees accounted for one-third of transactions, and money took several minutes to
arrive.
Afterward
Speaking about the rise of DeFi, Buterin commented that the industry started
out honorably and limitedly, but it's growing rapidly. However, he added that DeFi is in "the
early stages of security improvements and is focusing on some applications that
are particularly valuable."
Last but not least, the Ethereum co-founder discussed the potential of integrating Ethereum blockchain technology into off-chain processes such as voting: "Voting is distributed to the blockchain, so users have a way to ensure that their votes are consolidated, but voting is encrypted, maintains privacy, and uses the ZK-SNARK solution."
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