Buterin: Cryptocurrency can't just be used to trade digital monkeys and celebrity photos! Practical applications are the future

This site (120bTC.coM): Vitalik Buterin, the co-founder of Ethereum, recently accepted an exclusive interview with the podcast program Bell Curve and talked about his reflections on the birth of cryptocurrency so far, as well as the birth and future of Ethereum, and centralized protocols Insights on competition, etc.

Talk about the success or failure of cryptocurrencies

Since the birth of Bitcoin in 2009, cryptocurrency experiments have been carried out for 15 years. When asked what factors determine the success or failure of cryptocurrencies, Vitalik Buterin responded that ultimately determines the success or failure of cryptocurrencies. What is more important is the practical application of the technology. It would be a success if cryptocurrencies can become mainstream, or at least become a trusted alternative to the mainstream like Linux: for example, Ethereum accounts can replace social account logins, or cryptocurrencies become a part of the financial system. In part, DAOs become an alternative to businesses or non-profit organizations, and applications such as decentralized social media or prediction markets succeed.

Conversely, Vitalik Buterin believes that it would be a disappointment if the cryptocurrency space was remembered as a dwindling group of idealists shouting endlessly, or as a group of people trading digital monkeys and celebrity photos with each other.

In Vitalik Buterin’s view, truly valuable applications should rely on reasonable handling fees and user experience. Although some insignificant applications such as digital monkeys and celebrity photos are not affected by handling fees and user experience. , but improving these aspects will promote the spread of practical and useful applications.

Vitalik Buterin cited some examples of user experience improvements that promote the popularity of applications. For example, the trading experience on the decentralized prediction market Augur 5 years ago was very bad, but now the experience on Polymarket has been greatly improved and decentralized. The user experience of social media has also been significantly improved, and these improvements have led to wider adoption of related applications.

Reviewing the 10-year history and future of Ethereum

In addition, Vitalik Buterin also reviewed the origin and course of Ethereum. He pointed out that he listed multiple application scenarios in the Ethereum white paper 10 years ago, such as It is token issuance, stable assets, financial derivatives, decentralized file storage market, parametric insurance, etc. So far, most application scenarios have been tried, but the development of the decentralized storage market has been disappointing.

Vitalik Buterin mentioned that the emergence of NFT was an unexpected surprise, and some technical errors such as 256-bit virtual machines are areas that need improvement. He also reflected on the mistake of underestimating development time and believed that if it can be improved Foreseeing development time well may simplify the roadmap and focus on simpler proof-of-stake and scalability solutions.

Talking about the future of Ethereum, Vitalik Buterin believes that the roadmap of Ethereum is now more inclined to L2 solutions. The focus in the future will gradually shift from L1 issues to issues closer to the application layer. Developers now have enough tools to Build applications that are both user-friendly and in the cyberpunk spirit.

Vitalik Buterin proposed two possible roadmaps:

• Minimized L1 roadmap: L1 serves as the settlement layer, ensuring security and censorship resistance, allowing L2 to provide fast confirmation services.

• More complex L1 roadmap: L1 provides faster confirmation time to reduce the burden on L2 and allow some applications to continue running on L1.

Vitalik pointed out that if he could make changes, he would choose a simpler proof-of-stake version to save a lot of development time, and he is confident that decentralized protocols can compete with centralized protocols. He emphasized multi-client The advantage of end-end architecture is pointed out that this architecture not only avoids the centralization problem of a single development team, but also increases the diversity of professional knowledge and improves development efficiency and innovation capabilities.

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