Ethereum (ETH) co-founder Vitalik Buterin took to Twitter to share insightful ideas on the diverse potential uses of cryptocurrencies beyond financial transactions. Amidst skepticism surrounding the practical applications of crypto technologies, Buterin highlighted advancements such as zero-knowledge (zk) proofs for reputation, identity, and credentials management. He also mentioned peer-to-peer cross-border payments with lower fees, decentralized social networks, and other developments that enhance the user experience in the current technological era.
In his tweets, Buterin mentioned various possibilities, including zk reputation/identity/credentials, p2p cross-border payments with lower fees and improved user experience, decentralized social networks, usable prediction markets, privacy enhancements, enterprise applications through zk validiums, and zk proofs for censorship-resistant voting.
Furthermore, Buterin emphasized the growing usability of prediction markets, privacy enhancements, and integration of enterprise applications through zk valiums. He also pointed out the potential for zero-knowledge proofs to strengthen censorship-resistant voting systems, showcasing the deep integration of blockchain technology into societal frameworks.
However, amidst these discussions, blockchain developer OxDesigner, known as ‘Blovkvhain Dev’ on Twitter, raised concerns about the excessive focus on meme coins in the cryptocurrency space. OxDesigner questioned the sustainability and utility of meme coins, suggesting that they might overshadow more significant advancements in the crypto industry, such as decentralized money, peer-to-peer payments, programmable money, permissionless financial services, and digital asset ownership.
Expressing frustration, OxDesigner criticized the lack of a compelling vision for meme coins to improve everyday life, labeling them as entertainment products and attention monetization tools. Despite being open to changing opinions, the developer expressed dissatisfaction with the current design concepts for meme coins, reflecting a broader sense 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 advance the sector beyond mere monetary value, emphasizing the significance of cryptocurrencies in driving meaningful change.
Tags: ETH