In a recent series of thought-provoking tweets, co-founder of Ethereum (ETH), Vitalik Buterin, shed light on the diverse potential everyday applications of cryptocurrencies that extend beyond mere financial transactions. In response to doubts regarding the practicality of crypto technologies in real-world scenarios, Buterin highlighted various advancements. These included zero-knowledge (zk) proofs for enhancing reputation, identity, and credentials management, peer-to-peer cross-border payments with significantly reduced fees, decentralized social networks, prediction markets that are now genuinely usable, privacy features, enterprise applications facilitated through zk validiums, and the integration of zk proofs for censorship-resistant voting.
Buterin emphasized the growing usability of prediction markets, the integration of enterprise applications through zk validiums, and the potential of zk proofs to strengthen censorship-resistant voting systems, showcasing how blockchain technology is becoming increasingly integrated into societal frameworks.
Meanwhile, blockchain developer OxDesigner, also known as ‘Blovkvhain Dev’ on Twitter, raised concerns about the overwhelming focus on meme coins within the cryptocurrency narrative. OxDesigner questioned the sustainability and utility of meme coins, suggesting that they may overshadow more substantial advancements in the crypto industry. These advancements include decentralized and tamper-proof money, peer-to-peer payments, programmable money, permissionless financial services, and digital asset ownership, all of which are perceived as positive developments for the industry.
Expressing frustration, OxDesigner criticized the lack of a compelling vision for meme coins to improve everyday life, arguing that they primarily serve as entertainment products and a way to monetize attention. Despite being open to changing his perspective, the developer expressed dissatisfaction with the current design concepts for meme coins, reflecting a broader sentiment of discontent among crypto enthusiasts regarding the industry’s direction.
In response to these concerns, Buterin reiterated the significant functionalities of cryptocurrencies that he had previously outlined, stressing the importance of focusing on innovations that offer tangible, real-world benefits and propel the sector forward beyond mere monetary value.