Vitalik Buterin, the co-founder of Ethereum, has long been a proponent of the cryptocurrency community, and in a recent podcast interview, the 27-year-old discussed not just his own network, but also top cryptocurrency Bitcoin and the communities for both blockchains.
Buterin, who described himself in the interview as a “tech philosopher,” expressed concern about the cryptocurrency sector falling into a “culture trap” if existing schools of thinking among many proponents of the top networks remain unchanged.
While he was worried that many crypto-proponents believed in a crypto-only solution, he was also concerned that many crypto-proponents ignored other global problems. Concerning Ethereum, the entrepreneur expressed concern that the network’s primary cultural error maybe its exclusivity for the wealthy. Buterin continued by stating that this was most likely occurring as a result of the network’s high costs.
When asked whether the flipping might occur in the future, Buterin said, “it may.” As for why Ethereum may overtake Bitcoin in terms of market value, he said,
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum the value of the currency comes from the value of the ecosystem.”
Since the much-anticipated London hard fork occurred on the network in June, the network’s fees problem has been addressed while the network’s transaction payment mechanism has been improved. Buterin said, “I see this as another point for Ethereum.”
“This is especially true post-EIP 1559 when the fees have been burned.” At the time of writing, Ethereum’s market capitalization has surpassed Bitcoin’s by almost 40%, while totally eclipsing the top digital currency in terms of transaction volume and cost.
Moving on to the growing popularity of decentralized autonomous organizations (DAO), Buterin highlighted his excitement for the developing industry and retroactive public goods initiatives such as Gitcoin DAO and Optimism.
In response to a question on whether DAOs might become the next big thing after decentralized finance and nonfungible tokens, he said, “I believe that DAOs will become more essential over time… In terms of what is still lacking from the DAO area, I don’t believe there is a single large item, but rather a slew of little items.”
He continued, “When will the first DAO decide to pivot its approach, or when will two DAOs merge? It’s the capacity to make bold choices rather than just continuing down the same road gradually that I believe we’ll see shortly.” Finally, the crypto genius discussed the NFT frenzy, which has energized the cryptocurrency community and boosted Ethereum traffic by drawing new demographic groups. As he said,
“I believe that NFTs have been fascinating from a cultural standpoint since they have attracted individuals to Ethereum who have a totally different mentality than Defi and other crypto enthusiasts, for example.”
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