By
Steve Muchoki
April 26th, 2024
The Ethereum co-founder has heaped praises on the rise of decentralized blockchain identities, particularly within the ecosystem.
Ethereum co-founder Vitalik Buterin has shared some of the reasons why he believes that an exciting future lies ahead for the Ethereum ecosystem. In a lengthy blog post that was published on December 5, the Canadian programmer named some of the current applications of the ecosystem that may already be showing great prospects.
Buterin Names the Exciting Aspects of the Ethereum Ecosystem
According to Buterin, the top on that list is money. To him, money is not just the first, but also the most important use case for the blockchain that has now grown quite popular. He noted that the popularity may be linked to the Merge upgrade which made the chain a lot more stable. And considering the recent implosion of the FTX exchange, more people now see the need to perform on-chain transactions, he says. According to him, that is because they are gradually losing faith in centralized exchanges.
Furthermore, Buterin spoke about the ease of making donations with crypto as opposed to the complexities of traditional alternatives. This, he says, also makes Ethereum an easy option – that goes beyond price speculation – for wealthy countries.
Another thing within the Ethereum ecosystem that Buterin is excited about, is identities. He is impressed with how far attestations and basic authentications have come. As an example, he mentioned Sign In With Ethereum (SIWE), and how it promotes user privacy. He wrote partly:
“It [SIWE] allows you to interact with a site without giving Google or Facebook access to your private information.”
Buterin is also excited about decentralized autonomous organizations (DAOs) and hybrid applications of the chain. For instance, the Ethereum co-founder hinted at the possibility of real-life applications of the Ethereum blockchain technology in cases like voting. He says votes will be published to the blockchain, creating a voting system that will be devoid of rigging. He also added that votes will be encrypted, thus preserving the privacy of vote casters.
But despite all the positive signals, Buterin admits that volatility remains a major concern. And he believes that that has been responsible for the slowed pace of crypto adoption by individuals and businesses.