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Vitalik Buterin is enthusiastic about the world of decentralized finance, largely built on Ethereum. Moreover, he believes in the absolute success of Ethereum 2.0.
Last week, the largest hackathon for Ethereum and other blockchain protocol enthusiasts ETHDenver 2020 took place in Colorado. Within the 3-day event, a wide range of activities is offered, including talks of top blockchain experts on the development of the industry. Ethereum co-founder Vitalik Buterin delivered a speech as well. He shared his opinion on decentralization in general and commented on the development of Ethereum 2.0.
The Promising World of DeFi
Firstly, Buterin paid attention to decentralized finance (DeFi). Unsurprisingly, he is enthusiastic about the world of decentralized finance, largely built on Ethereum.
Earlier, Buterin stated:
“I’m very excited about the potential DeFi offers in principle. The idea that just anyone, anywhere in the world, can have access to a system that lets them pay each other, and choose their own financial exposure, is a really powerful thing. It’s something that a lot of people don’t have access to.”
During ETHDenver 2020, he said:
“I think the DeFi applications that see the most use are the simplest ones…stablecoins, synthetic assets, decentralized exchanges.”
Decentralized Finance (DeFi) refers to the movement that leverages decentralized networks to transform old financial products into trustless and transparent protocols. And now this movement is gaining traction. As we have reported, DeFi is believed to be a big deal for the crypto community and some believe it will dominate the blockchain space this year.
Ethereum 2.0 and Its Prospects
Further, Vitalik Buterin spoke on the development of Ethereum 2.0 that is currently under testing. Combining Proof-of-Stake (PoS), Sharding, and eWSAM projects, Ethereum 2.0 aims to run ‘tens of thousands of transactions per second.’
Buterin has been ‘very confident’ about the new Ethereum 2.0 network. At ETHDenver 2020, he said:
“I definitely think ETH2.0 has been preceding quite quickly and regularly in the last few months. I hope that ETH2 gets released quickly…but even if it takes five years, rollups will give us some leeway until sharding [goes live].”
By the way, with streamlining Ethereum 2.0, the number of developers working on Ethereum is growing. According to Joseph Lubin, Ethereum co-founder and ConsenSys CEO, they aim to bring more than a million developers to the network.
Ethereum 2.0 will facilitate a number of on-chain transactions while maintaining key aspects of decentralization and security. Therefore, the network has a high chance of success.
Buterin has also shared his view on whether Ethereum can survive without him. According to Buterin, Ethereum definitely can’ survive in technological terms due to new researchers contributing to Ethereum. But speaking of a social perspective, Buterin was quite uncertain.
The final launch date of Ethereum 2.0 is unknown. How the launch will affect the Ethereum price is also unclear. Various sources provide different predictions. One of the biggest assumptions belongs to online analyst Bobby Ullery. According to the expert, Ethereum will reach $11,375 in 2020. In the analysis, Ullery emphasizes such fundamental factors as the broader blockchain adoption in the financial and business sectors worldwide.
At the moment, Ethereum price is beating its own records of stability grows steadily. It makes up $251.18 per coin.