Although markets are panicking after the disappearance of the Terra ecosystem and the decline has continued over the past few months, Vitalik’s sharp confidence in his project is surprising and leaves investors suspended.
Vitaly “Vitalik” Buterin it is a character that need not be introduced. A true cryptocurrency, the latter discovered Bitcoin as a teenager thanks to his father Dmitry “Dima” Buterin, an entrepreneur and engineer of Russian descent living in Canada. And it was this discovery that led him to create Ethereum in 2015, a real revolution in the world of Blockchain thanks to the concept of smart contracts.
In an interview published in Fortune magazine, Vitalik and his father said that the fall in the price of ETH was not a cause for any concern in his eyes. The most famous father-son duo in cryptocurrency has a message: how could crypto be used in a different way?
Ethereum, much more than a speculative asset
Although he was a billionaire in a nutshell, Vitalik explains that money was not his main motivation or long – term goal. It does not understand the ultra – speculative aspect of Ethereum in its current form and sees the network as going beyond the simple financial framework, and this contempt can be fully understood when we look at the surpluses of certain collections of NFTs. traded on. OpenSea or other platforms. Vitalik and his father aim to see an expansion of Ethereum network – related applications as they continue to improve it technologically.
Crypto-currencies can have very concrete practical uses and recent events have given us a perfect example. Following the invasion of Ukraine last February, Dima and Vitalik supported Ukraine through contributions to Decentralized Autonomous Organizations (known as DAOs). The Ukrainian DAO managed to raise several million dollars to support Ukrainians during this time of crisis.
Another way of exploring the founder of Ethereum recently mentioned: “souldbound tokens” which are NFTs related to human identity. Their uniqueness is that they cannot be transferred from one person to another, but can be deleted by the user at will. Soladbound (or SBT) signs will function to reflect a person’s achievements and reputation, as a form of increased resume.
Crypto-assets are a risky investment.
The market in crisis: a source of opportunity?
Looking beyond the simple financial framework is a feature of the answer, but the cyclical aspect of the markets also justifies the duo’s’ confidence. Vitalik said:
” The bearish periods are sources of uncertainty, but they are the times especially when the most interesting projects appear. I am confident that Ethereum will continue to grow and improve to meet the needs of millions of people over the next decade. “.
However it must be borne in mind that the future of Ethereum is heavily dependent on the “Merger” of the network, as a reminder, Merger identifies a Proof of Work system that requires mining and therefore large amounts of energy. Proof of Promise system, which is more sustainable and greener.
This update should revolutionize the way Ethereum works and provide strong support as markets continue to fall.