Vitalik Buterin of Ethereum (ETH) stated that within the space of financial apps, the success of stable coins as being that people are not looking to get away from USD, but are looking to move into the crypto environment as it is where they will have more options of deciding what they can do with their money. This is all about freedom of exit from the regular transactional processes.
He also spoke about financial censorship where the intermediaries are pushed to extra-judicially block use cases, which are, in reality, perfectly legal, which he states is a problem for several marginalized groups, which Vitalik thinks is an area where crypto can absolutely help.
He reinstated on how public goods and community are important for the crypto space. There is a broader shift from crypto perception where crypto is considered to be more than just being for finance but also for decentralized governance for communities and organizations.
Sydney Ifergan, the crypto expert, tweeted: “Ethereum (ETH) Vitalik Buterin very clearly stated reforming money is not sufficient. He also clarified on how the crypto space is aligning to new realities.”
More and more people are interested in creating an end to end the economy instead of creating a monetary economy that leads to inequality and suffering. The properties of the blockchain will be an ideal fit for creating more complex services, rather than for just replacing classically centralized services. Also, the focus is on several other areas of development, like cybersecurity for Big Data and others.
The trend is like developers are building institutions through dApps. Ethereum is a protocol, and therefore it is more than a mainnet.
A Privacy Advocate and community member stated that “Decentralized censorship-resistant community-governed marketplaces” is a deserved goal.
Ethereum (ETH) Leadership in Crypto
Vitalik recalled that Ethereum is less financial in nature and that a large fraction of applications, which blockchain will be able to make better will consist of handling coins, tokens, and money of some form.
Despite a lot of money printing happening, inflation continues to go down and not up. Finally, Vitalik concluded, stating that finance was relatively less important in the past decade and that the crypto space should be able to adjust to this reality.
There is also a need for leadership in crypto. The lack of regulation might pose a problem; however, the overall belief system is that the protocol is the real strength of the cryptocurrency.
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