In a series of enlightening tweets, Ethereum (ETH) co-founder Vitalik Buterin outlined various potential daily uses for cryptocurrencies beyond mere financial transactions. Addressing the skepticism around the real-world applications of crypto technologies, Buterin listed advancements such as zero-knowledge (zk) proofs for reputation, identity, credentials management, peer-to-peer cross-border payments featuring significantly lower fees, decentralized social networks, and more. These developments point to a rapidly improving user experience in the current technological cycle.
* zk reputation/identity/credentials* p2p cross-border payments (much lower fees and quickly improving UX this cycle)* decentralized social* prediction markets (actually usable this cycle)* privacy* enterprise apps via zk validiums* zk + censorship resistant voting
— vitalik.eth (@VitalikButerin) June 12, 2024
Buterin highlighted the burgeoning areas of prediction markets that are becoming genuinely usable in this cycle, enhancing privacy and integrating enterprise applications through zk valiums. Furthermore, he pointed out the potential for zero-knowledge proofs to bolster censorship-resistant voting systems, showcasing the depth of blockchain technology’s integration into societal frameworks.
Addressing the Meme Coin Phenomenon
Amidst the progressive narratives, blockchain developer OxDesigner, known on Twitter as ‘Blovkvhain Dev,’ raised concerns over the enduring focus on meme coins in the cryptocurrency narrative. OxDesigner questioned the sustainability and utility of meme coins, suggesting that their dominance might overshadow more substantial advancements in the crypto world, such as decentralized, tamper-proof money, peer-to-peer payments, programmable money, permissionless financial services, and digital asset ownership. These elements are seen as net positives for the industry’s evolution.
In a candid expression of frustration, OxDesigner lamented the lack of a compelling vision for meme coins in improving everyday life, labeling them primarily as entertainment products and a means to monetize attention. Despite being open to changing his perspective, the developer revealed dissatisfaction with the current design concepts for meme coins, indicating a broader sentiment of discontent among crypto enthusiasts regarding the direction of the industry.
In response, Buterin reiterated the significant functionalities of cryptocurrencies that he had outlined, emphasizing the importance of focusing on innovations that offer tangible, real-world benefits and advance the sector beyond simplistic monetary value.