‘The Prince of Crypto’ Vitalik Buterin Says This About Ethereum’s Future
Key Insights:
Vitalik Buterin has criticized part of the crypto community for being drawn to riches and glamour.
The 28-year old has a more optimistic outlook for blockchain technology.
Indirectly criticizing the Bored Ape Yacht Club, the ethereum founder said that this tech is made for better things.
Celebrated musician Kurt Cobain rightly said – ‘The duty of youth is to challenge corruption.’ According to some, the growing blockchain and crypto space are fueling corruption. In contrast, others aim to fight the same demons using the technology that was tasked to solve the issues of corruption and centralization in the first place.
There is no shortage of influencers in this ever-growing space, with millions of followers trying to shill coins while garnering attention on social media. However, some influencers have different goals, or at least one of the most influential personalities in the space – Vitalik Buterin does.
Tapping Crypto’s Dystopian Potential
In a recent interview with Time Magazine, 28-year old ethereum founder Buterin expressed his worries about ETH’s high transaction fees and the ‘shameless displays of wealth’ that dominate the crypto narrative.
Addressing the image problem associated with cryptocurrencies as crypto billionaires and the concept of quick money are on the rise, Buterin said his hopes for technology are contrasting.
While ethereum was the first significant home for NFTs, the young ethereum founder believes that the NFT space isn’t where blockchain technology’s true potential lies. Buterin choose to make a rather bold statement saying,
“The peril is you have these $3 million monkeys. The goal of crypto is not to play games with million-dollar pictures of monkeys; it’s to do things that accomplish meaningful effects in the real world.”
Referring to the star-studded Bored Ape Yacht Club, which includes stars like Jimmy Fallon and Paris Hilton, Buterin thinks that the idea of solely minting money defies the purpose for which this technology was built.
Ethereum’s founder appears to be concerned that his vision to create a decentralized and more democratic digital economy could be overtaken by vile actors who might be out for personal gain.
Hopes Of a Brighter Future
In the 80-minute interview, Buterin highlighted that he anticipated ethereum to make more socio-political changes. He expects ethereum to become the launchpad for socio-political experimentation such as fairer voting systems, urban planning, universal basic income, public-works projects.
Furthermore, the young billionaire aims that the platform would one day counterweight the authoritarian governments and upend Silicon Valley’s stranglehold over people’s digital lives.
The only issue is that Buterin doesn’t govern the blockchain since it’s decentralized in nature. Nonetheless, he said that to make a difference, he has reluctantly begun to take on a more prominent public role in shaping the project’s future.
Buterin said,
“If we don’t exercise our voice, the only things that get built are the things that are immediately profitable, and those are often far from what’s the best for the world.”
Notably, the Russian-born Canadian condemned Russian President Vladimir Putin’s invasion of Ukraine, tweeting, ‘This is a crime against the Ukrainian and Russian people.’
While Buterin has taken up the role of a change-driven leader in cryptocurrency, whether his voice could make a difference in an almost $2 trillion space remains to be seen.
This article was originally posted on FX Empire
