Vitalik Buterin discloses potentials for cryptocurrency in 2023

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Blockchain
Vitalik Buterin discloses potentials for cryptocurrency in 2023

Three “massive” prospects in the cryptocurrency have yet to be achieved, according to Ethereum co-founder Vitalik Buterin: widespread wallet usage, inflation-resistant stablecoins, and Ethereum-powered website logins.

Buterin shared his outlook for the cryptocurrency industry in 2023 in an interview with Bankless co-owner David Hoffman. According to the co-founder of Ethereum, there is still a ton of space for innovation despite Hoffman stating totally the opposite.

Hoffman expressed concern that the “adoption wave” for decentralized applications had passed and there was “less opportunity” for developers to come in and create new decentralized applications.

Instead, Buterin dismissed the “limbo moment” Hoffman alluded to, first arguing that additional advancements in wallet infrastructure are required to make cryptocurrency simpler for average consumers and to assure that it can support billions of users.

“If you can develop a wallet that billions of people will use—that’s huge potential,” the Ethereum co-founder continued.

Moreover, Buterin asserted that the development of a stablecoin capable of withstanding any circumstances, both on-chain and in the larger macroeconomy, will be ground-breaking for the sector.

According to Ethereum’s mastermind, there is also a lot of promise if one could create a stablecoin that can endure everything, including U.S. dollar hyperinflation. It will feel like a lifeline for everyone going through that crisis. Buterin, however, didn’t provide any technical advice on how to accomplish this.

Last but not least, Buterin asserted that any technological advancements that help Ethereum usurp the login authority currently held by Facebook, Google, Twitter, and other centralized monopolies would eventually allow the project to increase its market domination on web-based applications.

However, Buterin acknowledged that as the business matured and competition increased, it was getting harder to fill holes in the market.

Buterin is doing the most in creating crypto awareness

The co-founder of Ethereum has spent the past few weeks educating others about the cryptocurrency sector and offering guidance, along with his upbeat outlook on the years to come.

On Dec. 5, Buterin said that the future of Ethereum and decentralized technologies also excited him, along with blockchain-based identities, decentralized autonomous organizations (DAOs), and hybrid apps.

The Ethereum co-founder reiterated the need for traders to adopt a long-term perspective by placing more emphasis on technical advancements than the price a few days earlier, on Dec. 3.

After FTX’s demise, Buterin encouraged traders and investors on November 21 to consider the degree to which individuals may influence a protocol and to place more faith in open and transparent code than in people.

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Brenda Mary

Brenda Mary is a crypto enthusiast and a graduate of The University of Nairobi in economics. Brenda’s passion brings her back to her elementary school years as a poet. She enjoys discussing blockchain technology and is committed to producing original content. Brenda also covers other rapidly developing markets and economic and cryptocurrency studies.