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Ethereum Needs to Expand Beyond Making Tokens: Vitalik Buterin on EthCC

u.today 21 July 2021 17:27, UTC
Reading time: ~2 m

The father of Ethereum (ETH) foresees the next phases of Ethereum (ETH) adoption, and they all have a chance to be more disruptive than the ongoing DeFi euphoria.

Ethereum (ETH) beyond DeFi: Governance, identity management, social media

According to Vitalik's presentation shared on Twitter by attendees of EthCC—the most popular Ethereum community event—Ethereum's inventor is focused on unusual use cases for Ethereum (ETH) as a network.

Absolute scenes at @EthCC! @VitalikButerin is live on stage talking about the future of #Ethereum & #crypto ecosystem;

"Moving beyond #defi is not about being against defi. I actually think the best applications will combine elements of finance and non-finance" 🙌🏻 #EthCC 1/3 ⬇️ pic.twitter.com/lK26HH9oRd

— Martyna Borys (@MartynaMBorys) July 21, 2021

Vitalik emphasized that Ethereum (ETH) has outgrown DeFi as its number one use case. The time has come for the network to move ahead:

Ethereum ecosystem needs to expand beyond just making tokens that help with trading other tokens. It's already happening to some extent, but we can do more.

For instance, Ethereum (ETH) can help in reshaping the social media segment. Vitalik admits that modern social media platforms are too vulnerable to censorship and have a too low quality of discourse.

Decentralized governance (DeGov) is another use for the expanding Ethereum (ETH) network. To boost adoption in this field, Ethereum (ETH) accounts should evolve into full-fledged profiles.

NFTs for everyone

As a result, novel Ethereum-based apps will merge the features of financial and non-financial instruments.

Finally, Vitalik Buterin admitted that he is disappointed by the state of affairs in the segment of digital collectibles or non-fungible tokens (NFTs).

He is certain that ordinary people should also benefit from this ground-breaking decentralized instrument:

I want NFTs to benefit the wider society, beyond just celebrities.

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