Founder of Ethereum, Vitalik Buterin has declared that Ethereum has numerous prospects such that it is beyond the use case of making tokens. While speaking during the Ethereum Community Conference on Wednesday, Vitalik noted that Ethereum has surpassed the DeFi rave currently ongoing and needs to reposition itself for other use cases. In light of this, Vitalik said DeFi would eventually become DeGov.
During the ETH Conference (EthCC), regarded as the most popular Ethereum conference, the Ethereum founder said that he has his eyes set on other functionalities for the network apart from its core use case, which is decentralized finance. He argued that it is high time the network scaled to accommodate other use cases. According to him,
“The 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.”
Vitalik Buterin also revealed that Ethereum can build a forte in the social media sector as most platforms are centralized and susceptible to censorship. On DeFi, Vitalik argued that it could become decentralized governance- which he declared is already happening. Accordingly, users’ accounts on the network could become full-fledged profiles, more like their social media profiles. This would mean merging the finance and non-finance.
EthCC(4) Image Source: Twitter
Vitalik’s recommendations at the Ethereum Community Conference come on the heels of a series of improvements that the network is undergoing. Developers of the network have made significant progress in incorporating the London Hard fork and the last phase of the upgrade is due for August.
Upgrades on the Network Ongoing
Major highlights of the London Hard Fork upgrade are the EIP-1559 and EIP-3554 which are meant to introduce a base fee mechanism and mining difficulty time bomb, respectively. EIP means Ethereum Improvement Proposal. For the EIP-1559, it will be deployed to address the issue of high transaction fees. Upon its full deployment, the network will apply a fixed fee for every transaction. Users who want to fast track the confirmation of their transactions are allowed to add tips to incentivize miners on the network.
On the other hand, the EIP-3554 will herald the transition of the network to a Proof-of-Stake consensus by making mining on it gradually difficult. As such, miners will be forced to move to Ethereum 2.0. By the time the bomb explodes, transition would be complete. This is expected to happen by Q2, 2022.
Buterin Talks About NFTs During ETHC Conference
Still speaking at the conference, the Ethereum founder expressed his displeasure at the turnout of non-fungible tokens (NFTs), saying they become out of reach to retail investors. According to him, NFTs should benefit the wider society and not just celebrities. Celebrities are now making inroads into the NFT space, as they look to create more experience for their fans. Popular American rapper, Jay-Z had sold an NFT commemorating his debut 1988 album for $24,000. The Wednesday conference was the fourth edition since its inception.