Vitalik Buterin, co-founder of Ethereum (ETH), recently took to Twitter to share his insights on the potential daily applications of cryptocurrencies beyond financial transactions. He highlighted the use of zero-knowledge proofs for reputation, identity, and credentials management, as well as the benefits of peer-to-peer cross-border payments with lower fees, decentralized social networks, and prediction markets that are now practical for use. These advancements signal a notable improvement in user experience within the current technological landscape.
In his tweets, Buterin also discussed the growing influence of prediction markets and their integration with enterprise applications through zero-knowledge validiums. He emphasized the role of zero-knowledge proofs in strengthening censorship-resistant voting systems, demonstrating the deep integration of blockchain technology into societal structures.
While celebrating these advancements, blockchain developer OxDesigner, also known as ‘Blovkvhain Dev’ on Twitter, raised concerns about the overwhelming focus on meme coins in the cryptocurrency space. He questioned the sustainability and utility of meme coins, suggesting that they may overshadow more meaningful progress such as decentralized money, peer-to-peer payments, programmable currency, and permissionless financial services. These fundamental elements are viewed as essential for the industry’s growth.
Expressing frustration with the lack of a clear vision for meme coins to enhance everyday life, OxDesigner criticized them as primarily entertainment products designed to capture attention for profit. Despite being open to changing his stance, the developer expressed dissatisfaction with the current direction of meme coin designs, reflecting a broader sentiment of discontent among crypto enthusiasts.
In response, Buterin reiterated the importance of focusing on innovations that offer tangible real-world benefits and propel the industry beyond simple monetary value. He emphasized the significance of advancements like zero-knowledge proofs, peer-to-peer payments, and decentralized social networks in driving the sector forward.