Ethereum co-founder Vitalik Buterin, the youngest billionaire in the world, spoke of different ideas. Specifically, about NFTs, DAOs, and the path to Ethereum 2.0. This was what he made known in the virtual event Ethereal Virtual Summit.
«There are all these experiments around decentralized organizations. Decentralized governance, tests of humanity and tests of stake».
Vitalik Buterin at Ethereal Virtual Summit
In conversation with journalist and writer Camila Russo, 27-year-old Vitalik Buterin defended the new business models. And the forms of organization that are being developed, driven by the Blockchain.
«They are different ideas about how people can organize themselves. And work together on the Internet that are being developed on Ethereum».
In addition, he added: «It would be great to see more of those ideas develop and become something that really helps people work better together on a large scale.».
The path to Ethereum 2.0
Ultimately, one of Vitalik Buterin’s priorities is to oversee the transition to Ethereum 2.0. The long-awaited Ethereum update.
In this way, he indicated that it has been necessary to make concessions to achieve a smooth transition to the new network, which promises to improve the speed of transactions and the security of Ethereum. And power the applications that will usher in a billion new users.
«The itinerary has evolved to be more pragmatic over time in many ways, as the merger draws closer.».
Similarly, Vitalik Buterin expressed: «The network upgrade has been designed to cause minimal disruption to users and developers. And it promises improved scalability through sharding and other lovely things».
Also, he explained: «After the merger, the execution chain will live within the consensus chain. Each block of the consensus chain will contain one block of the execution chain. So, you will literally have a string within another string».
Worth noting, according to Vitalik, this design was decided to make the merging process as smooth and seamless as possible for users, customers and developers.
By the way, over time, Ethereum clients will remove the old code, which will no longer be compatible with the new version. «And people are going to have to use old nodes or create special purpose protocols to handle really old data.».
«We definitely don’t want Ethereum nodes to keep getting harder and harder to manage».
The immutability of Ethereum
As if that weren’t enough, Camila Russo asked Vitalik Buterin, how the upcoming changes would affect the immutability of Ethereum. To which he replied:
«I don’t think it compromises immutability, because the hash chain is still there. And therefore, you can continue to check».
The decentralized autonomous organization (DAO)
Buterin explained, that decentralized organizations, or DAOs, exist as a set of SmartContracts on the Ethereum Blockchain, which allows groups of people to organize themselves in a non-hierarchical structure.
Likewise, Vitalik Buterin also pointed out the role of decentralized finance (DeFi) and non-fungible tokens (NFT) in accelerating the adoption of Ethereum.
«People have talked about the DeFi space and NFTs as something that has really managed to break into the mainstream.».
As is known, in recent months NFTs have exploded in popularity. With brands and celebrities launching their own NFTs. Meanwhile, the multi-million dollar sales of digital art have taken over the Headlines.
As a curious fact, although Vitalik Buterin admitted that there is a speculative aspect in the NFTs. He was enthusiastic about its potential to allow groups of people who previously had no business model to finally have a model of some kind for the first time.
«Things like this can be used to produce some interactions that could not happen before. That is already a great result».
In this regard, Vitalik Buterin argued that the two most important aspects of the value of an NFT were:
- The pride of owning the NFT and the ability to show ownership.
- The possibility of selling it in the future.
Fortunately, he highlighted: «As a society, we have the ability to help shape the outcome of what we do with digital collectibles technology.».
Finally, lately the crypto millionaire Vitalik Buterin, has started to share the success of his cryptocurrency. Donating to a COVID-19 relief fund for India.
I say goodbye with this phrase from Lark Davis: «The more I think about it, the more I feel like I’ll never sell my Ethereum».