Vitalik Buterin was part of a podcast with The Stakeborg Talks and spoke about several issues, including Bitcoin, NFTs, and other cryptos.
Regarding Ethereum, the idea that the 27-year-old turned into a $400 billion industry, Vitalik fears the virtual asset could benefit only the rich. This, in fact, is probably already happening because of the network’s high fees.
“Especially post-EIP 1559 when you have the fees burnt, that then becomes true in a more direct economic sense.”
However, the co-founder of Ethereum is confident that layer two solutions are resolving this problem. Buterin wants Ethereum to remain centered around egalitarianism and be available to all people, regardless of their ‘classes’.
When asked about Bitcoin, Vitalik believes that in the first five years of its existence Bitcoin needed a proof-of-work protocol. But after that, it would have been better for the virtual currency to switch to a proof-of-stake one. Then he talked about its differences with Ethereum:
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum the value of the currency comes from the value of the ecosystem.”
One of the hot topics of the last months has been non-fungible tokens. And Vitalik Buterin had something to say about them as well.
“I think NFTs have been interesting from a cultural perspective because they bring people into Ethereum that have a completely different mindset than DeFi and regular crypto people, for example.”
What are NFTs?
NFTs, short for non-fungible tokens, are new types of crypto assets that indicate a variety of palpable or non-physical goods. The ownership of these tokens is registered on a blockchain, similar to bitcoin and other cryptocurrencies. But unlike them, which are interchangeable, NFTs aren’t exchangeable.
How do they work?
Most NFTs were created utilizing ERC-721 and ERC-1155 Ethereum token standards. Even though Ethereum is a fungible digital currency like Bitcoin, its blockchain sustains NFTs as well.
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