Crypto Powerhouses Vitalik Buterin and Balaji Srinivasan Talk Blockchain Adoption Movement
Vitalik Buterin and Balaji Srinivasan Talked About Blockchain Adoption
Ethereum’s founder, Vitalik Buterin and Balaji Srinivasan, Coinbase CTO, talked about the beginning of the blockchain industry and mainstream adoption of these networks. Both talked at the Ethereum San Francisco meet.
Buterin started talking about the specific roles that he is in charge of in the different projects in which he works. About it, he mentioned that the main role he has is to research and investigate different crypto concepts related to consensus algorithms, Proof of Stake (PoS), Sharding, Plasma and many other things.
The same happened with Balaji Srinivasan. He talked about his role as a CTO at Coinbase, one of the most popular and known companies in the cryptocurrency world. On the matter, he explained that he is involved in the technology part and also doing some management activities. He said that he works on legal details before launching new products and services and write. Additionally, he writes API specifications every single day.
Buterin has also said that he started Ethereum as a project called ‘Ultimate Scripting,’ without the intention of becoming an ambitious platform. However, as time passed, more developers and app creators realized that blockchain technology could be very useful to build apps and other systems.
On the matter, Buterin commented:
“It kind of slowly dawned on you know, probably both me and the Ethereum community that general purpose, blockchains, really are general purpose and really are usable for a much wider variety of things, than we thought blockchain should be used for, back in 2013.”
Srinivasan has also talked about the time when he started to work in the cryptocurrency space. For example, he said that people referred to tokens as ‘colored coins.’ Moreover, he said that it was interesting to see some applications that Bitcoin blockchain was not able to support.
Moreover, he said that he believes that there are currently tens of millions of users in the cryptocurrency world, but there will be a notorious difference when this number will grow.
“Where we are now, I think is, you know, in 10s of millions of users land, right, and there’s a difference between that versus hundreds of millions and obviously billions,” he mentioned.
He explained that when the crypto space will receive hundreds of millions of users it will be possible to say that it became mainstream in the United States. If the number grows to billions of users, the tendency would be global.
However, this is not going to happen in the next 5 years. Coinbase’s CTO said that in the US cryptocurrencies will be mainstream in 10 years, while worldwide adoption will take between 20 or 30 years.
Buterin also believes that the industry has been growing and that it will keep doing so in the future. Additionally, he thinks that cryptocurrencies will be one of the main uses of the blockchain. They would allow several individuals around the world to embrace technology in many different ways.