Ethereum is “Amazingly Positioned to Be A Central Part” of the Metaverse: Co-Founder Vitalik Buterin
Buterin is also in favor of DOGE’s 5 billion annual issuance, thinks more about the meme culture, is most surprised about NFT as an Ethereum use-case, and is most excited about ZK-SNARKs.
“I hope that doge can switch to PoS soon, perhaps using ethereum code,” said Ethereum co-founder Vitalik Buterin in response to Three Arrows Capital CEO and co-founder Su Zhu’s question about promising ideas for Ethereum / DOGE cooperation.
Zhu also asked Buterin what made him interested in the popular meme coin, which has the support of Tesla CEO Elon Musk, late on Tuesday after Buterin ran a “random Twitter experiment” where only the people he follows can ask him about anything crypto or non-crypto related.
Further talking about Dogecoin, Buterin said he favors DOGE’s supply emission, 5 billion per year annual PoW issuance. Instead of canceling it out, Buterin said, it should be put “in some kind of DAO that funds global public goods. Would fit well with dogecoin's non-greedy wholesome ethos.” DOGE -6.25% Dogecoin / USD DOGEUSD $ 0.21
-$0.01-6.25% Volume 1.84 b Change -$0.01 Open $0.21 Circulating 131.42 b Market Cap 27.62 b 1 d Google Searches for Bitcoin Hit Dec 2020 Level, Interest in NFTs Surpass DeFi Significantly and Matched Ethereum Briefly 2 d Lloyds to Auction off Vehicles from Mad Max FURY Road Film, Crypto Accepted 2 d AMC Theaters CEO Is Considering Adding Payment Support for DOGE By Year-End
During this Twitter Q&A, he further shared that he thinks “much more about the ecosystem of discussion and spread of memes / culture / ideas” instead of the market of resources, property rights, and trade, which was his focus a decade ago.
When asked about the hardest lesson he learned through the Ethereum experience, Buterin shared that “People are harder to tightly coordinate in small groups than I expected. You can't just get everyone to sit around in a circle, see each other's inherent goodness and get along, especially when huge incentive conflicts are at play.”
His biggest non-technical regret in his Ethereum journey was the cryptocurrency’s composition of eight co-founders and “choosing them so quickly and nondiscriminately.”
Technically, he had an insane amount of confidence that “Ethereum will move to proof of stake within 1-2 years,” which turned out to be dead wrong.
As for which Ethereum use-case has surprised him the most, it’s non-fungible tokens (NFTs) which are currently taking over the crypto industry and driving usage on Ethereum blockchain right now, resulting in an increasing amount of ETH paid in fees getting burned.
According to him, Ethereum is “amazingly positioned to be a central part” of the Metaverse, defined as the internet plus shared state so that objects can be moved between platforms.
Overall in crypto, the ENS ecosystem — Ethereum Name service that gives web3 username for all of your cryptocurrency addresses and decentralized websites — and the whole concept of users and objects having cross-platform names is an obvious application that people just don’t get yet, he said.
The latest research that has Buterin excited the most is ZK-SNARKs, an acronym for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge,” which is cryptographic proof that allows one party to prove it possesses certain information without revealing that information. It basically requires no interaction between the prover and verifier.
“ZK-SNARKs getting powerful so quickly to the point that a full-on SNARKed EVM is not so far away is definitely exciting.”
ZK-SNARKs are also the privacy-preserving technology that he thinks will be the most widely adopted one 30 years in the future. Buterin expects it to be “a significant revolution as they permeate the mainstream world over the next 10-20 years.”
The second-largest network is shifting towards proof-of-stake (PoS), a less energy-intensive consensus narcissism than proof-of-work (PoW); once the merge is on mainnet, account abstraction statelessness and sharding will be high priority protocol upgrades, according to Buterin.
Also, crypto switching to PoS is only a small part of the solution, “ultimately we also need lots of very smart people contributing to longer-term fixes,” said Buterin, mentioning solar power, fusion, carbon capture, and sprinkling dust into the atmosphere. Overall, Buterin “definitely,” thinks that
“the crypto space needs to think hard about how it can be positive-sum toward more existing stakeholders to win more friends.”