A new blog was posted by VitalikButerin, as he shared his thought process for Ethereum as it marches on.
dated Dec. 5, Ethereum co-founder Vitalik Buterin wrote that money, blockchain identities, decentralized finance , decentralized autonomous organizations , and hybrid applications were the top developments he was excited about in the Ethereum ecosystem. Buterin then described his experience in using Ether as a means of payment in a cafe in Argentina:
"When we walked in, the owner recognized me, and immediately showed me that he has ETH and other crypto-assets on his Binance account. We ordered tea and snacks, and we asked if we could pay in ETH. The coffee shop owner obliged, and showed me the QR code for his Binance deposit address, to which I sent about $20 of ETH from my Status wallet on my phone.
Then, speaking of the rise of DeFi, Buterin commented that the industry started off honorable and limited but quickly became"an overcapitalized monster that relied on unsustainable forms of yield forming." However, he added that DeFi is in the"early stages of setting down into a stable medium, improving security, and refocusing on a few applications that are particularly valuable.
Honestly I think we emphasize flashy defi things that give you fancy high interest rates way too much. Interest rates significantly higher than what you can get in traditional finance are inherently either temporary arbitrage opportunities or come with unstated risks attached.Next, Buterin praised the rise of blockchain identification methods, such as the Sign In With Ethereum , and their ability to enhance user privacy.
Regarding the topic of DAOs, Buterin said while they"captures many of the hopes and dreams that people have put into the crypto space to build more democratic, resilient and efficient forms of governance," greater work needs to be done to improve censorship resistance and susceptibility to internal organization. Highlighting the example of MakerDAO, Buterin wrote:
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