According to Vitalik Buterin, co-founder of Ethereum, there is still plenty of room for innovation.
Ethereum co-founder Vitalik Buterin has shared three “huge” opportunities in crypto that have yet to be realised, including mass crypto wallet adoption, inflation-resistant stablecoins, and Ethereum-powered website logins.
Buterin shared his outlook for the crypto industry in 2023 during an interview with Bankless co-owner David Hoffman, in response to Hoffman’s concern that the “adoption wave” for decentralised applications has now passed and that there is “less opportunity” for developers to come in and build new decentralised applications.
Buterin, on the other hand, dismissed Hoffman’s allusion to a “limbo period,” first suggesting that more progress be made on cryptocurrency wallet infrastructure in order to make it easier to use for everyday people and ensure that it is capable of onboarding billions of users.
“If you can make a wallet that a billion people will use — that’s a huge opportunity,” the Ethereum co-founder said.
Second, Buterin stated that creating a hyperinflation-resistant and globally accessible stablecoin that can withstand all types of conditions — both on-chain and in the broader macroeconomy — would be a revolution for the industry: “If you can make a stablecoin that can actually survive anything up to, and including, a U.S. dollar hyperinflation […] that’s a huge opportunity as well if you can create something that will feel like
Buterin did not offer any technical suggestions for how this could be accomplished.
Finally, Buterin stated that any technical developments that contribute to Ethereum taking login powers away from Facebook, Google, Twitter, and other centralised monopolies would eventually allow Ethereum to capture more market dominance on internet-based applications: “If you can get signed in with Ethereum to work and if you can unseat Facebook, Google, and Twitter as the login overlords of the internet, that itself is a huge opportunity, right?”
However, Buterin stated that the opportunity to fill market gaps was becoming less obvious as a result of increased competition and market maturation.
Ethereum’s co-founder appears to have spent the last few weeks sharing his learnings and advice for the crypto space, including his optimism about the industry’s future.
The term “electronic commerce” refers to the sale of electronic goods.
On December 3, the Ethereum co-founder reiterated the importance of traders taking a long-term view by focusing on technical developments rather than price.
Following the FTX collapse. Buterin advised traders and investors on Nov. 21 to consider the level of human influence that can be exerted over a protocol and to put more trust in open and transparent code than humans.