Ethereum co-founder Vitalik Buterin has long been a supporter of the cryptocurrency community, and in a recent podcast interview, the 27-year-old shared not only his views on his own network but also on the top cryptocurrency Bitcoin and the Communities of both blockchains.
Buterin, who described himself as a tech philosopher in the interview, said he was bothered by the possibility that the cryptocurrency space could fall into a “cultural trap” if the current thinking of many supporters of the top networks were not changed.
However, in general he was concerned that many crypto advocates believed in the pure crypto approach while ignoring other problems in the world. Regarding Ethereum, the entrepreneur feared that the network’s main cultural flaw could be its exclusivity for the rich. Buterin went on to explain that this was likely due to the high fees the network charges.
When asked if the flippening would take place in the future, Buterin replied that it “could”. Why Ethereum might take over Bitcoin’s market cap, he said:
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem depends on the value of the currency, but with Ethereum the value of the currency comes from the value of the ecosystem.”
With the highly anticipated London hard fork on the network in June, it will also address the issue of network charges while improving the transaction payment system. Pointing this out as another point for Ethereum, Buterin said:
“Especially according to EIP 1559, if the charges are burned, this will then come true in a more direct economic sense.”
At the time of this writing, Ethereum’s market capitalization had flipped that of Bitcoin by nearly 40%, while completely overtaking the leading digital asset in terms of transaction count and transaction fee.
Regarding the increasing popularity of the decentralized autonomous organizations (DAO), Buterin expressed enthusiasm for the emerging sector and for retrospective experimentation with public goods like Gitcoin DAO and optimism.
When asked if DAOs could become the next big thing after the successes of decentralized funding and non-fungible tokens, he said:
“I think DAOs will definitely become more important over time … When it comes to the DAO, I don’t think there is a big thing, but a lot of small things.”
“When does a DAO decide to do a strategy pivot for the first time, or when will two DAOs decide to merge? It is the ability to make big decisions and not just step down the same path. I think we’ll see that soon. “
Finally, the cryptogeny also touched the NFT craze, which has got the crypto community excited and increased traffic on Ethereum by attracting new demographics. He said,
“I think NFTs were interesting from a cultural point of view because they bring people to Ethereum who have a completely different mindset than DeFi and normal crypto people, for example.”