Ethereum co-founder Vitalik Buterin has high hopes for social networking that goes far beyond the quick financial gain from DeFi.
At the EthCC conference in Paris, Vitalik Buterin expressed his opinion that Ethereum should move beyond the wild speculative financial movement known as DeFi. He noted:
“The Ethereum ecosystem needs to go beyond just issuing tokens that help trade other tokens. This is already happening to some extent, but we can do more. ”
Buterin said blockchain should be socially useful as well as financially beneficial. Many of the functionalities of the network are now available to only a small number of people. He noted that high gas prices are one of the main problems.
“Degens can pay for it, monkeys can pay for it, orangutans can pay for it,” Buterin said. “But the Ethereum ecosystem won’t work as long as gas charges harm the average user.”
Buterin outlined several alternative approaches to technology that deserve more attention. One idea was “retroactive funding,” in which developers build public infrastructure for free and earn revenue when the system starts generating it.
He explained that such a process would allow Ethereum projects to flourish as a “public good.” “Better to be defined by DeFi than nothing. But we need to move on, ”says one of the slides of Buterin’s presentation.
The Ethereum co-founder hopes that Ethereum will become the foundation for a worldwide social media system that will encourage better publishing and form the foundation of users’ online identities.
It would be a direct alternative to centralized social media, which Buterin criticized for collecting personal data and “unfair incentives” rewarding “cynical bloggers.”
At the heart of his proposed approach is the use of Ethereum wallets as multipurpose online identifiers to log into a wide range of Ethereum-based applications, similar to how Gmail and Facebook accounts are used.
Ethereum-based authorization on platforms will provide “reliable neutrality”, resistance to censorship, and “built-in economic layer that makes it easier to develop mechanisms.” Buterin envisioned future social media that would only allow Ethereum DAO members to post.
In conclusion, he admitted that he was disappointed with the state of affairs in the segment of non-fungible tokens (NFT). Co-founder of Ethereum surethat ordinary people should also benefit from this innovative decentralized tool:
“I want NFTs to benefit not only celebrities, but society as a whole.”
Last month, Buterin talked about the obstacles to deploying Ethereum 2.0. According to him, the development is influenced not by technological, but by human factors.
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