In Brief:
- Buterin coined a new term and called himself a Tech Philosopher.
- He thinks because of the unique qualities of Ethereum, it might surpass Bitcoin in Future.
- Buterin expressed his belief that DAOs will be the next emerging sector in the cryptocurrency ecosystem.
In an interview with Stakeborg Talks, Vitalik Buterin a co-founder of Ethereum discussed a wide range of issues, including his early interest in mathematical concepts and problem-solving, the potential of decentralized autonomous organizations (DAOs), Bitcoin’s community, and NFT.
When asked to describe himself Mr. Buterin coined a new term and referred to himself as a tech philosopher.
With a quote from ancient Greek historian Thucydides, Buterin drew attention to the divide between progressive tech’s dogma and the philosophical space carved out for its thought leaders.
When asked whether Ethereum could surpass Bitcoin as a store of value or in prices, he simply replied, “It could”. He explained, “I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem comes from the value of the currency, but in Ethereum the value of the currency comes from the value of the ecosystem.”
After the launch of EIP-1559 in June, the Ethereum network fee issue is also being tackled as it burns Ethereum’s paid-in fees. It improved the transaction payment system. Vitalik commented on this and said, “Especially post-EIP 1559 when you have the fees burnt, that then becomes true in a more direct economic sense.”
It was in September that Time Magazine named Buterin another of the 100 most influential people of 2021 for his role in taking Ethereum’s market capitalization beyond $400 billion.
Buterin discussed the rise of decentralized autonomous organizations (DAOs) and specifically the development of quadratic voting and funding models, highlighting the Gitcoin DAO and the Optimism retroactive public goods project as examples of how the landscape is evolving.
Following the success of decentralized finance and non fungible tokens, Buterin expressed his belief that DAOs will be the next emerging sector in the cryptocurrency ecosystem.
He said, “I think DAOs are definitely going to be more important over time… In terms of what’s still missing from the DAO space, I don’t think there’s any one big thing, but more a lot of little things. When will be the first time a DAO decides to make a strategy pivot, or when will two DAOs decide to merge? It’s the ability to make big decisions and not just continue incrementally on the same path, that’s something I think we’ll see soon.”
The NFT space has seen tremendous growth in recent years, and Buterin shared some insights about the demographics attracted to the asset, “I think NFTs have been interesting from a cultural perspective because they bring people into Ethereum that have a completely different mindset than DeFi and regular crypto people for example.”
