During a recent interview, Vitalik Buterin, co-founder of the Ethereum network, shared intriguing observations, including his consideration of the most ‘problematic’ situation that usually occurs on the platform.
Let’s see below all the details.
Vitalik Buterin: crypto as a counterbalance of power, the contribution of Ethereum
As anticipated, Vitalik Buterin recently stated that one of the most negative aspects for Ethereum is represented by the financial losses suffered by people.
It is important to note, however, that this specific comment was made in relation to Buterin’s previous reflections on the devastating impact that wars and dictatorial regimes can have on human lives.
His intention was probably to lighten the atmosphere after discussing more serious topics.
At the same time, Vitalik believes that cryptocurrencies are fundamental in countering the abuses of power perpetrated by governments and large corporations. He argues that cryptocurrencies can act as a sort of counter-currency against the excessive powers of such entities.
Cryptocurrencies are already demonstrating this ability, according to Buterin, highlighting how people now have greater control over their financial resources. This is because the government cannot easily confiscate funds to finance wars.
He also mentioned the ZK Technology (Zero Knowledge) and how it allows people to prove information about themselves without it being used harmfully by the government.
These statements by Vitalik once again highlight the importance of cryptocurrencies and their role in creating a decentralized economy.
As trust in the traditional financial system decreases, cryptography offers a refuge for those who wish to exercise greater control over their financial resources.
Ethereum under the spotlight: Dencun release brings ETH closer to $3,000?
Ethereum is at the center of attention with the approaching release of the Dencun update, scheduled for January 18th.
However, Ethereum’s expectations of surpassing $3,000 are in question, considering the delay in the initially planned launch date set for the end of 2023.
The next update, with its proto-danksharding (EIP-4844), aims to enhance data storage and improve the efficiency and scalability of rollups through the use of “blobs”.
The introduction of BLOB, blocks of data larger than regular Ethereum transactions, could reduce transaction fees and improve network security by addressing the security and decentralization challenges of Layer 2 solutions.
In addition to the technical aspects, the Dencun update represents a turning point for the Ethereum ecosystem, opening the doors to explosive growth and revolutionary innovation.
The improvements in data storage, simplified transactions, and scalability could unlock new possibilities, promoting revolutionary development and contributing to establishing a more inclusive and robust digital economy.
In addition, the roadmap for 2024 published by Vitalik Buterin adds further details on Ethereum’s objectives, outlining the implementation of single-slot finality, the implementation of Dencun, and other crucial solutions.
Vitalik Buterin has suggested ways to simplify Ethereum’s proof of stake, paving the way for a lighter and simpler system.
The proposals include reducing validator signatures and adopting decentralized staking practices, with two-level rotation of validators.
These suggestions aim to maintain efficiency, security, and decentralization, while also lightening the technical burden of the system.
The wait for the SEC’s decision on ETFs
In conjunction with the anticipated Dencun update, Ethereum enthusiasts are eagerly awaiting the pronouncement of the United States Securities and Exchange Commission (SEC) regarding Ethereum Exchange Traded Funds (ETFs).
Market observers speculate that the upcoming SEC decision on Bitcoin spot ETFs, scheduled for January 10th, could act as a catalyst for the approval of Ethereum spot ETFs.
The financial giants, including BlackRock, ARK Invest, VanEck, Fidelity, Invesco, and Grayscale, have all filed applications for spot ETFs on Ethereum in the United States.
Even without receiving final approvals, the SEC has extended the deadline for decisions on such proposals until May 2024. With the imminent event regarding spot Bitcoin ETFs, analysts predict a similar dynamic for spot Ethereum ETFs.
Currently, Ethereum is trading at around $2,300, generating growing excitement within the crypto community in anticipation of possible significant developments.
The arrival of an ETF in 2024 could potentially provide a significant boost to the value of ETH, potentially contributing to its growth.