Ethereum Co-Founder: Many NFTs Don’t Help The Real World

Vitalik Buterin, a 28-year-old billionaire and co-founder of Ethereum, is not a fan of the popular NFT Bored Ape Yacht Club (BAYC) collection. He frankly shares in the magazine Time “The danger is that you have a $3 million monkey and it becomes another form of gambling.”

BAYC is one of the top NFT collectors still trading on Ethereum with a total trading volume of $1.41 billion, according to data site DappRadar. Many of the best-selling BAYC images trade for over a million dollars, with celebrity owners such as Jimmy Fallon, Serena Williams and Paris Hilton.

9 years ago, Buterin envisioned Ethereum as a way to leverage the blockchain technology that underpins Bitcoin for all uses, not just currency. Since then, it has emerged as a new, open source and decentralized exchange network. Ether — peer platform, which has become the second largest cryptocurrency after Bitcoin, supporting a trillion dollar ecosystem that competes with Visa for the amount of money in circulation.

Ethereum has brought thousands of unbanked people around the world into the financial system, enabling capital to flow seamlessly across borders and providing the infrastructure for entrepreneurs to build all kinds of new products, from payment systems to prediction markets, to digital exchanges to Central medical research.

But even as Ether had skyrocketed in value and volume, Buterin still thought that the world he created flourished from a mixture of pride and fear. Ethereum has made some white people very rich, injected pollutants into the air and emerged as a vehicle for tax evasion, money laundering, and fraud.

“Cryptocurrencies themselves are highly likely to go haywire if implemented the wrong way,” said the Russian-Canadian billionaire.

Buterin worries about the dangers of aggressive investors, soaring transaction fees, and the “brazen” display of wealth that dominates public perceptions of money. digital currency.

Buterin hopes that Ethereum will become a launching pad for all kinds of sociopolitical experiments such as a fairer voting system, urban planning, universal basic income, engineering projects, public. Above all, he wants the platform to be a counterweight to authoritarian governments and limit Silicon Valley’s reliance on people’s digital lives.

Ironically, Buterin may not be able to stop Ethereum from going astray. Buterin designed it as a decentralized platform that not only fulfills its own vision, but also the wishes of builders, investors and the large community. Buterin is not the official leader of Ethereum. This has prompted Buterin to harness soft power like writing blog posts, giving interviews, conducting research, speaking at conferences – where many participants simply want to bask in the aura of success of their newfound wealth.

“I scream a lot and sometimes it’s like a scream in the rain,” he said, adding that he had always wondered if that approach would work, what effect it would have on other people. with his ideas and will Ethereum be the basis of a new digital era or just another tool of financial speculation.

However, recently Ukraine received donations from multiple sources which gave Buterin a glimmer of hope. “This has reminded many people that the ultimate goal of cryptocurrencies is not to play with million-dollar monkeys, but to do meaningful work in the real world,” said Buterin.

By 2022, Buterin hopes to “take more risks and be less neutral”.

“I would rather Ethereum offend some people than turn into something worthless,” he said.

Xiao Gu (based on Time, Property)

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