Raoul Pal: Why Ethereum is Set to EXPLODE! The Unlimited Potential of ETH Ft. Vitalik Buterin
Every civilization has developed a type of money as a kind of ledger of value. Instead of hauling a cow to trade for other goods, societies developed fungible money, like gold or some other precious commodity, and paper money. Cryptocurrencies are perhaps the most sophisticated ledger of value ever developed in the history of the world.
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In this interview, the Ethereum co-founder Vitalik Buterin explains the features that distinguish Ethereum from Bitcoin. He also shares his views on the outlook for the crypto world. Here is the summary of the question-and-answer session:
Vitaly Dmitriyevich “Vitalik” Buterin is a Russian-Canadian programmer and writer who is best known as one of the co-founders of Ethereum. Buterin became involved with cryptocurrency early in its inception, co-founding Bitcoin Magazine in 2011. In 2014, Buterin launched Ethereum with Gavin Wood & Charles Hoskinson.
Is crypto the future or a fad?
Buterin thinks it’s the future that contains fads. Now, it’s mostly finance apps that are built on Ethereum. Aside from NFTs, there is less likely to see a killer app for Ethereum that could lead to widespread adoption, much like email was for the internet.
The blockchain-based financial thing has always been attractive because the traditional financial system sucks more than traditional centralised tech. Today, many people use cryptocurrencies to send money internationally outside finance.
Ethereum developers are doing great work to make accounts more secure. And instead of Ethereum as just being an account that holds money, users will soon be able to use it as a complete profile with decentralised social media. Besides, the social and financial things that you can do with that even work together.
Bitcoin is a blockchain that’s designed for one application, which is like maintaining and letting people use Bitcoin as a currency. But Ethereum is a general-purpose blockchain. So, instead of being a blockchain designed for one application, Ethereum supports a built-in programming language. And whatever blockchain application you want to build, you can just write the logic of the application in the program and upload that program to the chain.
And this becomes what is called a smart contract. Then, anyone can interact with the blockchain and the blockchain interprets the rules of your application for you. Hence, instead of being something that’s designed to do one thing, Ethereum opens up space for creativity.
Credit: Bloomberg Technology (Full unedited video)
Raoul Pal & Vitalik Buterin: Building the Value Exchange Layer of the Internet
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