Buterin wants to improve blockchain

Not everything is good in the crypto-verse. However, Vitalik Buterin, who is happy to refer to himself as “the Ethereum person”, is not giving up. Being an outspoken man, Buterin acknowledged many problems that cryptocurrencies and blockchain face.

“Proof-of-work-sucks”, “many ICOs make no sense”, “different subtribes of the cryptocommunity have different misconceptions.” Buterin sure knows how to express himself, let’s say, eloquently. In his new interview, he reiterated his anti-love for centralized exchanges.

And admitted the inconvenient truth: cryptocurrencies have accomplished limited good. Buterin even said that those who believe that digital assets will replace fiat are wrong. And brought up the recurrent scalability issue that mars blockchain’s development. But he has also shown a different side of his, a more idealistic one. He did criticize blockchain, saying that it can’t solve all the problems out there. And yet he emphasized that blockchain projects need to create a meaningful social impact.

Public good is pivotal
Clearly, Vitalik aims to improve blockchain, its usability, and its impact. And it seems like he can do it. Recently, Economist Tyler Cowen concluded that the ETH co-founder is rediscovering some important economic results. Armed with a 1000 developer community, Vitalik has all the resources to bring innovative leaps with crypto-economics.
Buterin is currently working with Harvard professor Zoe Hitzig to establish “quadratic funding“. The concept revolves around recognizing and providing public good. Using blockchain one can create tokens that exist as proof of the participation in a public good project.
A very suitable example pertains to carbon credits. The carbon credits marketplace is yet to be fortified. However, in the future, it is bound to happen. If someone wants to contribute to this kind of public good, s/he deserves an incentive. As a result, s/he may end up using these credits to buy products/services from a marketplace.
Apart from the above example, Vitalik echoed his support for projects like OpenCert and social key recovery projects. Furthermore, he admitted that the projects are experimental in nature. Yet they have a real advantage.
The fact that Ethereum has the most robust team of developers is noteworthy. Indeed Ethereum is a project to keep an eye upon in 2019. The team is continuously working to improve performance and security. Right now, the community is eagerly eyeing the Serenity update that will upgrade its performance as the protocols alter.
What do you think could catalyze Ethereum’s growth? Let us know your thoughts in the comments section.


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