Ethereum founder Vitalik Buterin spoke about this year’s developments in the crypto market and the potential for 2023 in a bankless podcast on December 19, 2022.
Buterin explained that it will be more difficult in the coming year than in the past to succeed with digital projects. Nevertheless, the Russian-born programmer remains optimistic – despite market turbulence this year.
Vitalik Buterin around 2022
Even though the prices of most cryptocurrencies dropped significantly in 2022 and many market companies collapsed, Buterin considers 2022 a success for the industry.
In addition to a higher adaptation of Bitcoin, he described the progress of some projects as a success: In a tweet, he named UniSwap, a decentralized cryptocurrency exchange, the ENS (Ethereum Name Service), which, among other things, optimizes the domain names and addresses of the blockchain, and that on the stablecoin DAI based on ETH.
Many other open, trusted, and decentralized projects even survived this year’s crashes “without a scratch,” according to Buterin.
Moreover, according to Buterin, the power consumption of Ethereum decreased significantly after the merger: previously it was comparable to that of Austria. Now it looks like a small country like the Vatican. Also switch to the new consensus mechanism to use the blockchain “a difference like day and night”because transactions are processed much faster.
Moreover, according to Buterin, crypto itself is not the reason for the failure of large corporations, but rather for their mismanagement, centralization, and excessive borrowing. The 28-year-old continues to believe in the potential of decentralized digital technologies – especially for the year 2023.
The best crypto trends for 2023
For the year 2023, the founder of Ethereum sees great potential in the following technologies in particular: Wallets, stablecoins and decentralized digital projects.
In the years to come, wallets could possibly be created, capable of attracting several billion users. Therefore, he called the development of wallets a “huge opportunity”. In general, Buterin also assumes that digital wallets will be increasingly adopted.
Regarding stablecoins, Buterin argued that an inflation-resistant stablecoin in particular has great potential. This may prove to be a “lifeline” for users and therefore an opportunity to attract large amounts of capital.
Finally, he cited the decentralized nature of his blockchain as an opportunity to completely reshape the internet:
“If you can sign up with Ethereum to work, and if you can replace Facebook, Google, and Twitter as the rulers of the internet, then that’s a huge opportunity, isn’t it?”
Buterin also reiterated the potential that ETH offers. Other crypto projects may forever change the structure of the new Internet. However, these are “much more difficult to develop”.
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