While the Ethereum is struggling with its price, its founder Vitalik was interviewed at a small, private event held in San Francisco where he shared his thoughts on the future of blockchain, the state of Ethereum. One key point that Vitalik spoke about was that the regulatory openness which is currently required which can allow him to use Bitcoin Cash at a convenience store.
Vitalik reveals key information Future of Blockchain and regulatory environment
Vitalik shared his thoughts on the future of blockchain and the state of Ethereum when he had a fireside chat with Jason Hsu at Blockchain at Berkeley student-run organization, Origin and Steve Chen, co-founder of the Modernist social club. The chat also was important as currently, the focus is too much on the price of crypto and not on executions of projects. Buterin very candidly commented that the biggest elephant in the room facing the blockchain space at the moment is the high ratio of hype being generated versus actual use cases
“The amount of sustainable usage of blockchain is very low. Although it exists, there are a lot of people giving value to cryptocurrencies, yet the amount of useful stuff happening is still much lower than the $200 billion market cap makes it seem. The main challenge for the industry as I see it is basically understanding how to bridge that gap and get to point where there is $200 billion in some sense of actual final value being generated, Buterin explained”
When asked regarding regulatory actions and reforms towards cryptos, Buterin stated that the regulatory openness that is currently required should focus on ways to make it easier for people to use small amounts of cryptocurrency. Also, the governments to create these regulations must first understand the significance of services that are useful for the blockchain space in general.
“I want to be able to walk into a convenience store, get a card and pay a small fee to start using Bitcoin Cash. Allowing people to use small amounts of cryptocurrency for everyday use is valuable within crypto, and also particularly for use cases of blockchain that go beyond crypto. Even non-financial blockchain use cases still require transaction fees. If we can reduce this friction with one trip to the convenience store, it would be simple to start using cryptocurrency, Buterin noted.”
Ether price drop is creating curiosity
While the future of blockchain and regulations remain of high interest, the price drop of is starting to attract curiosity and question the existence of cryptocurrencies. While Ethereum has been the platform of choice to kickstart blockchain projects via initial coin offerings (ICOs) in the past year, Buterin mentioned that ICOs have become “old and boring.”
Buterin also discussed the current developments of Ethereum, stating that he is satisfied with a number of things such as the progress of state and plasma channels. In terms of scalability, Buterin said that the Ethereum foundation is looking to authorize scalable properties and reach higher levels of consensus. While this is moving slower than expected, Buterin revealed that the solution is much better than he had imagined five years ago.
While the drop in Ethereum prices is clearly stressing the street, some positive words on the future by Vitalik would actually keep the bulls invested even with dropping prices. Its only matter of time and patience which Vitalik believes is critical for a solution that is much better and superior.
Will Vitalik’s words halt the price drop in Ether? DO let us know your views on the same.