At the Ethereum Community Conference (EthCC), Vitalik Buterin discussed how the network might expand beyond its most popular use case, Decentralized Finance (DeFi). Buterin emphasized that the project was originally intended to cover areas other than this use case.
Institutional investors, retail investors, and mainstream media have all expressed interest in the various initiatives that make up the DeFi ecosystem on Ethereum. Many people believe this is where the project’s greatest potential lies.
This rise in popularity, according to Vitalik Buterin, is owing to the inefficiency of centralized financial structures. In this regard, Vitalik Buterin stated that Ethereum being “defined by DeFi” is preferable to “being defined by nothing.”
However, the network’s creator believes that “it’s time to go further,” and has advocated following a roadmap driven by two goals: build something that the majority of developers want to work on and build something that the majority of people need to use.
Because developers are striving to solve Ethereum’s high transaction price and congestion issue, Buterin feels the platform has the tools to go beyond DeFi. Optimistic Roll-ups, Looprings, Arbitrum, and sharding are all being developed by different teams to improve Ethereum’s scalability. Buterin continued:
So, it is a good time to start asking yourself, “Can we go beyond finance?” And start constructing all of the other things we’ve wanted to construct.
To Create A New Social Media Platform, We Need A Scalable Ethereum
Later, Vitalik Buterin looks into some use cases that would meet the criteria for further development. Non-fungible Tokens (NFTs) and a more concerted attempt to pique the interest of the art world in these assets could be possibilities.
Buterin also talked about the Ethereum Name Service (ENS), which he called a “great application for fascinating reasons.” This service acts as a unique identity for its users, allowing them to keep control without the use of a third-party service like Google, Twitter, or Facebook.
Users can utilize an ENS for a variety of purposes, including transmitting ETH, sending messages between users, and more. ENS, according to Ethereum’s creator, is a kind of NFT. As a result, this industry might provide a wealth of options for both developers and users. Buterin said, “Hopefully, in the future, we’ll have more and more fascinating sorts of NFTs.”
Vitalik Buterin is interested in a variety of topics, including social media platforms. Due to limits, prohibitions, and frauds performed with stolen identities, the crypto space has had a tumultuous relationship with Facebook, YouTube, and even Twitter.
The Ethereum creator has long advocated for the creation of a decentralized solution, the type that will take the network beyond DeFi. Existing social media, he argues, “sucks” because of their arbitrary and manipulative practices and “poor quality of discourses.” Buterin stated, ”
I, too, require improved social media. This is a use case that I consider to be extremely significant to me.
Furthermore, Ethereum’s creator stated that there is a demand for social media based on “crypto technology,” with numerous potential paths that might be explored with a community-focused approach.