Vitalik Buterin offers principles of daily crypto life

Ethereum co-founder Vitalik Buterin shared his views on the fundamental principles that shape the daily lives of cryptocurrency users.

His remarks came in response to OxDesigner’s X topic, a crypto project designer who questioned the long-term value of meme coins in the crypto ecosystem.

OxDesigner has expressed concern about the enduring popularity of meme coins. He argued that previous market cycles have significantly expanded the functionality and reach of cryptocurrencies.

These cycles brought decentralized currency, programmable money, peer-to-peer (P2P) international payments, and borderless financial services. However, he questioned how meme coins contributed to improving daily life and felt their effects were entertainment-oriented rather than permanent.

Buterin outlines crypto’s domains

In response, Buterin highlighted several key areas where cryptocurrency makes a difference in daily life. He highlighted the potential of zero-knowledge (zk) reputation systems, authentication, and credential management. These projects can increase privacy and security through the management of personal information.

* zk reputation/id/credentials
* p2p cross-border payments (much lower fees and rapidly improving user experience in this cycle)
* decentralized social
* prediction markets (actually available in this cycle)
* privacy
* enterprise applications via zk validiums
* zk + censorship-resistant voting

— vitalik.eth (@VitalikButerin) June 12, 2024

He also noted improvements in P2P cross-border payments. Lower fees and better user experiences make these transactions more accessible and practical for everyday use. In May, MasterCard launched a product in this field.

Buterin also noted the growing importance of decentralized social platforms, which offer communities new ways to interact and share information without relying on central authorities. One of the assets in this niche is Farcaster, which Buterin has previously praised.

Prediction markets were another focus of the Ethereum founder. He highlighted their increased usability as they facilitate more accurate forecasts. Privacy improvements were also noted.

Buterin talked about enterprise applications via the Validium scaling protocol. Finally, he discussed zk-based censorship-resistant voting systems that can ensure the integrity and anonymity of votes.

Essentially, while meme coins have garnered attention for their entertainment value, the fundamental principles and practices of crypto are leading to significant advances in the way people interact, transact, and secure their information. Buterin has previously advocated for meme coins to be of better quality.