Vitalik Buterin Believes the Use of Blockchain Technology Will Be More Purely

The founder of Ethereum (ETH) – Vitalik Buterin – was recently at Devcon4 (developer conference). He was also in an interview with Quartz. During the interview, Buterin talked about Ethereum (ETH) and the blockchain in general. Buterin said a couple of things regarding Ethereum blockchain. One of the things he said is that he feels the best way to describe the Ethereum project is a “world computer.”

He said a shared computing environment that allows people to create and deploy stuff is still a valuable and legitimate thing to talk about. Buterin also talked about a scenario in which he feels that those that were happy about the blockchain technology when it emerged carelessly sort ways to integrate it into their businesses. He said that is a total waste of time.

When asked what he meant by “a waste of time,” Buterin slightly went on the offensive. Buterin said: “Most of the large corporate blockchain stuff are waste of time. I read some articles on CoinDesk about some IBM blockchain stuff. I don’t really understand this, but what I conceived was that they are saying ‘Hey, all the IP belong to us and this is mainly our platform and you are getting on it.’ And like, that is totally not the point.”

 Buterin was talking about the numerous blockchain initiatives of IBM. The founder of Ethereum seems to stiffen at the idea of firms owning blockchain initiatives. This is not surprising due to the open source nature of digital currency-related codes and the open nature of the Ethereum protocol. However, the corporations that are doing it are possibly not doing it right.

Buterin said that he is less sure whether or not the actors in those fields are doing it right but there is definitely something there.

Blockchain Technology Application

During the interview, Buterin was asked what the most valid blockchain applications are. Buterin said quite much in response to the question. First, he said that the most valid and fundamental applications of blockchain technology are payment systems and digital currencies.

Buterin said that he believes the things that are best suited for blockchain technology are mainly going to be purely digital things. This statement sound similar to that of Da Feng – the co-founder of EOS. Feng recently said that the next big frontline for blockchain technology is likely gaming.

This statement has been strongly backed by the recent action in the game industry. A lot of games are now built with blockchain technology. Beside in-game items, there are lots of digital properties that can be secured by blockchain. Some of which are account access and information.

He also said that, at the moment, his favorite blockchain application is the “latest thing in Singapore” that is aimed at validating university degrees with blockchain technology.

Ethereum (ETH) Price Today – ETH / USD

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At the time of writing, Ethereum (ETH) is trading at $116 after a decrease of about two percent over the past twenty-four hours. Ethereum (ETH) is still ranked third with a market cap of $12.07 billion. The trading volume of the digital currency over the past twenty-four hours is $1.81 billion.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


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