Ethereum co-founder believes three innovations will be key for the cryptocurrency industry in 2023: simplifying crypto wallets, inflation-resistant stablecoins, and Web3 adoption.
Ethereum co-founder Vitalik Buterin talked with David Hoffman, Co-Owner of Bankless. During the conversation, the entrepreneur shared his views on the major opportunities for the crypto industry to form a new “adoption wave” in 2023:
- Making the existing crypto wallet experience easier. This will connect “billions of users.”
- Creating a globally accessible stablecoin that will be resilient to anything from problems within the network to macroeconomic factors, “up to, and including, a U.S. dollar hyperinflation.” Such an asset “will feel like a lifeline.”
- Eliminating the information monopoly of big corporations like Facebook, Google, or Twitter and replacing them with Web3 technologies, including those based on Ethereum.
Vitalik didn’t voice specific technical ways to bring the proposed innovations to life. He only noted that competition in the cryptocurrency market was increasing as the industry became more mature, so there were fewer and fewer opportunities to fill the gaps described.
However, Vitalik Buterin speaks not only with theoretical ideas but also regularly puts forward quite practical initiatives. For example, he suggested improving the Proof-of-Reserve algorithm using zero knowledge succinct arguments of knowledge (zk-SNARK) since the community widely criticizes the existing methods of auditing reserves.
