The founder of Ethereum, Vitalik Buterin explains several decentralized applications (DApp) that demonstrate principles of privacy and decentralization in the cryptocurrency market, indicating a continued focus on improvement and the core principles of Ethereum even as meme coins gain more attention.
Buterin described Farcaster as a social network that relies on the Optimism protocol. Farcaster still enjoys relatively low usage, but the platform still offers relatively high decentralization for users. Buterin spoke about the Lens Protocol, a decentralized application where users own their content, which speaks volumes about Ethereum’s vision of bringing decentralized interaction online.
Buterin highlighted the importance of quadratic funding for the Gitcoin Grants as a fairly fresh concept of community funding for projects. This means they can fund different projects depending on what the community wants, thus, funding moves in the direction of accomplishing collective will.
He also mentioned that post-launch funding encourages schemes that have already proved useful and effective in practice, thus helping developers engage in more meaningful, effective project development.
Privacy improvements are also important according to Buterin in future Ethereum development. Buterin mentioned using zero-knowledge proofs (ZKPs) and zero-knowledge voting as critical innovations that allow verification of transactions and votes that occur in a black-box fashion while preserving privacy in the blockchain ecosystem.
While meme coins have surged in popularity, often overshadowing more substantial, utility-driven projects, Buterin acknowledges this trend but contrasts it with the significant developments in decentralized finance (DeFi) and decentralized social networks.
Also read: Vitalik Buterin Backs TiTok AI: A Leap in Blockchain Image Storage
