On December 5, Buterin wrote a blog post outlining five features of the Ethereum network that he believes will help it grow even more. Among these are real-life use cases, blockchain identities, decentralized finance (DeFi), decentralized autonomous organizations (DAOs), and hybrid applications.
Crypto payments
Buterin gave a demo of using Ether as a means of payment in a cafe in Argentina.
He said, “We ordered tea and snacks and asked if we could pay in ETH. The coffee shop owner obliged and showed me the QR code for his Binance deposit address, to which I sent about $20 of ETH from my Status wallet on my phone,” he revealed.
The Merge is giving him credit with stating that transactions have started to get getting included significantly more quickly, and the chain became more stable, making it safer to accept transactions after fewer confirmations.
DeFi
Buterin commented on the rise of DeFi, saying it started gloriously and limited, but quickly became “an overcapitalized monster that relies on unsustainable forms of yield formation.” He added optimistically that DeFi is still in the “early stages” of stabilizing the medium, improving security and refocusing on valuable applications.
Blockchain Identification
Buterin noticed how pleased he was with the rise of blockchain identification methods, such as the Sign In With Ethereum (SIWE), and how they can enhance user privacy. He stated how SIWE allows users to interact with a site without giving Google or Facebook access to their private information and the ability to take over their accounts. Such protocols, according to Buterin, could also be used to prove eligibility in events like governance or airdrops without compromising users’ data.
DAO
Focusing on MakerDAO, he highlighted that the project had $7.8bn in collateral. As a result, if governance was fully up to MKR holders without any safeguards, someone could purchase half of the MKR, manipulate the price oracles, and steal a large portion of collateral for themselves.
Hybrid App’s
Buterin talked about adding special processes, like voting, to the Ethereum technology. He said that when people vote, their choices are put on the blockchain so that everyone can see it. But the votes are made secret and private using a special tool called ZK-SNARK.
Think of ways to achieve big things in the crypto world in the future.
Buterin said that it’s better to work on projects that will help us in the long run, instead of just trying to make money right away.
uterin said that some exciting and profitable projects were made, like LUNA which was worth $30 billion until it crashed in 2022. But simpler and more reliable projects, like stablecoins, were ignored for a long time.
