In a recent podcast interview with The Stakeborg Talks, Ethereum co-founder Vitalik Buterin spoke openly about a variety of topics including his early attraction to math and problem solving, the potential of decentralized autonomous organizations or DAOs, his perspective on the Bitcoin community, and the non-fungible token or NFT space.
Buterin – a humble entrepreneur with a vivid passion for his profession – answered a query about his preference for the professional title and referred to himself as a tech philosopher, and as such possibly coined the term.
Paraphrasing the notorious scholar and warrior quote from the Athenian historian Thucydides, Buterin drew perspectives on the changing dichotomy between the technology industry’s dogma of continuous progress and the abstract space created for thought leaders in philosophy.
When asked if we are seeing a flipping of Ethereum that outperforms Bitcoin not only in price but also as a store of value, he simply replied, “It could,” before broadening his perspective:
“I think the big difference between Ethereum and Bitcoin is that Bitcoin is a platform where the value of the ecosystem depends on the value of the currency, but with Ethereum the value of the currency comes from the value of the ecosystem.”
The highly anticipated London hard fork upgrade from Ethereum in mid-August improves the network’s transaction payment system, largely through transaction fees and miner revenue. Citing this, Buterin went on to say from the conversation above:
“Especially according to EIP 1559, if the charges are burned, this will then come true in a more direct economic sense.”
In September, Buterin was recognized for his essential role in growing the Ethereum network to a market cap of over 400 billion. Other recognitions were given to leaders in the DeFi and NFT space.
Regarding the rise of decentralized autonomous organizations, and specifically the development of models like square voting and funding, Buterin outlined the Gitcoin DAO and Optimism retrospective public goods experiments as examples of projects that are evolving the landscape.
When asked if DAOs will be the next sector within the cryptocurrency ecosystem after the successes of decentralized finance and non-fungible tokens, Buterin said:
“I think DAOs will definitely become more important over time … When it comes to DAO, I don’t think there is a big thing, but a lot of small things. When does a DAO decide on a strategy pivot for the first time, or when do two DAOs decide on a merger? It is the ability to make big decisions and not just step down the same path. I think we’ll see that soon. “
Related: Vitalik believes that token-based decentralized governance is holding DeFi back
Finally, commenting on the rapid emergence of the NFT space, Buterin gave a glimpse into the new demographic that was being drawn to the asset:
“I think NFTs were interesting from a cultural point of view because they bring people to Ethereum who have a completely different mindset than DeFi and normal crypto people, for example.”