Vitalik Buterin Explores Everyday Applications for Cryptocurrencies

Discussing the potential of digital assets in daily life, Ethereum co-founder Vitalik Buterin suggested the use of zero-knowledge proofs (ZKP) and other blockchain technologies.

* zk reputation/identity/credentials
* p2p cross-border payments (much lower fees and quickly improving UX this cycle)
* decentralized social
* prediction markets (actually usable this cycle)
* privacy
* enterprise apps via zk validiums
* zk + censorship resistant voting

— vitalik.eth (@VitalikButerin) June 12, 2024

In his view, ZKP mechanisms can be applied for verifying “identity, credentials, or reputation.”

For cross-border payments, cryptocurrency P2P platforms, which have improved interfaces and reduced fees this cycle, are deemed suitable by the developer.

Buterin sees potential in decentralized social networks. Additionally, he highlighted prediction markets, which are already in active use.

The Ethereum co-founder proposed integrating ZKP into enterprise applications to enhance data protection. He also suggested using the technology in voting to make it resistant to censorship.

Buterin’s interlocutor, known as 0xDesigner, questioned why meme coins maintain a dominant narrative in the current fast-evolving market:

“Every cycle expanded the functionality and reach of cryptocurrencies: decentralized and censorship-resistant assets, P2P and cross-border payments, programmable money, unrestricted financial services,” he wrote.

However, 0xDesigner found no utility in meme coins and was disappointed in their future potential, as all design concepts of such coins appear “forced” and without real benefit.

Previously, Buterin criticized celebrities’ experiments with meme coins. He urged a focus on projects aimed at public goods rather than enriching insiders.

In May, the developer listed five architectural decisions of the Ethereum blockchain he would change if possible.