Ethereum co-founder Vitalik Buterin sees 3 “huge” opportunities for cryptocurrencies in 2023: mass wallet adoption, inflation-resistant stablecoins, and Ethereum-powered website logins.
During an interview with Bankless co-owner David Hoffman, Buterin shared his perspective on the crypto industry in 2023, responding to Hoffman’s concerns that the “adoption wave” for decentralized applications is now over and that there’s “less opportunity” for developers to come in and build new decentralized applications, Cointelegraph reports.
Buterin suggested that, first, more changes to the wallet infrastructure need to be made to make it easier for ordinary people to use cryptocurrency and ensure that it is capable of connecting billions of users. “If you can make a wallet that a billion people will use—that’s a huge opportunity,” he said.
Second, Buterin said that creating a hyperinflation-resistant and globally accessible stablecoin that can withstand any conditions—both within the network and in the broader macro economy—would be revolutionary for the industry:
“If you can make a stablecoin that can actually survive anything up to, and including, a U.S. dollar hyperinflation [...] that’s a huge opportunity as well if you can create something that will feel like a lifeline for everyone going through that situation.”
Finally, Buterin said that any technical developments that encourage Ethereum to strip Facebook, Google, Twitter, and other centralized monopolies from login will eventually allow Ethereum to gain more dominance in the internet application market:
“If you can get signed in with Ethereum to work and if you can unseat Facebook and Google and Twitter as the login overlords of the internet, that itself is a huge opportunity, right?”
However, Buterin also said that the opportunity to fill the gaps in the market is becoming less clear due to increased competition and market maturation.
© 2022, Eva Fox | Tesmanian. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.