Vitalik Buterin: Ethereum must go beyond DeFi

Vitalik Buterin believes the Ethereum project he co-founded should go even further than DeFi . 

Speaking at the fourth Ethereum Community Conference he stated: 

“Being defined by DeFi is better than being defined out of thin air. But it must go further ”.

Indeed, he defined non-financial utilities as “the most interesting part of the vision of general-purpose blockchains”, complaining that financial applications currently dominate the space on Ethereum.

To date, decentralized finance has certainly been the main killer-application of Ethereum, in particular thanks to decentralized exchanges such as Uniswap, but there are already other applications that are enjoying considerable success, such as NFTs.

However, the blockchain is at its best when it comes to financial transactions, so it is very likely that finance will continue to play a crucial role in this sector.

According to Buterin, on the other hand, various non-financial applications should be developed on Ethereum, such as decentralized social media, identity verification and financing of public goods. Obviously he specified that he was not at all opposed to DeFi, but said he believed that the most interesting applications will be those that combine financial elements with non-financial elements.

For example, NFTs seem to fit perfectly into this scenario.

However, Buterin also specified that he believes that perhaps there could be a lot of really exciting new things about Ethereum, but in a few years.

Finance is simply, in his view, the area where the old centralized technology is worst, and which offers the greatest potential for decentralization.

However, he also underlined that in order to make this further qualitative leap, transaction costs must be reduced.

Yesterday Vitalik was also the protagonist of a cameo in a video published by the famous American actor Ashton Kutcher together with his wife Mila Kunis.

The video was used to promote Mila Kunis ‘ NFT series “Stoner Cats” 

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