The bull market in cryptocurrencies is over – at least for now. Now it’s time to look for new reasons why the crypto market can pick up again. Ethereum co-founder Vitalik Buterin does not think the ‘adoption wave’ is over, and lists three sources of growth for the coming period.
Crypto grown, or not?
The programmer spoke on the podcast Bankless. Host and Bankless co-founder David Hoffman mentioned that the adoption rate is already saturated for decentralized applications, leaving fewer opportunities for developers. The market would now be in limbo because it can’t properly find new ways to grow. Vitalik disagreed, citing three ways to promote growth.
For example, he thinks that the market still needs a wallet that is suitable for everyone, including people who are not involved in cryptocurrencies and investments for their hobby or work. “If you can create a wallet that more than a billion people will use, that’s a huge opportunity,” Buterin said. According to him, that crucial infrastructure is not really there yet.
Stablecoin against hyperinflation
His second idea is a stablecoin that could survive anything – even a possible hyperinflation of the US dollar. That could be a huge source of growth, and it could help everyone survive such a period. Hyperinflation of the US dollar has never happened, but unfortunately it cannot be ruled out. Some think this is exactly what awaits the US.
Login without Big Tech
He also sees opportunities to reduce the influence of Big Tech. You know those sites where you can log in with your Facebook or Google account, for example? Sometimes they have nothing to do with those companies, but they do allow you to log in more easily. After all, you no longer have to come up with a username and password for everything.
But this also has disadvantages, it gives these companies enormous influence. Also, you have a big problem if the credentials of those accounts get lost. Then you can almost never log in anymore.
Vitalik Buterin wants to solve this by giving Ethereum this feature. You already have .eth domain names, so why not have a login infrastructure on Ethereum? For now it seems to be just an idea, just like the other two ideas mentioned.