Vitalik Buterin, the co-founder of Ethereum, has shared his thoughts on non-financial uses for blockchain technology on Twitter.
In a paper titled “Where to Use a Blockchain in Non-Financial Applications?” Buterin writes about the increasing interest in this part of the industry.
Buterin’s vision
According to the big man behind Ethereum, the technology can help with very important goals such as trust and the prevention of censorship. But in addition to those big goals, it can also provide a good solution “purely for convenience”. In his new paper he writes about “blockchains for data storage”. Buterin argues that blockchains allow us to reliably process and consult data in a cheap way.
Another potential application Buterin sees are so-called Open-source metrics, a concept that is still in the pipeline. According to the founder of Ethereum, this can be used to measure the diversity and degree of decentralization. We haven’t heard the last about this yet, because some time ago Buterin also wrote about “Soulbound Tokens”. Non-tradable NFTs that are tied to you forever. It seems Buterin has some of its focus on non-financial application right now.
A real blockchain enthusiast
Buterin’s new blog in which he writes about non-financial applications for blockchain technology is a good representation of Vitalik Buterin’s mindset. Unlike most investors, he is really excited about the technology and not just in it to make money. Although of course it’s a lot easier to stand in it that way if you have the power of a Vitalik Buterin.
Buterin has an estimated net worth of Ethereum 355,000, which is worth around $400 million at the time of writing. A lot has to be done with Ethereum before Buterin ever has to fill out an application form for anything again. That Buterin wants the best for the world is apparent from his Shiba Inu donation. Buterin donated $1.2 billion to Shiba Inu to the India Covid Crypto Relief Fund in May 2021.
