Vitalik Buterin referred to an NFT coin project built on top of the Ethereum ecosystem, of which he is a co-founder. Buterin, who made optimistic statements in the Merge, seems pleased with the ETH price approaching $ 2 thousand.
Most people are only interested in monkey pictures, according to Ethereum founder
Vitalik Buterin said that the ETH price hit the highest levels since June ahead of the merger. Speaking at the Blockchain Futurist Conference in Toronto on Wednesday, the founder made some interesting statements about the popular NFT project Bored Ape Yacht Club (BAYC). Buterin says that the original catalyst behind the creation of cryptocurrencies was social change. According to him, millions of people instead “definitely use crypto wallets for a more bizarre purpose.” Buterin said at the conference that most people are only interested in investing in monkey paintings.
Buterin says crypto pioneers are pondering the “great battle between the authority of the nation-state and the desire for individual freedom.” However, he complains that the final point is taking monkey NFTs. More seriously, Buterin believes this is an example of the double-edged sword of cryptography. Drawing attention to Ape NFTs, he made the following statements in part of his speech:
The problem with the crypto space is that it has huge incentives, but also incentives to sometimes go in very strange directions.
Vitalik Buterin had previously brought up the utility of BAYC NFTs
In an interview with Time in March, he compared the hugely popular NFTs to gambling. He later explained in a tweet that he didn’t necessarily hate Ape NFTs, instead asking them to “fund the public good”.
Buterin was also very optimistic about Ethereum Merge, an event that could happen next month that will significantly change the fundamentals of the network and reduce energy consumption in the process. At the Blockchain Futurist Conference in Toronto, he said:
After the Ethereum merge, the energy consumption will decrease by more than 99.9%, so this is a big improvement. It’s also an opportunity to take some of the ideas we’ve learned over the past eight years and use it to truly redefine what different parts of the Ethereum Blockchain can do.
Buterin’s optimism was also reflected in the markets, with the ETH price seeing its highest price since June as investors became more optimistic about the merger.
Vitalik Buterin’s expectations from ETH 2.0
Vitalik Buterin also says that after the transition, the network can be made more secure, transactions can be accelerated and costs can be reduced. He also said that he opens Ethereum to more upgrades in the future. Buterin added that immediately after the merge, the biggest focus will be on the scalability of the network. Besides making the network consume less power, the rest of the benefits Buterin mentioned is still in the distant future.
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