Vitalik Buterin Says Ethereum Must Go Beyond DeFi

by in Blockchain News

Vitalik Buterin Ethereum Conference

Ethereum co-founder Vitalik Buterin said in his speech during Ethereum Community Conference (EthCC), held in Paris that Ethereum aims to progress beyond the DeFi space.

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The 4th EthCC began on July 20 and will end on July 22.

Buterin referred to DeFi and cryptocurrencies as the most interesting part of Ethereum, however, the vision is wider. Sharing his views on why DeFi projects are the majority on Ethereum, Buterin says that it is a sphere where centralized technologies cause more issues. However, the crypto influencer says centralized other things also have problems.

According to Buterin, it's time to go further DeFi. He mentioned two goals to achieve: alignment with values and alignment with needs.

Among expanding decentralization use cases he pointed out art in the form of NFTs and social media, which have been developing. There are other directions to explore too.

Another opportunity that Ethereum brings is Ethereum login, which suggests self-custodied public key authentication and encryption.

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The Ethereum ecosystem keeps growing. On August 4, the update London fork with Ethereum Improvement Proposals (EIPs), most notably EIP 1559 will launch.