- Ethereum co-founder Vitalik Buterin considers logging in online with Ethereum to be a massive adoption-driving opportunity.
- According to Buterin, if done right, the option can overthrow similar solutions from centralized platforms like Facebook, Google, and Twitter.
Ethereum co-founder Vitalik Buterin has highlighted opportunities the network can explore massively in 2023. Per Buterin, Ethereum can dethrone centralized monopolies like Facebook, Google, and Twitter as the default login gateway of the internet.
Buterin stated this in an interview with the co-owner of crypto-focused media platform Bankless, David Hoffman. Hoffman raised concern that at present fewer opportunities remain for developers to build new decentralized applications. Hoffman also noted that the decentralized applications’ “adoption wave” was fizzling out.
In response, Buterin shrugged off the concern, maintaining that the space is just in a “limbo period.” He stated:
“If you can get signed in with Ethereum to work and if you can unseat Facebook and Google and Twitter as the login overlords of the internet, that itself is a huge opportunity, right?”
He went on to add that other massive opportunities also remain unexplored. This includes a “stablecoin that can actually survive anything up to, and including a U.S. dollar hyperinflation.” Buterin notes that such stablecoins will offer a lifeline to everyone experiencing hyperinflation globally.
Additionally, Buterin suggested that massive opportunities exist in making crypto wallets easier to use. If developers can make a wallet billions of people can use, “that’s a huge opportunity” Buterin mused.
Regardless, Buterin still conceded that the market’s maturation and increasing competition make opportunities to fill market gaps less obvious.
ETH poised for new price highs?
The interview is not the first time Buterin has shared insights into the future direction that the crypto industry should focus on. Earlier this month, he opined that blockchain-based decentralized identity (DID) and hybrid applications pose massive opportunities for Ethereum to conquer.
Buterin had also previously weighed in on the FTX collapse. He advised market participants to consider the level of human influence over a protocol when investing. According to Buterin, investors should put more trust in open and transparent code than humans.
Buterin’s suggestions to the market, if followed, could drive ETH to new price highs and probably help the network flip Bitcoin. This is because they all drive more adoption of the Ethereum blockchain network and give ETH more utility.
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In contrast, some market pundits, including a CryptoQuant analyst, fear that ETH may be in for price volatility in 2023. This is due to the announcement that the network will implement the Shanghai hardfork in March next year.
The upgrade will allow stakers and validators to withdraw their staked ETH from the Beacon Chain. At press time, ETH was trading at around $1,209, up 2.26 percent in the last 24 hours.
