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Vitalik: Ethereum would have a role to play in central bank digital currencies

Vitalik Buterin Ethereum

Last week, May 7 and 8, the Ethereal Virtual Summit took place. This conference (virtual, due to the global health context), saw a succession of eminent players in the Ethereum ecosystem. Obviously, among the speakers, we found Vitalik Buterin, the founder of Ethereum, who came to discuss the future of the network.

Ethereum and the global crisis

The interview led by Camila Russo begins with a perspective on the economic crisis of 2008, which saw the emergence of Bitcoin, and the economic crisis to which we are going. Although they have certain similarities, these two crises will not have the same impact on the crypto ecosystem.
However, this could lead to an acceleration in the creation and issuance of state cryptocurrencies, such as the one currently being developed by China. And it is in this case that Ethereum would have a role to play, according to Vitalik:
"I really think Ethereum has a role to play as a neutral, global and unlicensed platform for all of these new central bank digital currencies, and much more. "

The Ethereum ecosystem

Pending the democratization of Ethereum among the states, the network continues to develop internally, and its brightest student to date remains decentralized finance or DeFi .
Indeed, it is constantly evolving and offering an ever wider range of applications. The decentralized exchange platforms were the first stone of this edifice, and Vitalik thinks that these “are on the right track to compete with the centralized exchange platforms” .
The founder of Ethereum, however, seems to remain skeptical of lending platforms , which he believes should focus their marketing around security rather than platform performance:
"DeFi's marketing should not be performance-oriented (and the competition between interest rates and guarantee rates offered) because in reality, the probability that one of these systems will" break "is more higher than the interest rate they pay. "



The DeFI ecosystem on Ethereum
The DeFI ecosystem on Ethereum

Also, the latter does not necessarily welcome the creation of tokens solely dedicated to governance, because these lead to a convergence of interests, and therefore a centralization:
“I think ad governance, which is the main feature of new utility tokens , is a bit ill-advised (…) If people really like tokens just because of their governance component, then distribution will end up being centralized. "

Ethereum 2.0

Impossible to invite Vitalik without tackling the crisp subject that represents Ethereum 2.0, the upcoming update of the network which aims to solve the various scalability problems.
With this update, Ethereum 1.0 will not be doomed to disappear. On the contrary, it will be an integral part of Ethereum 2.0, as Vitalik explains “Ethereum as it exists today will be its own shard (editor's note: blockchain partition) separate on the Eth2 network” .
As usual, Vitalik remains confident about the rollout of the update.
“I am very confident about the transition from Eth 1 to Eth 2 (…) We are already at the point where Eth 1 was a few months before the launch. "
ethereum serenity roadmap
Details that can be confirmed soon, with the launch of phase 0 of the transition to Ethereum 2.0, scheduled for next July .

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