For Ethereum creator Vitalik Buterin, cryptocurrencies have a deadline to be useful, which would be 10 years from this point in history. This will enable the industry to create unprecedented innovation by 2032 and achieve a broad user base for the technology.
Since cryptocurrencies have emerged as a concept in recent years, it is important to remember that many technologies have not proven themselves over time.
As such, the 10-year forecast for the industry may sound rushed for an emerging new technology, but optimistic for those who believe mass adoption is imminent.
Cryptocurrencies have 10 years to be useful or obsolete, says Ethereum founder Vitalik Buterin
At an event for the Ethereum community in South Korea, ETH Seoul, Vitalik Buterin last Friday (5) was the first speaker and opened the event to attendees.
The founder of the network presented his projections for the future of the ecosystem, focusing on privacy protocols, among other features that should achieve the ecosystem and make the technology more useful.
At this point, he stated that cryptocurrencies are just a promise at the moment. In this way, cryptocurrencies should be useful in their functionalities to the world for the next 10 years (until 2032), no longer just a promise.
The speech was accompanied by the fact that many technologies based on cryptocurrencies and blockchain are only good from a theoretical point of view. In practice, however, they are difficult to implement, as the scalability of solutions is still a barrier to innovation.
If Vitalik is right then, everything points to the fact that by 2032 the “golden decade” of cryptocurrencies will be reached, or that the limit will mean the death of several of these technologies. About Ethereum, the founder believes that this would be a network that should survive this period and be successful.
Bitcoin then proved itself?
It is difficult to say whether the 10-year time frame given by Vitalik Buterin has any connection with the fact that Bitcoin is the first coin ever created and is almost 14 years old, that is, the 10-year time frame by the major technology.
If we consider the useful aspect of Bitcoin as a means of payment, many advances have been made, such as for example the Lightning Network which is today one of the main uses of the network to facilitate.
It is worth remembering that the main differences between the purpose of Ethereum and Bitcoin are precisely in their functionalities as BTC aims to become a global currency while ETH is a supercomputer for decentralized applications.
Contrary to Vitalik’s opinion, a recent survey indicated that in 14 years, half of the world’s population will be using Bitcoin.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.