For many crypto experts, the best time to build breakthrough products is during the bear market. A position that Vitalik Buterin, the founder of Ethereum, espouses. While hope seems lost for many, the latter revealed three opportunities that players in the sector should seize.
“There is still a lot of room for innovation in cryptos”
Vitalik Buterin, the founder of Ethereum had an interview with David Hoffman, co-owner of Bankless. The conversation is available on YouTube. During the exchange, the David Hoffman expressed concern about the wave of adoption of decentralized applications. He felt that there are fewer opportunities for developers to build new decentralized applications.
In response, Vitalik Buterin disagreed with this view. He claimed that the state of the crypto market right now offers more opportunities than it seems. He then suggested first that more development needs to be done on wallet infrastructure to make crypto easier to use and ensure it is capable of onboarding billions of users. Thus, decentralized applications will be a catalyst for crypto adoption, he continued.
Vitalik Buterin highlighted three “tremendous opportunities” for cryptos in 2023. These are the mass adoption of wallets, the creation of inflation-resistant stablecoins, and Ethereum-powered website logins.
“If you can make a wallet that a billion people will use, that’s a huge opportunity. When you make a stablecoin that can effectively survive anything up to and including US dollar hyperinflation, that would be a huge opportunity. At this level, if you can create something accessible worldwide, which will be like a lifeline for everyone going through this situation, it would be revolutionary for the crypto industry. Finally, any technical development that contributes to Ethereum snatching users away from the lords of internet connection: Facebook, Google, Twitter and other centralized monopolies, that in itself is a huge opportunity, isn’t it? ? »he asked.
Vitalik Buterin, however, noted that the opportunity to fill market gaps was becoming less clear. This, due to increasing competition and the maturing of the market.
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