Amid the bear market, Ethereum co-founder Vitalik Buterin revealed three big opportunities inherent in cryptocurrency, namely mass wallet adoption, inflation-resistant stablecoins and Ethereum-powered website logins.
Vitalik made the remark during an interview with Bankless co-owner David Hoffman on Dec 19 in the course of sharing his view on the crypto industry in 2023.
Vitalik explained that more developments need to be made with regards to wallet infrastructure in order to make it easier for everyday people, stressing that there is a huge opportunity if one can make a wallet for a billion people.
However, Vitalik stated that the development of a hyperinflation-resistant and globally acknowledged stablecoin is another huge opportunity that will bring about a turnaround in the broader macroeconomy.
He further emphasized that if the stablecoin can survive anything up to, and including, a U.S. dollar hyperinflation, it will bolster the crypto industry.
In addition, Vitalik revealed that technical developments on Ethereum-powered website logins will be another breakthrough that will take login powers away from Facebook, Google, Twitter, and other centralized monopolies.
Meanwhile, Vitalik did not provide any technical suggestions as regards how the above propositions can be achieved.
Coinbase CEO Brian Armstrong Calls for Regulations
Amid the back and forth on crypto regulation, Coinbase CEO Brian Armstrong has urged regulators via a Dec. 20 Coinbase blog to focus on centralized actors and leave Decentralized Finance (DeFi) alone.
Armstrong remarked that legislation should start with centralized actors (stablecoin issuers, exchanges, and custodians) because those are the areas where risk for consumers are domiciled.
2/ IMO, legislation should start with centralized actors (stablecoin issuers, exchanges, and custodians) because this is where we've seen the most risk of consumer harm, and pretty much everyone can agree it should be done. It’s the low hanging fruit.
— Brian Armstrong (@brian_armstrong) December 20, 2022
He opined that decentralized protocols are not a significant part of the equation because there is no involvement of intermediaries. Armstrong harped on the fact that transparency is already inbuilt in DeFi so it should be largely left alone.
He maintained that regulatory clarity will be a step in the right direction in order to ensure a level-playing field. Armstrong urged countries that have enacted laws for crypto companies to enforce them in a more comprehensive manner.