Vitalik Buterin, a co-founder of Ethereum, has identified the silver lining in a terrible year for cryptocurrencies. He also provided some predictions about what would be significant in 2023.
Vitalik Buterin, a co-founder of Ethereum, provided Bankless with his six arguments for why 2022 wasn’t a complete disaster in an interview on December 19.
In addition, Numerous crypto startup failures this year have caused a cascading effect, or contagion, as it has been known. However, overleveraging, poor management, and fraud are to blame for a significant portion. Not cryptography, centralized systems, and the people in charge are to blame.
In 2022, Buterin cited six examples of successful crypto networks and organizations. Despite challenging governance concerns, they consist of the Uniswap DEX, Rai Flex Indicator, and Maker’s Dai stablecoin.
Furthermore, the Ethereum base level and (ENS) both achieved success and the number of intelligent contract wallets increased.
2022 wasn’t a total failure @VitalikButerinhas 6 reasons why
By 2023, Vitalik Buterin
Buterin emphasized that many “blockchain” and decentralized entities made it through the ordeal undamaged. She was bringing up the same point.
It’s the centralized stuff where everyone is wondering ‘hey am I ever going to get my money back?’.
Investors should pay particular attention to the human impact over any cryptosystem, Vitalik Buterin has often advised.
Additional positive stories from 2022 include growing Bitcoin usage and increased involvement in crypto by traditional financial institutions like Visa.
Vitalik also listed several sectors where he believes there will be excellent chances in 2023. Stablecoins that resist inflation, widespread wallet use, and logins using Ethereum are a few examples.
He rejected the idea that the surge of dApp creation and acceptance had peaked, saying that more work was still needed to make wallets more user-friendly. He continued there is a great chance to create a currency that will accept a billion users.
According to Buterin, there is also a considerable possibility of creating a stablecoin that will endure hyperinflation. Finally, he stated that Facebook and Google would be dethroned as the internet’s dominant login services if sign-in using Ethereum could work. The opportunity within it is enormous.
Ethereum Price Projection
Over the last 24 hours, the fundamental asset of the network, ETH, has increased by 2.4%. As a result, according to CoinGecko, the price of ETH at the time of publication was $1,209.
Related Reading | Visa To Introduce New Smart Contract Payment System
Although Ethereum has lost 5% over the previous week, it is still range-bound and unable to cross any support or resistance levels.