Ethereum co-founder Vitalik Buterin and Coinbase CTO Balaji Srinivasan recently spoke about the blockchain industry’s early days and mainstream adoption of cryptocurrency at the Ethereum San Francisco meet.
Buterin started off by sharing what his role is in the projects that he is involved in. He stated that his primary role is to fundamentally research concepts such as proof-of-stake, sharding, Plasma, Protocol Economics. Srinivasan also spoke about his role in Coinbase, stating that he is partly involved in technology and partly in management.
How Ethereum came into being?
During the discussion, the Ethereum co-founder stated the vision for Ethereum was initially “unambitious”; the idea took off after he wrote a white paper which he called the “Ultimate Scripting”. It was the concept that gave birth to Ethereum.
He added that over time, the vision expanded and the community started realizing the use of blockchain for things such as building applications. Buterin said, “It kind of slowly dawned on you know, probably both me and the Ethereum community that general purpose, blockchains, really are general purpose and really are usable for a much wider variety of things, than we thought blockchain should be used for, back in 2013.”
Vitalik Buterin & Coinbase CTO on mainstream adoption
Srinivasan gave his view on what mainstream adoption meant to him by saying, “Where we are now, I think is, you know, in 10s of millions of users land, right, and there’s a difference between that versus hundreds of millions and obviously billions.”
He went on to add that it can be said that it is mainstream in the U.S. only when the space witnesses hundreds of millions of users. He stated that when the user number crosses hundreds of millions globally, that is when it can be called as mainstream adoption. Coinbase CTO believes that in the next 10 years, it will be mainstream in the U.S. However, worldwide adoption might take longer, around over 20 or 30 years, which is still a fast growth rate.
Buterin also shared his view on the matter stating that the cryptocurrency space has witnessed a lot of adoption. He added, “The big question is, basically are there going to be applications that actually do manage to use blockchains, and use blockchains kind of front and center in ways that, you know, reach very large numbers of people.”
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