Vitalik Buterin, the co-founder of the third largest cryptocurrency, Ethereum, went on a tweetstorm about non-financial applications for Blockchains. Ever since Bitcoin’s success as the first cryptocurrency, less and fewer people focus on the financial blockchain applications, so the non-giver of Ether, himself decided to list the use cases of the blockchain.
Vitalik realized the fact of people being half-informed on the applications of blockchain and took to his twitter to share examples of security and application of blockchains. Buterin’s tweetstorm was 15 tweets long and touched base on possible uses of Blockchain, with an interesting session on a debate between crypto enthusiasts.
Vitalik starts the thread by introducing the aspects of blockchain improving along with the scalability, user experience and eventually impacting the fees. According to Vitalik, these things may have a great impact on the industry.
After this, Buterin explained the under-appreciated way to view blockchain. Buterin stated:
“One underappreciated way to view blockchains is as an extension of cryptography that does different things. Cryptography allows you to encrypt data, prove data was signed by someone, etc etc…. blockchains OTOH allow you to prove that a piece of data was *not* published.”
Buterin explained how blockchains could be used in a wide range of cases with verification. Buterin explained the cryptographic aspect of blockchain and how it can be used to check the validity of any transaction. He cited another example of using blockchain technology for cryptographic verification even for a University degree verification application, “key revocation in self-sovereign identity”, and verifying the integrity of bids while an auction.
After explaining the use cases of blockchain technology, Vitalik went ahead by explaining the future of blockchains. The non-giver of Ether explained the importance of public blockchains and step to make them more practical. Buterin tweeted:
“Public blockchains have a genuine competitive advantage over both centralized servers and consortium chains in credibly signaling neutrality. Right now it seems like benefits like this might not be worth the costs of public chains, but that’s just the public chains of today…”
Buterin continued that proof of stake and sharding will be more efficient so adding more things on-chain will be acceptable. Buterin like other points, explained this too with an example of blockchains becoming so efficient. He forecasted the receipts to everyday purchases being available on blockchains. He claimed that blockchain will become the easiest tool for achieving “guarantees of verifiability, non-double spending, etc.”
Towards the end, Buterin appealed to the crypto enthusiasts to take non-financial blockchain applications more seriously as they would be able to make way for a better financial implementation of the blockchain technology.
“Non-financial applications have a leg up over financial ones in one important sense: there is less at stake if they break, so fewer reasons to fear deploying them fairly quickly. So they could be the first applications deployed widely, especially in institutional contexts.”
Subscribe to AMBCrypto’s Newsletter
Source: Read Full Article