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Vitalik Buterin’s AMA Highlights

Vitalik Yeterin ran “a random Twitter experiment” yesterday through an Ask Me Anything post. All Twitter users that the co-founder of Ethereum had followed or mentioned were allowed to leave comments with any questions they may have for him, whether it was personal, political or philosophical.

Though only a tiny fraction of Twitter was given a chance to speak with him (only his 300 followers), those who did, asked some intriguing questions. Many others working in crypto have been affected by these questions, which were quickly answered.

NFTs – The Most Surprising Usecase

Responding to Taylor Monahan (founder and CEO of the MyCrypto wallet manager), Vitalik answered that NFTs have been the most surprising application of his network.

This is an answer that most long-time crypto enthusiasts – especially Bitcoiners – can likely sympathize with, given the absurd reality of watching once worthless jpeg files now selling for hundreds of thousands of dollars on his network.

ethrocks-p1-min
ETHrocks, Source: etherrocks.com marketplace

This development could have had an impact on Vitalik’s response to a second question minutes later.

Vitalik was asked what has changed in his mind recently. He said that the market for memes, culture and ideas is now more important than property rights and physical resource, which he stated “follows quite different laws than the former.”

ZK–Snarks or The Next Revolution

Buterin believes that ZK-Snarks will be a revolution that “permeates the mainstream world over the next 10-20 years.”

ZK-Snarks is a type of zero-knowledge proof that allows for a party to reveal that they possess information without revealing the information itself. Most notably, this is the technology used by privacy coin Zcash, which Buterin has previously called his favorite crypto, next to Ethereum.

Later, Buterin called ZK-Snarks the research that excites him the most at the moment and even reveals that a “full-on SNARKed EVM” is coming soon.

Dogecoin POS

When asked about what changes he would like to see the meme network implement, Buterin wishes to see Dogecoin incorporate a Proof of Stake consensus mechanism over Proof of Work.

The ETH co-founder wants Doge to use their $5 billion Proof of Work issuance instead to fund a DAO to benefit the public, in keeping with the coin’s “nongreedy wholesome ethos .”

dogecoin_spotlight
Dogecoin

Buterin restated his support for PoS over PoW multiple times throughout the AMA but didn’t elaborate on why – even when directly asked – besides some scattered allusions to environmental harm. He wished for the Bitcoin community to come to “appreciate the virtues of PoS on their own,” though he admitted that his own network has been underwhelmingly slow in implementing it.

The Monetary Theory

Showing further incongruency with the Bitcoin community, Buterin confessed that he actually does not dedicate much time to studying monetary theory these days:

“I just don’t rate it as anywhere close to the world’s most important problem the way I would 10 years ago or the way many BTC people do today.”

Buterin said that he had been researching future unit-of account stability. He has begun to suspect that Bitcoin and Ethereum will never achieve a form of price stability, even in a “hyper-cryptoized” world, and that there may be a need for stablecoins to serve that purpose at that point as well.

Fun Times with Vitalik

As mentioned, the AMA allowed us to look at non-crypto-related facets as well as Buterin’s personality and sense of humor. These are the top questions from the fun side, starting with one by Elon Musk:

  • Question (Elon Musk): What is Love?


    Answer: X AE A-12 don’t hurt me…
  • Question: How is being famous?


    Answer: I am planning to keep wearing a mask long after covid stops being a problem. There are certain disadvantages.
  • Question: Do you think there’s free will in humans?


    Answer: Yes.
  • Question: How do you deal with stress?


    Answer: Have enough life experience to know that “everything’s going to be all right.”
  • Question: Cats or dogs?


    Answer: Monkeys!
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Ethereum

Gensler Criticizes Crypto Exchanges for Questionable Practices, Says Spot ETH ETFs Will ‘Take Some Time’

SEC Chair Gensler has voiced concern over unethical conduct within crypto exchanges, noting that the introduction of spot Ethereum ETFs will require additional time.

Gensler’s comments were made during a June 5 interview on CNBC, where he also responded to Jim Cramer’s inquiries about potential exchange-traded products for cryptocurrencies beyond Bitcoin and Ethereum.

Gensler Criticizes Crypto Exchanges

Gensler stated that while the SEC had approved the associated 19-4b filings for spot Ethereum ETFs last month, the launch of these products would “take some time.”

He explained that the ETF applications are undergoing the normal procedural reviews, which inherently take time, but refrained from providing a specific timeline for their market debut.

However, Gensler soon turned his attention to the broader cryptocurrency market with a more critical perspective. He slammed the widespread unethical practices within crypto exchanges, stressing that the market is still plagued by fraud and manipulation.

“Crypto exchanges are engaging in practices that would never be allowed on the NYSE. Our laws don’t permit exchanges to trade against their customers, yet this is happening in the crypto space,” Gensler stated, drawing a line between crypto exchanges and traditional ones like the New York Stock Exchange.

Referencing recent high-profile failures like FTX and Celsius Network, Gensler stated that such illegal activities remain a big problem in the crypto market. He reaffirmed the SEC’s dedication to upholding market integrity through ongoing enforcement measures and highlighted the agency’s role as a civil law enforcement agency.

Gensler Highlights Regulatory Gaps in Crypto Market

While acknowledging some positive steps in regulation, Gensler voiced serious concerns about the inadequate disclosure and regulation in the cryptocurrency industry.

“These tokens, whether they’re well-known or obscure, have not provided the necessary disclosures required by law,” he noted, emphasizing that most cryptocurrencies do not meet the essential disclosure standards expected of regulated assets. This lack of transparency, Gensler argued, deprives investors of the crucial information needed to make informed decisions.

During the interview, Cramer also questioned Gensler about the possibility of ETFs for various lesser-known cryptocurrencies, including meme coins like SushiSwap (SUSHI) and Bonk (BONK), as well as other tokens such as Cardano, Cosmos, and MyNeighborAlice. Cramer pointed out that these tokens had traded millions of dollars in recent activity, asking whether they too should have their own ETFs.

While Gensler did not provide specific answers, he emphasized his stance on the inadequate disclosures of many crypto tokens, implying that these tokens are often unregistered securities.

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Ethereum

SEC Chair Gensler: Spot Ether ETFs ‘Will Take Some Time’ to Begin Trading

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has stated that spot ethereum exchange-traded funds (ETFs) “will take some time” to commence trading, highlighting the necessity for a thorough disclosure process. Additionally, Gensler emphasized the lack of proper disclosure provided by crypto exchanges to investors…
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Ethereum

Nibiru EVM to Transform Ethereum Capabilities for Tomorrow’s Web3

[PRESS RELEASE – Tortola, British Virgin Islands, June 5th, 2024]

Nibiru EVM execution boasts blazing-fast transaction speeds, scalability, and seamless integration for Ethereum developers, positioning Nibiru to drive mainstream adoption and innovation in Web3.

Overcoming Ethereum’s Scalability Hurdles

Nibiru Chain, a pioneering smart contract ecosystem, introduces Nibiru EVM, a high-performance Ethereum Virtual Machine (EVM) execution environment, showcased in its latest v2 release.

Nibiru plans to scale beyond Ethereum’s current infrastructure, which is limited to approximately 20 transactions per second (TPS) and results in high fees during periods of congestion. These constraints hinder developers from building performance-intensive applications similar to the ones seen in Web2. Nibiru EVM surpasses these limitations by offering throughput exceeding 10,000 TPS even with just single-threaded execution.

To take the scaling and performance a step further, Nibiru plans to upgrade the network to process transactions with parallel optimistic execution, which is “targeted for release before the end of 2024,” according to Co-Founder of Nibiru, Unique Divine. This approach allows nodes to utilize extra hardware resources, pushing the boundaries on the network’s transaction handling capabilities.

Fueling Ecosystem Expansion and Enhanced Developer Experience

“Compatibility with Ethereum is a key driver for attracting liquidity and promoting ecosystem growth on Nibiru EVM. Launching a blockchain protocol is about building trust and showcasing real-world utility. Innovating and improving the EVM is a key part of our strategy,” explains Unique.

With Ethereum developers accounting for applications that make up over 90% of the total value locked (TVL) across smart contract ecosystems, Nibiru EVM significantly lowers barriers to entry and accelerates development timelines.

Nibiru EVM empowers developers with a robust, user-friendly environment that enables seamless interaction between Ethereum-based tokens and applications across multiple virtual machines. This multi-VM approach ensures fast transaction processing and a streamlined user experience.

Ethereum developers are able to deploy applications in a familiar EVM environment, reducing barriers to entry and accelerating development timelines, whilst also reaping the benefits of parallel optimistic execution and instant finality.

Nibiru in Early Innings

Since its mainnet launch in March 2024, Nibiru has supported Wasm (Web Assembly) smart contracts written in the Rust programming language. The introduction of Nibiru EVM promises developers an EVM-compatible execution environment that is both highly performant and scalable. Positioned to play a crucial role in the future of decentralized applications, Nibiru is driving innovation and setting the stage for mainstream adoption.

About Nibiru

Users can stay up-to-date on the latest news or engage with Nibiru by visiting the Community Hub. Users can find the official web application and information on user guides, block explorers, and upcoming governance and improvement proposals.

Nibiru aims to be the most developer-friendly and user-friendly smart contract ecosystem, leading the charge toward mainstream Web3 adoption by innovating at each layer of the stack: dApp development, infra, consensus, a comprehensive dev toolkit, and value accrual.

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