Vitalik Buterin, co-founder of Ethereum, shared his thoughts on real-world use cases and applications of cryptocurrencies.
The co-founder of Ethereum, the second most valued blockchain network and cryptocurrency in the crypto market, wrote a list listing several of the use cases that cryptocurrencies and blockchain technology have and that are extremely useful in various fields.
Buterin stood out from the identity and digital credentialsUntil the cross-border peer-to-peer (P2P) payments, decentralized social platforms and enterprise applications secured by ZK Validiums, which are scalable L2 networks running on Polygon.
Even the co-founder of Ethereum highlighted the creation of censorship-resistant voting systems.
Buterin's post originated in response to comments from X user @0xDesigner, questioning the value and usefulness of memecoins.
@0xDesigner noted that over time, cryptocurrencies have brought increasing benefits and utilities to the world, such as decentralized and tamper-proof money, permissionless financial services, and tokenization of property as digital assets, among others. . However, the user questioned the importance of memecoins and, even more so, their ability to last over time.
Memecoins, a passing fad?
Regarding the importance that memecoins have gained today, the cryptocurrency financial services firm, Galaxy Digital, shared a report in which he argues that these digital assets have become the most dominant narrative of the cryptocurrency industry.
The firm argues that the so-called “meme cryptocurrencies”, such as Dogecoin, Shiba Inu, Pepe, Bonk, among others, may seem useless to many in the crypto industry, but that, in reality, they have been contributing value and innovation to the market, for which have become a cornerstone of the cryptoeconomy.
According to Galaxy Digital, memecoins are accumulating value in the market thanks to their enormous ability to go viral, connect Internet culture, and proliferate among new and strong user communities.
To date, memecoins have added around $58.000 billion in market capitalization to cryptocurrencies, a figure that the financial services company considers nothing to sneeze at.
Galaxy Digital argues that, although memecoins do not have an obvious utility like cryptocurrencies, they have served as catalysts for on-chain activity, as in the case of Solana and BONK. The company also argued that these digital assets are gaining traction as the next avenues of expression for society at large.
Cryptocurrencies must provide real value
Despite Galaxy Digital's optimistic forecasts for memecoins, some like @0xDesigner question the functionality and reach of memecoins. In his message, the user argued that there is no compelling vision of how memecoins improve everyday life.
On the other hand, Buterin's opinion highlights that these digital assets have a playful nature that could be useful to help public projects access financing, or to uplift disadvantaged communities. Although the Ethereum co-founder recently criticized celebrity memecoins, in late March, he also made a review of his vision from 10 years ago, highlighting the opportunity that these digital assets have to contribute positively to the cryptocurrency ecosystem and the world around us.
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