Many countries like Finland, Sweden, Japan, etc. are adopting cash-less societies
Amazon Go is just an outcome of these developments
I mean why stand in the long queues, when you can just take what you need, and go about your day?
Because let’s face it, tangible money at these crime rates is an invitation to get looted
So, why not adopt a cash-less society?
Why am I talking about this all of a sudden?
Here’s why 👇
We all know Vitalik,
The creator of a blockchain worth more than $150 Billion,
The man who donated billions for COVID relief in India,
This guy just shared 5 reasons why he is excited about Ethereum,
and so should you be!
Team Inspired Analyst summarized the blog for you in less than 2 minutes….
1. Money
According to Vitalik, this is the most powerful application for cryptocurrency.
Let's go back to Christmas last year. Vitalik was wandering around Argentina and entered a coffee shop. The owner knew Vitalik and showed him his Binance account, which was loaded with Ether.
Vitalik paid with ETH for his coffee and snacks. It was his first time paying with cryptocurrency in Latin America, and it opened his eyes to the value of cryptocurrency in nations with volatile currencies and repressive administrations.
But what about using cryptocurrency in wealthy countries? Does cryptocurrency make sense in a country like the United States? Vitalik believes it does.
Donations are more convenient with cryptocurrency.
Satisfies the "cashless society" idea without compromising privacy, as CBDCs do.
Avoids the danger of payment processor deplatforming.
The difficulty with utilizing cryptocurrency for money is the volatility, which is why stablecoins exist.
2. DeFi
DeFi has been a wild ride. It progressed from ten people trading coins on the internet to billion-dollar yield farming applications to claims of 1000% interest rates, which crashed inevitably, to a more stable status now.
Vitalik sees a few additional possible DeFi use cases aside from decentralized stablecoins.
Markets for forecasting
Real-world assets such as stock indices and real estate
Trading assets like ETH, stablecoins, and real-world assets efficiently.
3. Identity Ecosystem
Vitalik believes that identity on the blockchain is critical to the future of cryptocurrency. Here are some of the use cases that are currently being developed.
The basic authentication -> Sign In With Ethereum (SIWE) standard enables users to enter into traditional websites without providing private information to businesses such as Google or Facebook.
Names -> The Ethereum Naming Service (ENS) allows you to name your digital wallet.
Proof of personhood -> Proof of Humanity allows users to demonstrate that they are distinct humans, which is helpful for airdrops and governance.
POAP (the "proof of attendance protocol") is a protocol for issuing tokens representing attestations. I went to x event, completed y course, or met z person.
People can scan Vitalik's POAP card to show they met him.
4. DAOs
DAOs are acronyms for Decentralized Autonomous Organizations. Essentially, it is a group chat that shares a digital wallet.
One DAO wants to buy an NBA team, another hosts a weekly joke contest, and yet another attempted to buy the Constitution.
However, DAOs are more than just investment organizations and comedy acts. According to Vitalik, "a DAO is a smart contract that represents a structure of ownership or control over some asset or process."
They can guard against inside threats (such as FTX) and censorship, provide more efficient ways to organize individuals in countries and territories with complex and unfair legal systems and connect more effectively with other decentralized institutions.
5. Hybrid Applications
Off-chain tasks that can be improved with blockchains are referred to as hybrid apps.
Examine the voting process.
You may use blockchain technology to
Improve the credibility of social media voting, petitions, and polls.
Develop innovative voting methods that allow citizens to provide immediate feedback from their digital wallets (i.e. government wants public opinion on a referendum)
Vitalik believes that a hybrid blockchain approach could benefit a wide range of applications.
Exchange Proof of Solvency
Registries of the government
Accounting for businesses
Games
Applications in the supply chain
That’s all for today,
We’ll see you on Tuesday with the Technical Analysis!
Until then,
Inspired Analyst’s Team - signing off
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.