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Hey, Look, It’s a Monkey!
Co-founder of the Ethereum platform Vitalik Buterin made fun of the non-fungible tokens (NFTs) created by the Bored Ape Yacht Club (BAYC) and voiced hope for the upcoming Merge, which would fundamentally change how the network is administered. Buterin pointed out that societal transformation served as the first impetus for the development of cryptocurrencies. Instead, he said that millions of individuals use their cryptocurrency wallets so they may exchange monkey photographs on Wednesday at the Blockchain Futurist Conference in Toronto.
He said that the forefathers of Crypto thought about the huge conflict between the power of the nation-state and the demand for individual freedom. In the present, he said that It’s like, ‘Hey, look, it’s a monkey!’’
More gravely, Buterin sees this as an illustration of how encryption may be a double-edged sword. He noted the Ape NFTs and stated that the difficulty with the crypto sector is that it has amazing incentives, but at the same time, it has incentives to go into pretty bizarre ways occasionally. Buterin has already made public remarks on the usefulness of BAYC’s NFTs. In a March interview, he compared the enormously well-liked NFTs to gambling. Later, in a tweet, he emphasised that he doesn’t necessarily despise ape NFTs, but rather that he wants them to finance public benefits.
Buterin was also quite optimistic about the Ethereum Merge, a potential event that might fundamentally alter the network’s foundation while simultaneously reducing energy use.
Redefining Components of Ethereum Chain
He believes that it’s a tremendous improvement since Ethereum’s energy usage after the integration would be lowered by more than 99.9%. It’s also a chance to redefine what the various components of the Ethereum chain are capable of using some of the concepts that have been learnt over the previous eight years or so. Markets also echoed Buterin’s confidence, with ether (ETH), the native token of the network, reaching its highest price since June as a result of traders’ growing optimism towards the Merge.
After the move, the network may be made more secure, transactions could be completed faster, and expenses could be reduced. According to him, it also makes Ethereum more accessible to future improvements. Buterin emphasised that the network’s scalability will be the main emphasis right after the Merge. The remaining advantages Buterin mentioned, aside from reducing network power consumption, are still far off. A test version of Ethereum was used on Wednesday to complete the third and last significant step before the Merge.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
