Ethereum has the ability to bring trust among nations during global crises such as COVID-19. Ethereum and other cryptoassets need to change focus and help the world solve the non-financial issues.
The co-founder of Ethereum, the world’s largest altcoin, Vitalik Buterin believes in Ethereum could play a big role in global crises like the one triggered by the Coronavirus pandemic. Buterin was speaking during the Ethereal Summit 2020 on May 7. In his opinion, the ongoing crisis goes beyond finance. Nations around the world are dealing with issues of mistrust and discord. The situation has brought to light the need to have a network like Ethereum.
I definitely think that there’s a role for blockchains — and Ethereum in particular — to play in being this kind of neutral global player role [for] these systems, currencies, and applications to interact. I think anything created and maintained by nation-states can’t play that role.
Buterin added that Ethereum does have the capacity to link these nations using Ether as a currency. He also believes that people are turning to crypto due to “concerns around censorship, privacy and institutions.”
Owing to the fact that cryptocurrencies were introduced in the wake of the financial crisis in 2008, Buterin said that digital assets such as Ethereum had an opportunity to grow during the current crisis. However, they will have to focus on addressing non-financial issues affecting the world.
The cryptocurrency space… for the first decade or so, it was really focused on the financial aspects — censorship resistance of money… but here in 2020, we’re definitely seeing a lot of the same themes, but it’s somewhat less financial than before.