Categories: Ethereum

Non-Fungible Tokens on Ethereum Will Create A Large Scale Social Impact: Vitalik Buterin

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Non-Fungible Tokens on Ethereum Will Create A Large Scale Social Impact: Vitalik Buterin

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Vitalk Buterin, the prodigal Canadian-Russian Cryptographer and co-founder of Ethereum, has addressed a full room at the premium Asian Cryptocurrency Conference: #Token2049 in Hong Kong. He talked about the state of the platform and outlined the goals of the Ethereum Foundation.

The conference kickstarted on 13th March 2019 in Hong Kong. A special section has been allocated to Ethereum and Litecoin; the #ethasiasupermeet (Ethereum Asia Supermeet) and the Litecoin meetup, which will take place on 13th and 14th March 2019 respectively.

@VitalikButerin sharing an overview of the current state of the Ethereum ecosystem #ethasiasupermeetup #TOKEN2049 pic.twitter.com/LvDMO0hczi

— TOKEN2049 (@token2049) March 13, 2019

Ethereum Updates and Important Announcements

A positive piece of news came for developers and investors as Buterin confirmed that plasma is in the test phase. Moreover, he also confirmed ‘sharding‘ adoption and announced the future implementation of Zcash’s zk-snark protocol to improve scalability on the Ethereum Platform.

Apart from the Ethereum 2.0 Road map and goals, the other focus area of the Foundation according to Buterin is Dapps. He announced plans of “large-scale on-boarding” of Dapps on Brave and Opera browsers.

Furthermore, he also talked about an open source ‘Defi‘ (Decentralized Finance) system, to promote the decentralization of our current financial system. In all probability, it will include a feasible Decentralized, open-source exchange for cryptocurrencies and other assets.

Emphasis on Non-Fungible Tokens (NFTs)

The end focus of Buterin was, however, NFT (Non-Fungible Tokens) to create applications on a “standard protocol to create a network sharing effect”. NFTs can help entrepreneurs and small business owners to create “large scale social impacts.”

Currently, their focus is on building virtual applications like financial platforms and facilitating gaming communities. He expressed a lot of enthusiasm in favor of implementation of NFTs in the e-gaming industry.

He said that gaming “enriches the like of lot of people” and it is a “place where a lot of early adopters can be expected”

He went on to implore the developers at the conference to focus on gaming Dapps and NFTs where they have a good opportunity to “create a large scale social impact.”

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