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The crisis underlines the need for Ethereum

May 8, 2020

Vitalik Buterin believes that Ethereum can play a role in a future global crisis like the glue that helps unite nations.

The co-founder of Ethereum spoke to The Defiant’s Cami Russo at the Ethereum 2020 summit on May 7th. To describe the current world crisis as more than just a financial crisis Buterin said the extent of political discord and mistrust between countries underlined the need for a network like Ethereum.

“I definitely think that blockchain and Ethereum in particular play such a role as a neutral global player. [para] that these systems, currencies and applications interact. I believe that anything that is created and maintained by countries or nations cannot play this role. “

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When Russo urged Buterin to think of Ethereum as a network connecting these nations to ETH as a currency, Buterin agreed. He cited “concerns about censorship, privacy, and institutions” as factors driving people toward cryptocurrency and blockchain technology..

The crisis underlines the need for EthereumThe crisis underlines the need for Ethereum

Description of the current situation as just a financial “third”, The co-founder of Ethereum also discussed the current situation compared to the global financial crisis in 2008 and whether the event could help trigger a new wave of cryptocurrencies.. Buterin said cryptocurrencies like ETH could grow this time by tackling “non-financial problems” around the world.

“The crypto space … for the first decade or so, it really focused on the financial aspects, the resistance to money censorship … but here in 2020 we will definitely see many of the same problems, but it’s a little less financial than before . “

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