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Vitalik Buterin, the co-founder of the third largest cryptocurrency, Ethereum, went on a tweetstorm about non-financial applications for Blockchains. Since the success of Bitcoin as the first cryptocurrency, fewer and fewer people are focusing on the applications of financial blockchains, so the non-donor of Ether has decided to list the cases of use of the blockchain.
Vitalik realized that people were partially informed about blockchain applications and took on his twitter to share examples of security and application of blockchain. The tweetstorm of Buterin was 15 tweets and was based on the possible use of Blockchain, with an interesting debate session among the encrypt enthusiasts.
Vitalik begins the discussion by introducing the aspects of the blockchain, improving together the scalability, the user experience, and eventually affecting the rates. According to Vitalik, these things could have a big impact on the industry.
After this, Buterin explained the unpopular way of viewing blockchain. Buterin stated:
"An underrated way to view blockchain is like an" extension of cryptography that does different things. "Encryption allows you to encrypt data, prove that data has been signed by someone, etc. Etc. blockchains OTOH lets you prove that a data was not * not * published. "
Buterin explained how blockchains could be used in a wide range of cases with verification. Buterin explained the cryptographic aspect of the blockchain and how it can be used to verify the validity of any transaction. He cited another example of the use of blockchain cryptographic verification technology also for a university degree qualification verification application, "key revocation in self-sufficient identity" and verification of the integrity of offers during a & # 39; auction.
Source: Twitter
After explaining the use of blockchain technology, Vitalik went on to explain the future of blockchains. The non-donor of Ether has explained the importance of public blockchains and the step to make them more practical. Buterin tweeted:
"Public blockchains have a real competitive advantage over centralized servers and consortium chains in terms of credible reporting of neutrality – at this time it seems that benefits like this may not be worth the costs of public chains, but it is only public today … "
Buterin went on to say that the demonstration of stakes and sharding will be more efficient then adding more on-chain stuff will be acceptable. Buterin like other points, also explained this with an example of blockchain that become so efficient. He predicted that revenue for everyday purchases will be available on blockchain. He said that blockchain will become the easiest tool to obtain "verifiable guarantees, non-double spending, etc."
Toward the end, Buterin appealed to the enthusiastic crypts to take non-financial blockchain applications more seriously as they would be able to make room for better financial implementation of blockchain technology.
"Non-financial applications have an advantage over financial ones in an important sense: there is less at stake if they break, so there are fewer reasons to worry about having them quickly enough so they could be the first widely distributed applications, especially in institutional contexts ".
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