Vitalik Buterin is a Russian tech entrepreneur and co-founder of Ethereum. What view he has about Ethereum network and its 2.0 version is so important to the crypto world. Thanks largely to the advancements in the IT industry, decentralized technologies are easy to access. Buterin believes in removing middlemen and enabling users to deal directly with each other, resulting in true peer to peer networks that shape the future of the technological world. Moreover, decentralized applications are becoming an increasingly larger part of the global network. In the words of Buterin, DAPPs bring down the ‘costs and barriers to entry’. In addition, it removes a single point of failure and prevents censorship. It also brings a sense of transparency and trust among all parties involved in the interaction.
Evolution of Decentralized Applications (DAPPs)
Vitalic Buterin compares the success of BitTorrent, which is in a way similar to Ethereum. He considers the torrent sharing app as the first-ever decentralized application to be ever created. It allows a user to share any kind of torrent file with any user, anywhere in the world. It powered users to distribute content quickly and easy, without having the resources to fund their own website and servers. It took five more years for Satoshi Nakamoto to come up with the idea of a solid blockchain. This type of distributed database led to the creation of Bitcoin, the first-ever decentralized currency. It allowed people to send money to anyone around the world, almost instantly. With no regard to international borders and negligible fees, it became the netizens darling. People use it for micropayments, international remittances and e-commerce.
Scope of Decentralized Applications (DAPPs)
Vitalik Buterin has a broader view of the scope of decentralized applications (DAPPs). He considers the use of DAPPs effective in finance, messaging, cloud computing and distributed governance. He describes Ethereum as the kind of platform where people can build these types of decentralized applications. The Ethereum browser, its primary client enables peer to peer messaging and provides generalized blockchain with a built-in programming language. Developers can program any kind of decentralized application they want to create on the Ethereum platform. Augur is a classic example of DAPPs utilizing the Ethereum platform.
DAPPs are perfect for distributed management
Due to the inherent nature of blockchain, Ethereum can be used to build financial applications that are fully decentralized, transparent and trustworthy. They provide cryptographically secure systems to manage property and contracts. In addition, it allows for social networking and messaging systems that enable users to control data. It can be used to create applications that allow distributed use of CPU time and hard drive space. Buterin goes as much as trusting the system with online voting and distributed governance. He further adds that the most exciting uses for DAPPs are the ones that we still have not even thought of. To sum it up, Ethereum is the platform for innovation in the information age.
Bottom line: Vitalik Buterin has a holistic view of blockchain and DAPPs, which he encodes in his vision about Ethereum Network.
