In this article I would like to summarize some of the main points of the three-hour conversation between Vitalik Buterin and Lex Fridman, a podcaster known for his interview style that goes into every aspect of the interlocutor, this is Lex's second time sitting with Vitalik to talk about important topics for the development of the ethereum network along with Vitalik's perspective on life, crypto, and other projects.
The bad scenario that the crypto market faces
Crypto is challenging the most powerful financial centers of the world, I don't think the government can completely ban cryptocurrencies but they have the ability to sidestep it, like just banning exchanges, banning all crypto & fiat conversion links, banning companies from storing and paying with crypto, just like what china is doing at the moment .
Proof-of-Work vs Proof-of-Stake
I think PoS is very secure because to be able to attack the system you have to own a larger amount of coins than the rest of the network (51%).
For example, we have 5 million ether participating in staking. Let's say a price of 3k/eth equates to $15 billion, and I believe that cost is higher than the cost of attacking the bitcoin network. It is also much easier to recover in attacks in PoS than in PoW, not only is recovery and delivery to a location much more flexible than moving tons of computer components from one place to another.
Bitcoin vs Ethereum
Bitcoin can fix everything plus lightning network offers scalability and leverages PoW for safety then why need another technology like Ethereum?
Bitcoin is the blockchain for finance and Ethereum was built from the ground up for a variety of purposes. You can also have an asset called Ether on the Ethereum network and also create more decentralized finance (DeFi), NFT, and there is a long list that you can use the ethereum blockchain to do and of course smart contracts a core technology of the network.
And in countries where there are no stable fiat currencies like the US dollar, they also don't like to use bitcoin much because of the high fluctuating price, so they can use stablecoins on the Ethereum network.
Currently, USDT and USDC are the two stablecoins running on the Ethereum network that have entered the top 10 coins with the largest market capitalization.
Charles Hoskinson talks about Vitalik Buterin
I think ethereum is one of the innovations we've seen more than bitcoin, because it's something that gives people the ability to dream.
You can watch the full interview here
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