Blockchain and financial applications have been linked from the beginning. When Satoshi Nakamato published the original Bitcoin white paper in 2008, he titled it, “Bitcoin: A Peer-to-Peer Electronic Cash System.” Today, the lion’s share of crypto headlines are about financial losses. So it’s understandable that people associate chains with financial assets.
But open, public blockchains have massive utility beyond financial applications. One of the first innovators to recognize this potential was Ethereum creator Vitalik Buterin*.
In Ethereum, the Russian-Canadian computer programmer has conceived, developed, and upgraded a decentralized chain with smart-contract functionality and made it into a transformative piece of infrastructure that enables new forms of political, corporate, and social organizations. (USDC circulates on many blockchains; [as of (date)] a majority of the supply circulates on Ethereum.)
In a conversation they recorded this past September in San Francisco at Converge22, Circle’s inaugural ecosystem summit, Vitalik and Jeremy Allaire reviewed Ethereum’s important technological progress, impediments to scaling utility, and the new models of cooperation this base layer of trust can enable.
Their Money Movement episode covers:
👉 00:00:45 Moving from speculative value to utility value 👉 00:01:33 Ethereum's scalability challenges 👉 00:03:32 Forthcoming Ethereum upgrades 👉 00:05:50 Humanity’s hope to escape the splinternet 👉 00:07:17 Keeping base layers neutral 👉 00:13:11 Importance of non-financial applications 👉 00:13:58 Coercion-resistant voting 👉 00:14:53 New ways to organize labor and capital 👉 00:18:37 Zero-knowledge-proof communities 👉 00:22:07 Decentralized science projects 👉 00:23:02 DAO-based governance 👉 00:25:34 Law of code vs. law of nation-states
If you’re interested in learning more about Ethereum, Vitalik Buterin’s vision, non-financial use cases for blockchain, and how humanity can escape the splinternet, tune in to this episode of The Money Movement.
*Vitalik Buterin is the co-founder of Ethereum, a blockchain that circulates the majority of USDC supply.
The global economy is experiencing unprecedented challenges and change. Business leaders everywhere are grappling with how to transform their companies to become more digital, resilient, and efficient. As we face this change, a new global movement is building around the promise of digital currencies and blockchains — forming a new architecture for the global economy and creating new opportunities for companies everywhere. The Money Movement explores the issues, ideas, and icons driving this transformation in how we spend, send, save, and store value.
The Money Movement is brought to you by Circle. Our mission is to raise global economic prosperity through the frictionless exchange of value. Learn more about Circle Business Accounts and Platform APIs at circle.com.
