Crypto is undoubtedly one of the last decade's best and most exciting innovations. It’s not a stretch to say crypto has changed how the world works, but according to Vitalik Buterin, we are yet to see the true impact of what crypto can do. Vitalik did not just sing the praises of crypto at the TOKEN2049; he sang about crypto! 

The 2024 edition of the TOKEN2049 conference began on September 18th at Marina Bay Sands in Singapore, with many notable appearances. Perhaps the most notable of these was Ethereum’s Co-founder, Vitalk Buterin, and for good reason. 

In his debut appearance at the event, Vitalik Buterin stole the show by singing a crypto-themed song right on the stage. No one saw it coming, but everyone loved it, especially Justin Sun, CEO of Tron, who commented on the post to praise Buterin’s courage. 

But singing was not the only thing the Ethereum boss came to do at the event. In his speech, “What Excites Me About The Next Decade,” Buterin said that the crypto world has come a long way since it began. The spark that started it all, Bitcoin, is now 15 years old. He believes that crypto has entered a new phase where it will be usable.

Buterin compared the growth of crypto to that of the internet and suggested that we are now past the time of foundational structure. He is convinced that crypto’s true potential is ready to be unleashed to make a world impact.

The Ethereum co-founder also cited many milestones in the development of crypto over the years, especially the success of Ethereum’s layer 2 and its low fees. Buterin recalled being forced to pay over 800 dollars for a single transaction just to protect privacy. He noted that this is no longer the case with the development of Ethereum's layer 2. 

Besides reduced costs, Buterin highlighted that transaction times have also been greatly reduced as crypto developed. He noted that merging and transitioning the Blockchain to Proof-of-Stake helped reduce the average waiting time until the next block. This switch has reduced transaction waiting times to only 5 to 15 seconds. 

Buterin then called attention to the need to maintain decentralization even as the mainstream's needs are met. Noting the difficulty of layer-2s becoming decentralized, he also asked the crypto industry for greater decentralization of layer-2 on Ethereum. 

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He emphasized that layer-2s should naturally inherit the security of layer-1s, but he did not ignore the difficulty of realizing that. Buterin, however, remained hopeful about crypto’s future despite all the challenges it still faces, from price volatility issues to regulatory troubles.

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