The former Argentine president considers the Ethereum network is an innovative decentralized technology since its cryptocurrency is among the most valuable. Vitalik Buterin said he is interested in the Proof of Humanity project, the identity verification system developed by programmer Santiago Siri.
Vitalik Buterin is a co-creator of the open-source platform Ethereum, whose cryptocurrency is Ether (ETH). The 27-year-old Russian-Canadian developer recently went to Argentina to meet some entrepreneurs. During the visit, he had the opportunity to talk with former President Mauricio Macri.
The former president of the South American country said that he enjoyed the meeting with the creator of Ethereum very much. He considers that network one of the most innovative decentralized technologies since its cryptocurrency Ether is one of the most valuable. They spoke about the role of crypto assets and blockchain opportunities for states.
Ether Is Only the Cryptocurrency Behind the Ethereum Network System
Although many people believe that Ethereum is a crypto asset, it is actually the technological system behind Ether. In 2015, Vitalik Buterin, David Wong, and Charles Hoskinson created the second-largest cryptocurrency in terms of market capitalization. In addition, that technology allows developing many apps and has much to do with metaverse currencies.
Entrepreneur Gabriel Gruber asked Buterin which project most interested him, to which he responded Proof of Humanity. The creator of Ethereum referred to the identity verification system that Argentine programmer Santiago Siri developed.
Vitalik Buterin met other renowned figures from the entrepreneurial world of the South American country. They included Tomi Pierucci (from JP Morgan), Santiago Siri (from Proof of Humanity), Franco Zeoli (from Hardhat), and Hernan Kaszah (from Kaszek).
He also spoke with Federico Ast (from Kleros), Damián Sneider (from Muun), Mat Travizano (from Telefónica), Leandro Sigman (from Chemo), and Gastón Parisier (from Big Box). Others with whom he shared experiences were Gastón Irigoyen (from Pomelo), Matías Woloski (from Auth0), and Esteban Ordano (from Decentraland).
Some Researchers Say Ether Will Be more Valuable than Bitcoin
Researchers from the University of Sydney and Macquarie University concluded that Ether could replace Bitcoin as the main store of digital value. They said that the arrival of Ethereum 2.0 has favored the updates of the mainnet and the deflationary nature with which it currently operates.
The authors consider that the recent innovations demonstrate the possible deflation of cryptocurrencies through destroying transaction fees. They point out that half of the blocks eliminate more Ether than they create, suggesting that this crypto asset offers better inflation coverage.
A few months ago, the network implemented EIP-1559, which introduced a fee burn system to limit the amount of ETH on the market. However, there were fierce debates in the mining community since that deteriorated the conditions in which they did their activity.
Significant operational changes on the network include migrating from Proof of Work (PoW) to Proof of Stake (PoS). Therefore, it will require lower electrical energy consumption, and the participants can process the blocks and generate passive profits.
That will generate greater scalability for the network, implying a greater operation volume in short periods. In that way, there will be a significant reduction in fees for transactions natively. Users recently complained that they had to pay high rates for small transactions.
By Alexander Salazar
