Thomas
@aviationdoctor.eth
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113970 Followers
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Paraphrasing @vitalik.eth just now at TOKEN2049 Singapore:
Transaction fees have historically been the roadblock to actual crypto adoption, ahead of UX. The cost of transactions killed off the early and earnest efforts to use either BTC or ETH for day-to-day payments. In places like Argentina, people use crypto but have moved to doing Binance-to-Binance transfers, which are free but also centralized and custodial, which defeats the purpose. However, L2s now offer sub-cent transactions, opening up a new era for payments.
Wallet UX is also getting better (e.g., Daimo) but TradFi payment rails have kept up with usability improvements of their own (Venmo, SEPA, etc.). Crypto can bypass the int’l politics that are the main limiting factor in cross-border TradFi payments.
Crypto is ultimately digital concrete — blockchains are robust, permanent structures. With digital concrete, we can build digital castles in the sky.
[Personal note: I love the fresh idea of ETH as digital concrete rather than digital oil] 12 replies
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A friendly reminder that it has historically taken ~20 years for inventions to diffuse into mass-market innovations.
Ethereum’s invention of programmable money and smart contracts is barely ten years old. The roadmap is finally starting to click into place, and Pectra(s) next year will be a leap forward with AA, Verkle trees, based rollups, etc.
The next ten years will see gradual architecture ossification and rapid adoption along the S-curve.
Drivers for that adoption will include real-world asset tokenization, an explosion in stablecoin usage for payments and remittance, TradFi using DeFi rails for loans and investments, and a trustless marketplace of autonomous agents capable of transacting through their own on-chain identity.
Forget about today’s shitcoins, ETHBTC ratio, Gary Gensler, and all that transient noise. Zoom out and the future is both bright and obvious.
Ten years from now, we will be writing “in retrospect, it was inevitable”.
You’re not bullish enough about Ethereum, anon 23 replies
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