By CCN.com: Elon Musk is getting deeper and deeper down the cryptocurrency habit hole. After yesterday’s mysterious tweet which read simply “Ethereum,” the Tesla chief then asked Ethereum founder Vitalik Buterin for suggestions on what to develop on the blockchain platform.
Buterin responded with a list of 13 real-world use cases for cryptocurrency and blockchain technology. The list included everything from payments to insurance to new governance systems. Here’s Vitalik Buterin’s list in full.
1. A globally accessible financial system
Buterin highlights cryptocurrencies most obvious use case – financial infrastructure. The Ethereum founder suggested payments, a store of value, and insurance. Insurance might chime with the Tesla CEO who recently announced a new Tesla insurance program.
2. “Sign in with Ethereum” options
Buterin told Musk that Ethereum could be used to replace the ubiquitous “sign in with Facebook” option. He said it should be replaced with a “sign in with Ethereum” button to completely bypass intermediate companies.
3. Secure and transparent registries
Aside from financial applications, Ethereum can also be used to record data securely and with better transparency.
4. Experiment with new forms of governance and human organization
Vitalik Buterin pointed to Moloch DAO – a “decentralized autonomous organization” pioneering a completely decentralized form of governance, executed by smart contracts.
Beyond the globally accessible financial system, Buterin highlights the power of micropayments specifically.
6. Markets for personal data
“For privacy preserving machine learning (you pay me X, I let you homomorphically execute function Y on my data that’s been attestated to by Z…)”
7. Spam prevention in social networks
8. Micropayment schemes for publishers of good content
Buterin is likely referring to initiatives like Steem which rewards writers for creating content and Brave which aims to compensate publishers in place of advertising revenue.
9. Testing grounds for new market designs
The Ethereum founder points to decentralized markets like uniswap.exchange and new ideas for auction markets.
10. Charity stickers for donations
In the past, Vitalik Buterin has promised to donate thousands. Ethereum could help develop branded stickers that acknowledge donations.
11. Peer to peer marketplaces for internet connections
12. Identity, reputation, and credit systems
Specifically, identity systems for those without access to resources, such as refugees.
13. Decentralized DNS alternatives
Elon Musk’s obsession with cryptocurrency
This isn’t the first time Elon Musk has engaged with the crypto community on Twitter. He was ceremoniously appointed the CEO of Dogecoin before declaring the meme coin his favorite cryptocurrency.
Musk later retired his CEO title, changing his Twitter bio to “Former CEO of Dogecoin.”
Elon Musk moves ETH price?
Musk’s latest Twitter antics appear to have nudged the price of ETH up 3.25 percent in the last 24 hours. As EthHub developer Anthony Sassano pointed out, search interest in ethereum also shot up in the hours following Musk’s tweets.
It remains to be seen whether Elon Musk will tap the Ethereum blockchain for Tesla or SpaceX.
Last modified: March 4, 2021 2:44 PM