Vitalik Buterin, one of the people who created the Ethereum platform, made fun of the non-fungible tokens (NFTs) made by the Bored Ape Yacht Club (BAYC) and expressed hope for the upcoming Merge, which would change how the network is run in a big way.
Buterin said that the first thing that led to the creation of cryptocurrencies was the change in society. On Wednesday at the Blockchain Futurist Conference in Toronto, he said that millions of people use their cryptocurrency wallets “so they can exchange pictures of monkeys.”
He said that the people who came up with Crypto thought about the “huge conflict between the power of the nation-state and the demand for individual freedom.” “It’s like, ‘Hey, look, it’s a monkey!'” he said in the present.
Buterin sees this as a more serious example of how encryption may have two sides. He talked about the Ape NFTs and said, “The problem with the crypto sector is that it has great incentives, but it also has incentives to sometimes act in very strange ways.”
Buterin has already talked about how useful BAYC’s NFTs are in public. In an interview with Time in March, he said that the very popular NFTs were like gambling. Later, in a tweet, he made it clear that he doesn’t necessarily dislike ape NFTs, but rather that he wants them to “finance public benefits.”
Buterin was also very positive about the Ethereum Merge, a possible event that could change the network’s foundation and reduce energy use at the same time.
“It’s a huge improvement,” he said, “since Ethereum’s energy use would drop by more than 99.9% after the integration.” Buterin also said that it was a chance to change what the different parts of the Ethereum chain can do by using some of the ideas that have been learned over the past eight years.
Buterin’s confidence was also reflected in the markets. Ether (ETH), the network’s native token, hit its highest price since June because traders were getting more excited about the Merge.
After the move, the network might be safer, transactions might go more quickly, and costs might go down. He says that it also makes it easier for Ethereum to get better in the future. Buterin said that, right after the Merge, the main focus would be on how well the network could grow.
Other than lowering the amount of power used by the network, the other benefits Buterin mentioned are still a long way off. Wednesday, the third and last big step before the Merge was done with a test version of Ethereum.