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Billionaire Who Founded Ethereum Backs Dogecoin To Be The Next Big Thing

by : Daniel Richardson on : 05 Jun 2021 11:38
Billionaire Who Founded Ethereum Backs Dogecoin To Be The Next Big ThingPA Images

Vitalik Buterin, founder of Ethereum, seems to be backing Dogecoin to be the next big cryptocurrency. 

At the age of 27, Buterin is a billionaire as well as a respected authority on cryptocurrency. The Ethereum founder has managed to successfully ride the waves of the decentralised finance market since he set up his company in 2011.

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Rather than purely focus on his own currency, Buterin has invested in the likes of Shiba and Dogecoin in charitable endeavours. The programmer has now discussed the future of Dogecoin.

Ethereum (PA Images)PA Images

Speaking on the Lex Fridman Podcast, Buterin explained that he is not afraid of competition between Ethereum and Dogecoin. In fact, the programmer noted that the two cryptocurrencies could have a fruitful relationship.

Buterin stated: 

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If Doge wants to somehow bridge to Ethereum and then people can trade Doge thousands of times a second inside of loopring, that would be amazing. If they want to just take zkRollup-style technology and just have thousands of transactions  a second on their own chain, that would be a great outcome as well.

The ability to bridge and trade the two cryptocurrencies at pace with low transaction fees is seen as a possible positive to work toward.

Buterin explained:

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Once Ethereum gets its scalability, any scalability thing that works for Ethereum as such that you would be able to also trade Doge with extremely low transaction fees and very high speed as well.

The technology required to do this is still in its infancy, but it is evident that this is an area that the Ethereum founder is interested in.

Given Dogecoin’s volatility, this hope demonstrated by a crypto leader may help increase its value. Nonetheless, the kind of two-way validation of cryptocurrencies for quick transactions that was discussed is a way off.

Featured Image Credit: PA Images

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Daniel Richardson

After graduating from university, Dan went on to work with a variety of tech startups and media outlets. Through working with the likes of Game Rant, The Hook and What Culture, Dan pursued his interests in technology. The skills he picked up along the way are now being utilised with UNILAD.

Topics: Technology, cryptocurrency, Dogecoin, Elon Musk, finance, Now, Tech

Credits

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  1. YouTube

    Lex Fridman