Buterin emphasizes the need for more User-Friendly Cryptocurrency Wallets for inexperienced users.
In an interview with Andreas Antonopoulos, a popular crypto podcaster and businessman, on the 4th day of Labitconf 2020 on December 10, 2020, the Canadian-Russian programmer emphasized the need for more user-friendly crypto wallets because the existing ones were rather "unsafe."
Major Updates
- The need for more User-Friendly Cryptocurrency Wallets for inexperienced users.
- The crypto ecosystem needs to be more proactive.
Buterin went on to say that the crypto community hasn't paid enough attention to the security problems, and this has contributed to large amounts of digital assets being lost easily when a wallet is hacked. Ethereum's co-founder also said:
"In my opinion, we don't talk about the security issues enough because no one is willing to admit they lost $200,000, because if you admit you lost $200,000, you look like an idiot."
The discussion began when Antonopoulos spoke to Buterin about which topics are shied away from within the industry.
The podcaster contributed to the discussion that "being your own bank" carries many responsibilities that people don't fully recognize is another topic that needs to be addressed.
Buterin highlighted the need for the community to understand that crypto leaders are working on solutions intended to help everybody and not a selected few," and that is why the crypto ecosystem needs to be more diligent in minimizing the risks" of protocols used today.
Ethereum's co-founder commented a little more on the security aspect of crypto wallets:
''The fact is that even if you are a super genius or capable of being careful, the reality is a system that requires you to expend less effort on not losing your stuff is a better system.''
As per the recent developments in the Ethereum market, the Coin Metrics Research and Analysis Team issued a report on September 30, 2020. The report speaks on how decentralized finance (defi) is "igniting Ethereum's rise," stating that the cumulative ETH fees in 2020 have overtaken bitcoin, as high gas prices "are becoming the norm today."
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