Ethereum Cofounder Vitalik Buterin Sees Opportunity as Sweden and Norway Ditch Cashless Aspirations

Ethereum co -founder Vitalik Buterin believes that ETH could be a sustainable alternative to attempts to Sweden and Norway to make their societies without money. The countries have recently withdrawn after discovering that centralized payment systems are crashed when physical infrastructure fails.

But in the crypto world, this move has encouraged a different answer: the idea that decentralized systems can take on a role.

“The Nordians return back to the initiative of the cash society because their centralized application of the concept is too brittle,” the co -founder of Ethereuma Vitalik Buterin wrote to x, reacting to a Guard Report both countries now require citizens to maintain monetary reserves.

Sweden has reduced the use of cash to Only 1% transaction While the Norwegian application was dominated by a trade, but the Russian invasion of Ukraine exposed critical vulnerability when infrastructure attacks could paralyze the entire payment networks.

Buterin echoed with a feeling, saying, “It’s finished as a backup.”

Looking at his own garden, Buterin set up a measured observation in the case of Sweden and Norway.

“Ethereum must be resistant enough and private enough to be able to play this type of role credible,” he wrote.

Cash opposite the code

Reply to Decipherptic Inquiries about Butterin’s statements, Sam Macpherson, CEO of Decentralized Protocol Development Company for Financing Phoenix Labs, does not agree with the assessment of the co -founder of Ethereum.

“Ethereum is already there. It is intended to be as resistant to enemy actors,” Macpherson said, pointing to the defined protocol that manages billions without major failures.

Such decentralized systems “are designed to be as safe as possible than the foundation,” he claimed.

Still, the outstanding functionality is classified as one of the main challenges if Ethereum assumed the role of providing more resistant alternative to Gotovina. Without electricity or internet, Ethereum would not work alone.

Evidence of zero knowledgeMeanwhile, theoretically could enable offline payments, as the buterin noted in repliedalthough they remain experimental.

“We basically know how to do it, but with a limit that each solution depends on a reliable hardware,” Buterin said.

Another opportunity could open with stabilcoiniwhich are related to Fiat currency like US dollars.

“Stablecoins are the exact solution of this scenario,” said Anthony Anzalone, the founder of the Blockchain platform without the Xion wallet, said Decipher. Stablecoini “exploded in use and adoption” because “they do not rely on a centralized party,” he explained.

Countries with “unstable governments and currencies” are the most obvious case and context, Anzalone said.

Still, Stablecoini face their own issues of resistance, especially with respect to privacy.

“Although there are several privacy protocols with the potential for Ethereum to become private enough to act as a significant alternative to cash, resistance is completely another question,” she said Decipher.

In the face of crisis scenarios such as those now faced by Sweden and Norway, Ethereum could show its resistance not strictly demanding that the users have access to “electricity, safe operating systems and odd web3 wallets,” Bickle added, pointing out that Ethereum can remain practical in such cases.

“We have to travel a far down, still inappropriate, folder of the way before Ethereum will be resistant enough to replace monetary transactions,” Bickle said.

Edited Stacy Elliott.