Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Vitalik Buterin’s 3 Pillars for Legitimate Celebrity-Backed Tokens

Vitalik Buterin’s 3 Pillars for Legitimate Celebrity-Backed Tokens

CoineditionCoinedition2024/06/06 12:58
By:Devansh Juneja
  • Vitalik Buterin proposes 3 standards for “respectable” celebrity crypto projects.
  • Projects should prioritize social good and offer interactive features. 
  • Long-term sustainability is key, not short-term gains.

Vitalik Buterin, co-founder of Ethereum, the world’s second-largest blockchain platform, advocates for greater responsibility in celebrity-backed cryptocurrency ventures. In a tweet, Buterin outlined three key features he believes such projects should possess to be considered “respectable.”

A quick summary of features that a celebrity crypto project needs to have for me to be more willing to respect it:

1. Have some kind of public-good goal that it's serving, other than enriching the celebrity and early adopters. Realistically, either an art project or the…

— vitalik.eth (@VitalikButerin) June 5, 2024

Firstly, Buterin emphasizes the importance of a commitment to a “public good goal.” This means the project should prioritize a charitable or social cause it supports, aiming for a positive impact beyond simply enriching the celebrity and early investors.

Secondly, he proposes “engaging mechanics.” Going beyond just trading a token, the project should offer interactive features. Buterin cites token-based DAOs as an option, though with reservations. DAOs allow communities to govern in a decentralized manner through token ownership.

Finally, Buterin stresses on the importance of “sustainability.” Celebrity crypto projects shouldn’t be short-lived fads. He urges them to be designed for long-term viability, something participants would value even if the token’s value depreciates.

Buterin’s comments come amidst a surge in celebrity involvement with cryptocurrencies. While some ventures aim for social good, others raise concerns about potential profiteering and a lack of long-term vision.

In closing, he alluded to a blog post he’d written a decade ago, published before Ethereum’s launch, which discussed using token issuance to fund important public causes. This suggests he sees a strong link between responsible crypto and positive social impact.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!