Ethereum

Vision

Foundation

Drake

<ul>
 <li>Justin Drake emphasized Ethereum must become the Internet's programmable currency to be the global settlement layer of the value Internet.</li>  
 <li>Drake noted Ethereum could host a global lottery based on verifiable randomness, with nearly zero commission, unlike typical 50% government fees.</li>  
 <li>The Ethereum Foundation's 12th AMA addressed topics like blobs (EIP-4844), ZK, Rollup, and the reasons behind ETH's price surge.</li> 
</ul>  
<p>The Ethereum Foundation research team, led by Justin Drake, <a href="https://www.reddit.com/r/ethereum/comments/1f81ntr/ama_we_are_ef_research_pt_12_05_september_2024/" target="_blank" rel="noopener noreferrer nofollow">hosted</a> their 12th AMA session on Reddit. The interactive event allowed the community to discuss Ethereum's development.&nbsp;</p>  
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<p>Held on September 5, 2024, at 9:00 PM Beijing time, the session covered various pressing topics, including Ethereum's price dynamics and its role as a settlement layer.</p>  
<h2 class="wp-block-heading" id="h-ethereum-as-the-internet-s-currency"><strong>Ethereum as the Internet's Currency</strong></h2>  
<p>Justin Drake, a key figure from the Ethereum Foundation, emphasized Ethereum's potential to become the "programmable currency of the internet." He explained that Ethereum must first establish its utility as the go-to programmable currency to become the value internet's settlement layer.&nbsp;</p>  
<p>The vision depends on Ethereum's <a href="https://cryptonewsland.com/5-ethereum-layer-2-solutions-revolutionizing-network-efficiency-and-security/" target="_blank" rel="noopener noreferrer nofollow">widespread use</a> for decentralized applications (dApps), smart contracts, and more. Without this crucial step, Ethereum’s role in the financial world could remain limited.</p>  
<h2 class="wp-block-heading" id="h-global-lottery-system"><strong>Global Lottery System</strong></h2>  
<p>Drake also discussed the idea of a global lottery system using verifiable randomness. The decentralized lottery would ensure transparency and fairness. Current lottery systems often have commissions as high as 50%, but <a href="https://ethereum.org/en/" target="_blank" rel="noopener noreferrer nofollow">Ethereum</a>'s decentralized nature could reduce this to nearly zero. Drake believes this concept could demonstrate Ethereum's power as a decentralized platform, providing trustless solutions at low costs.</p>  
<h2 class="wp-block-heading" id="h-additional-key-insights-from-the-ama"><strong>Additional Key Insights from the AMA</strong></h2>  
<p>The session also touched on Ethereum's technical updates, such as blobs (EIP-4844), Zero-Knowledge (ZK) proofs, and Rollups. These updates aim to improve <a href="https://cryptonewsland.com/why-ethereums-upcoming-pectra-upgrade-could-change-the-game/" target="_blank" rel="noopener noreferrer nofollow">Ethereum's scalability</a> and reduce transaction fees, both critical to increasing adoption. While Drake highlighted Ethereum's broader potential, these technical improvements kept the community's interest alive.</p>  
<p>Justin Drake’s insights in the AMA gave a clear view of Ethereum's future. His focus on Ethereum becoming the internet’s programmable currency and exploring innovative applications like a global lottery shows its transformative potential. Ethereum's success depends on fulfilling these promises and advancing its technology to reach new heights.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-foundation-ama-justin-drake-shares/" rel="noopener noreferrer nofollow">Ethereum Foundation AMA: Justin Drake Shares Vision for Ethereum’s Role in Decentralized Finance</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ethereum Foundation AMA: Justin Drake Shares Vision for Ethereum’s Role in Decentralized Finance

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