In the latest tweet storm, CEO of Tesla and founder of SpaceX, Elon Musk has shown interest in the Ethereum blockchain. The news comes after the billionaire showed interest in entering the car insurance market.
Elon Musk took to Twitter to ask the creator of Ethereum, Vitalik Buterin, on what can Ethereum be used for.
What should be developed on Ethereum?
— Elon Musk (@elonmusk) April 30, 2019
Following the tweet, Ethereum’s creator Vitalik Buterin gives a detailed answer on what could be developed on Ethereum. The complete answer can be seen by clicking the below Twitter thread. Some of the examples given by Vitalik Buterin include,
- A global accessible financial system.
- Single identity sign-in without any middleman
- Micropayments
- P2P internet connection
- Decentralized DNS alternative
My top picks (1):
* A globally accessible financial system, including payments, store of value, also more advanced stuff like insurance https://t.co/AGoMt6r2wK
* Identity: "sign in with Facebook" -> "sign in with an ethereum account, no intermediaries". Also web of trust…— Vitalik Non-giver of Ether (@VitalikButerin) April 30, 2019
Work has been going on for the majority of the projects listed by Vitalik. Vitalik also mentions an Ethereum project in the insurance space, HurricaneGuard. The insurance project is looking to provide super-fast relief from hurricane disasters with automatic claims that pay if wind speeds are recorded within 30 miles of your home or business.
Why is Elon Musk suddenly interested in Ethereum?
Elon Musk has constantly joked about cryptocurrencies, mentioning Bitcoin in his tweets and also calling Dogecoin has his favorite cryptocurrency (On April 1st). But this is the first time Elon Musk has shown a genuine interest in a blockchain project.
According to speculation, Elon Musk is either thinking of starting decentralized insurance for Tesla or plans to use blockchain technology revolutionize blockchain technology.
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