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

• Justin Drake emphasized Ethereum must become the Internet’s programmable currency to be the global settlement layer of the value Internet.
• Drake noted Ethereum could host a global lottery based on verifiable randomness, with nearly zero commission, unlike typical 50% government fees.
• The Ethereum Foundation’s 12th AMA addressed topics like blobs (EIP-4844), ZK, Rollup, and the reasons behind ETH’s price surge.

The Ethereum Foundation research team, led by Justin Drake, hosted their 12th AMA session on Reddit. The interactive event allowed the community to discuss Ethereum’s development. 

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.

Ethereum as the Internet’s Currency

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. 

The vision depends on Ethereum’s widespread use for decentralized applications (dApps), smart contracts, and more. Without this crucial step, Ethereum’s role in the financial world could remain limited.

Global Lottery System

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 Ethereum ‘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.

Additional Key Insights from the AMA

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 Ethereum’s scalability 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.

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.