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Vitalik Buterin recently broke down Ethereum’s real value stack — and it’s not just about smart contracts.
First comes censorship-resistant data availability, where Ethereum acts as a global public bulletin board for crypto protocols.
Second is payments, where Ethereum combined with ZK payment channels can power efficient API-based transactions.
Then come smart contracts, enabling an endless layer of applications on top.
It’s a reminder that Ethereum’s foundation is infrastructure first, applications second.
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