In a recent blog post titled “Make ethereum Cypherpunk Again,” ethereum founder Vitalik Buterin expressed his opinion on the current state of the Web3 ecosystem.
ethereum Founder Expresses Concern Over Faded Web3 Vision
in a eth.limo/general/2023/12/28/cypherpunk.html” rel=”nofollow noopener” target=”_blank”>blog post Posted on December 28, ethereum founder Vitalik Buterin reflected on his past experiences from a decade ago, where he witnessed The Steady Adoption of bitcoin and integration into activities of daily living. In this reflection, Buterin highlighted the transformative vision he envisions of the Web3 ecosystem.
“The reason I bring up these memories is that they remind me of a deeper vision underlying cryptocurrencies: we are not here simply to create isolated tools and games, but rather to holistically build towards a freer society and economy.” and open, where the different parts (technological, social and economic) fit together,” Buterin wrote in the blog post.
Maintaining a positive outlook the web3 ecosystemButerin acknowledged that the vision for the Web3 space has narrowed a bit. He noted that the vision had begun to take a backseat since 2017.
The founder of ethereum He highlighted several reasons for his statement, the most important factor being the increase in transaction fees, which he identified as the main culprit for the declining vision of Web3.
Buterin explained that when the cost of writing to the chain was $0.001 or $0.1, many people were actively interacting with blockchains. However, as transaction fees increases to $100, a specific audience, degen players are still willing to pay the substantial cost.
Buterin noted that when degen players become the predominant users of the chain, it alters public perception and negatively affects the internal culture of the crypto space.
He also revealed that “there is a large ideological divide where significant parts of the non-blockchain decentralization community see the crypto world as a distraction, and not as a kindred spirit and powerful ally. In many countries, people use cryptocurrencies to send and save money, but they often do so through centralized means.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/12/Ethereum-Founder-Vitalik-Buterin-Shares-His-Thoughts-on-the-Current" alt="ethereum Price Chart by Tradingview.com (ethereum Web3 Founder)” width=”3266″ height=”1530″/>
eth price at $2,372 | Source: ETHUSD on Tradingview.com
The future of Cypherpunk can be achieved in the middle of 2023 development
In his blog post, Buterin highlighted several positive developments carried out in 2023 that could facilitate the development of a cypherpunk future for the Web3 space.
Some of these new features include the existence of Blockchain Rollups that are special Layer 2 Blockchains that process off-chain transactions. Buterin also highlighted the expansion of second-generation privacy solutions such as Railway and Nocturne, along with advances in Zero knowledge proofsa powerful tool used to improve privacy and security.
Concluding his list of positive developments within the Web3 space in 2023, Buterin stated that these changes would create a great opportunity for the ethereum block chain.
He stated that the developments would “make at least part of the ethereum ecosystem actually the open-source, decentralized, censorship-resistant, permissionless ecosystem that we originally came to build.”
Featured image from Analytics Insight, chart from Tradingview.com
