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The ethereum (eth) blockchain needs to revive the “cypherpunk” revolution planned for the network in its infancy.
The co-founder of the second largest cryptocurrency by capitalization, Vitalik Buterin, published a new post on eth.limo/general/2023/12/28/cypherpunk.html” target=”_blank” rel=”noopener”>your blog titled “Make ethereum Cypherpunk Again” which lists several ways to improve the network.
According to Buterin, ethereum was originally intended to be a “decentralized, shared public hard drive” that could use peer-to-peer messaging and file storage. However, this vision began to fade in 2017 with the shift toward “financialization” of the protocol, says Buterin.
Decentralization, open participation, censorship resistance, and trusted neutrality are among the “cypherpunk” ideals Buterin wants to see in the future of ethereum. He emphasized that rollups, zero-knowledge proofs, account abstraction, and second-generation privacy solutions that have become more common on the web are principles that support the core values of cypherpunk.
Buterin also said he was impressed by some of the developments created to solve the industry's biggest problems. He called out decentralized exchanges (DEXs) providing improved tools for protection from positive industry developments, mentioning Cowswap, Flashbots Protect, and MEV Blocker that helped limit “sandwich attacks” on ethereum users.
“ethereum is a dark forest where on-chain traders are constantly vulnerable to being exploited (…) This is also true in other ways: smart contracts are regularly hacked, user wallets are regularly hacked, centralized exchanges fail even more spectacularly, etc. “
Vitalik Buterin
Some X users were encouraged by Vitalik's plans, especially regarding cryptocurrency payments for retail customers. One of the users pointed out that practically no attention has been paid to this issue.
Another user compared Vitalik's statement to former US President Donald Trump's election campaign and proposed creating a new token with the MEGA (Make ethereum Great Again) symbol in support of ethereum.
DeFi Research influencer Ignas posted a photo of Buterin in front of a billboard with Justin Sun, the founder of the Tron network, joking that the most decentralized ecosystem spot has already been taken.
According to Buterin, “the initial vision of 'web3' (…) is a different way of thinking about what ethereum is: (…) a set of technologies that together could form the base layer of a larger Internet stack. open”.
