Vitalik Buterin, the creator of Ethereum, recently expressed his thoughts on the current state of the Web3 ecosystem in a blog post titled “Make Ethereum Cypherpunk Again.”
Ethereum Founder Expresses Concerns About Fading Web3 Vision
in blog post Published on December 28, Ethereum founder Vitalik Buterin looked back on a past experience he witnessed 10 years ago. Steady Adoption of Bitcoin It is integrated into daily life activities. In this reflection, Buterin highlighted the innovative vision he visualized for the Web3 ecosystem.
“I recall these memories because they remind me of the deeper vision behind cryptocurrency. We are not here just to build isolated tools and games, but rather to collectively build towards a freer and more open society and economy. The technological, social and economic parts fit together,” Buterin wrote in a blog post.
Maintaining a positive outlook Web3 Ecosystem, Buterin acknowledged that the vision for the Web3 space has been somewhat weakened. He noted that starting in 2017, the vision began to fade into the background.
Ethereum founder He highlighted several reasons for his remarks, the biggest factor being the rise in transaction fees, which he said was the biggest reason for the fading Web3 vision.
Buterin explained that many individuals will actively participate in blockchain when the cost to spend on the chain is $0.001 or $0.1. But like this: transaction fee Even if it goes up to $100, which is a certain audience, Degen gamblers are willing to pay quite a bit.
Buterin pointed out that if Degen gamblers become major users of the chain, it will change public perception and have a negative impact on the internal culture of the cryptocurrency space.
He also said, “There is a big ideological divide where a significant portion of the non-blockchain decentralized community sees the cryptocurrency world as a distraction rather than a camaraderie or strong ally. In many countries, people use cryptocurrencies to send and save money, but they often do this through centralized means.”
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A possible cypherpunk future during development in 2023
In his blog post, Buterin highlighted a few things: positive development It was created in 2023 to facilitate the development of a cypherpunk future in the Web3 space.
Some of these developments include the existence of special blockchain rollups. Layer 2 Blockchain Processing transactions off-chain. Buterin also sees the expansion of second-generation privacy solutions like Railway and Nocturne. Zero-knowledge proofA powerful tool used to enhance privacy and security.
Concluding the list of positive developments within the Web3 space in 2023, Buterin asserted that these changes will create huge opportunities for Web3. Ethereum Blockchain.
He said the development will “make at least part of the Ethereum ecosystem the permissionless, decentralized, censorship-resistant, open-source ecosystem we were trying to build.”
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