Vitalik Buterin Calls for a Resurgence of "Cypherpunk" Spirit in Ethereum

Ethereum's Original Vision: A Decentralized Shared Hard Drive

Ethereum's initial conceptualization envisioned a decentralized platform resembling a shared hard drive, leveraging peer-to-peer messaging and decentralized file storage. However, this vision started to fade in 2017, coinciding with the surge in DeFi applications and the trend toward financialization on the Ethereum network.

Rising Transaction Fees and Shift in Culture

Vitalik pinpointed the escalation of transaction fees as a significant factor leading to Ethereum's altered trajectory. He argued that when transaction fees soared, a group he referred to as "degen gamblers" (high-risk traders) dominated the chain. This shift, according to Buterin, not only influenced public perception but also altered the internal culture of the crypto space.

Advancements Amid Challenges and #Web3

Buterin emphasized the network's progress in ious domains, including innovations such as rollups, zero-knowledge proofs, account abstraction, and more. He also revisited the term "Web3," originally coined by Ethereum co-founder Gavin Wood, who envisioned Ethereum not merely as "Bitcoin plus smart contracts" but as a foundational technology for a more open internet stack.

Challenges to Overcome and Hope for a Decentralized Renaissance

Preserving the Unique Value of Crypto Eco

In conclusion, Buterin warned against the risk of losing the unique value of the #crypto eco. He urged the crypto community to resist pressures that could lead to recreating a clone of the existing web2 eco with additional inefficiencies. Earlier, Buterin proposed a simplification of the Ethereum proof-of-stake chain by reducing the number of signatures validators are required to make, aiming to make the network lighter and more efficient.

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