#Ethereum #Cypherpunk #Decentralization #CryptoCulture #Web3 #Blockchain #VitalikButerin #SmartContracts
In a recent blog post, Ethereum creator, Vitalik Buterin, revisits the early ideals and core values of Ethereum. According to him, Ethereum and Bitcoin were originally conceived with high aspirations of creating an open, decentralized, and censorship-resistant internet and economy. Unfortunately, he noted that this vision has been overshadowed over time as transaction fees increased, thus shifting the focus towards payments and speculation. “Degen gamblers” have slowly become the culture of this space, a shift from the cypherpunk, a movement advocating for the use of technology in bolstering privacy and enabling social change while combating oppression from state or corporate entities.
Despite these changes, there have been some indications of a cultural revival within Ethereum in 2023. This return to the roots is attributable to several developments such as reduced fees due to rollups, advances in privacy technology such as zk-proofs, and a growing desire to move beyond over-financialization. Ethereum stands poised to be a platform for testing open and decentralized security innovations like social recovery wallets, prediction markets, and quadratic voting, which could have a wider influence on the internet. The future of Web3 technology stack, according to Buterin, will contain decentralized equivalents to several services like DNS, email, payments, publishing, and governance that work together without a central point of control.
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