Ethereum Founder’s Concerns Over Faded Web3 Vision
In a recent blog post, Vitalik Buterin, the founder of Ethereum, expressed his concerns about the current state of the Web3 ecosystem. He reflected on his past experiences with Bitcoin and highlighted the transformative vision he has for Web3.
Buterin acknowledged that the vision for Web3 has faded since 2017. One of the main reasons for this is the rise in transaction fees, which has made it less accessible for many individuals to actively engage with blockchains.
He also mentioned an ideological rift within the crypto space, where some see it as a distraction rather than a powerful ally. In many countries, people still rely on centralized means to use cryptocurrency.
Potential for a Cypherpunk Future
Despite his concerns, Buterin highlighted several positive developments in 2023 that could facilitate the development of a cypherpunk future for Web3. These include Blockchain Rollups, second-generation privacy solutions like Railway and Nocturne, and advancements in Zero Knowledge Proofs.
Buterin believes that these changes will create an opportunity for Ethereum to become a truly permissionless, decentralized, censorship-resistant ecosystem.
Hot Take: Striving for a Holistically Free and Open Society
Vitalik Buterin’s blog post emphasizes the importance of not just creating isolated tools and games within the crypto space but striving towards a more free and open society and economy. He expresses concern over the fading vision of Web3 but remains optimistic about its potential.
By addressing issues such as rising transaction fees and ideological divisions, Buterin believes that Web3 can still achieve its transformative goals. The positive developments in 2023 offer hope for a cypherpunk future, where privacy, security, and decentralization are at the forefront.
Ultimately, Buterin’s vision aligns with the original purpose of cryptocurrencies: to create a more inclusive and empowering world.
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