In a new publication, Ethereum co-founder Vitalik Buterin expresses his dissatisfaction with the current evolution of Web3. Sharing his thoughts on the path taken by the blockchain ecosystem, Vitalik questions the deviation from the original principles of the cypherpunk movement.
Vitalik Buterin is not satisfied with Web3
In a recent blog post, Vitalik Buterin shared his thoughts on the evolution of the cryptocurrency world and his vision of where the blockchain environment is headed. He would like to see the Ethereum (ETH) ecosystem move closer to the original values of the cypherpunks and serve as the basis for a more open Internet.
Vitalik begins his article with memories of 2013, when he frequented bars and restaurants accepting payments in Bitcoin (BTC). He mentions discussions with other Bitcoin enthusiasts, focused not on creating “isolated games and tools, but rather developing tools in a holistic way towards a more open and free economy and society. “
He then compares the majority of today’s blockchains, which are often centralized and controlled by corporations with censorship powers over these networks, to the open source software of the 80s and 90s. The latter, though less complex, allowed complete ownership of personal data, a fundamental idea that gave rise to Bitcoin, and is now known as “Web3”.
Vitalik Buterin deplores the fact that non-financial uses of blockchains are mainly limited to ENS (Ethereum Name Service). He notes that for many outsiders to the blockchain community, these technologies are perceived as distractions.
He acknowledges that in some countries, the population does use cryptocurrencies, but often via centralized exchange platforms (CEX). He then takes the opportunity to criticize Justin Sun, the founder of Tron (TRX), a relatively centralized blockchain widely used for USDT stablecoin transfers.
Excerpt from Vitalik Buterin’s publication mocking Justin Sun
With his publication, Vitalik warns against solutions that appear decentralized, that are presented as such, but are not in reality. He insists on the need to remain vigilant to avoid replicating Web2 models.
The importance of Zero Knowledge Proofs
Vitalik takes stock of several innovations currently under development, and lists a few of them, including various Optimistic Rollups such as Arbitrum (ARB), new privacy-enhancing solutions such as Railway and Nocturne, account abstraction and thin clients.
The Ethereum co-founder points out that Zero Knowledge Proofs (ZKP) can not only improve Ethereum’s scalability, but also add a layer of confidentiality. He explains:
“The programmability of Zero Knowledge Proofs means we can forget the false duel of “anonymous but risky” versus “KYC therefore safe”, and achieve both confidentiality and many types of authentication and verification. “
Finally, Vitalik Buterin claims that integrating ZKPs on the Ethereum blockchain could bring the network closer to the ideals of cypherpunks, by adding privacy to activities currently carried out on-chain, such as exchanging financiers, using non-fungible tokens (NFT), voting in a decentralized autonomous organization (DAO), etc.
