Vitalik Buterin: The true vision of Web3 is lost

In a recent blog post, Ethereum co-founder Vitalik Buterin stated that the original and true vision of Web3 is now lost, and many projects are moving away from the idea of decentralization.

"Crypto is not seen as a friend and ally"

Buterin, who wrote an article titled "Let's make Ethereum Cypherpunk again", said that there is a big difference of opinion between libertarian and decentralized groups, and said, "Libertarians who are far from blockchain do not see the crypto world as a friend, an ally."

"Gavin Wood was the first to introduce Web3"

Stating that the term Web3 was first coined by Gavin Wood, who is also one of the co-founders of Ethereum and also the creator of the Polkadot system, Buterin said, "I first saw this term as 'Bitcoin and smart contracts', but he defined it from a much broader perspective, as the main layer of an open internet system."

"People still use crypto in a centralized way"

Stating that crypto still lacks decentralization, Buterin said, "People around the world use crypto to send money and save, but they still do it through centralized platforms or USDT on Tron."

"The increase in transaction fees affects"

Stating that the serious increase in transaction fees is effective in this situation, the Ethereum founder said, "When transactions on the blockchain are $0.001 or even $0.1, people can write any type of application, including non-financial applications. However, when the fees exceed $100, gamblers step in, and even more enthusiasm for gambling increases. This, in turn, affects the public's perception of crypto," he said.

"Privacy and scaling solutions will take us to different areas"

While Buterin listed criticisms on many issues, he did not neglect to mention positive developments. Buterin wrote that in 2023, Ethereum will also have second-generation privacy and privacy enhancements with scaling solutions that come with rollups, and said that these will contribute to the revival of decentralization:

"Unchecked decentralization and over-financialization can't be the only thing crypto is all about. I see that this is becoming more and more clear every day. Increasing this awareness, together with the use of the above technologies, will take us all to a different area."

"Zero-knowledge proofs are getting easier to implement"

Referring to zero-knowledge proof technologies, which he has mentioned many times recently, Buterin said that this technology and increasingly user-friendly applications will increase the provision of privacy:

"I envision a future where Ethereum is the hub for many kinds of applications. From decentralized social media to secure anonymous voting systems, we can talk about a huge secret. These technologies are one of the ways to improve Ethereum's scalability. For example, ZK rollups... But they're also very useful for ensuring privacy."

"We become a copy of Web2"

Buterin also sent a message to the Ethereum community, stating that the fundamental values in crypto should not be forgotten, and that it is very easy to develop projects outside of these values:

"In the crypto ecosystem, it's easy to develop projects that no longer embody core values. A highly centralized project, which you will call the 'second layer' and in which security is actually ensured with multiple signatures, can be easily developed. It is difficult to fight not to slip into such areas. But if we don't, we risk losing the core values of the crypto ecosystem. It would be nothing more than a copy of the Web2 ecosystem"

Published: 29 December 2023 10:29