Vitalik Buterin recently pointed out a significant change in the cryptocurrency market compared to the industry in 2018-2019. Although many practical aspects have evolved, some fundamental principles remain constant.
Vitalik Buterin recently pointed out a significant change in the cryptocurrency market compared to the industry in 2018-2019. Although many practical aspects have evolved, some fundamental principles remain constant.
Buterin noted that the revolutionary and idealistic visions of blockchain are still alive in response to Joe Weisenthal’s observation about the change in crypto culture. Weisenthal noted that, in the past, the cryptocurrency community had placed more emphasis on ideas such as open internet governance, universal basic income (UBI), and blockchain democracy.
Today, most crypto projects are related to memes or community developments for commercial purposes. In response, Buterin noted that many of these concepts have made significant progress and come to life. He listed some projects:
Decentralized social networks like Farcaster and Lens are working to promote the idea of digital democracy by encouraging a more accessible and user-controlled Internet.
Financing mechanisms: The principles of Universal Basic Income (UBI) and Collective Benefit are in line with these financing mechanisms, which encourage equitable distribution of resources and provide incentives for important projects.
Yuri MolchanZero-knowledge proof voting implementations increase the privacy and security of voting while promoting trust in the democratic system through the use of zero-knowledge proofs.
The fundamental principles of blockchain technology – decentralized privacy and creative financing models – continue to drive progress even in the face of the current market concentration on financial aspects, as Buterin’s observations highlight.
The community’s commitment to using blockchain technology for broader social and technological benefits is demonstrated by continued development. The fundamental objective of building a decentralized, equitable and open Internet is still very much alive and is getting closer to becoming a reality every day.
