Vitalik Buterin, co-founder of Ethereum believe that the cryptocurrency community has not yet abandoned its idealistic initiatives.
Vitalik Buterin, co-founder of Ethereum believe that the cryptocurrency community has not yet abandoned its idealistic initiatives.
Responding to a thought-provoking post by Joe Weisenthal, host of Bloomberg’s “Odd Lots” podcast, Buterin stated that the cryptocurrency community has moved forward with its vision of an open Internet in the world of cryptocurrencies.
“I’m just thinking. It’s pretty crazy how much crypto culture has changed in the last 5-6. At the bank, there were still idealistic hippies, talking about things like blockchain democracy, or UBI, or the open internet. Never hear about that again. Now 100% financial/currency meme stuff,” Weisenthal wrote.
Tomiwabold OlajideHowever, Buterin named Farcaster, an optimism-based protocol that builds a social network with a sufficient level of decentralization, as one of the examples of initiatives. Despite having very few daily users, the blockchain-based social protocol managed to raise $150 million in funding earlier this year. Additionally, Buterin also mentioned Lens Protocol, which is a decentralized social network where users can own their content.
Yuri MolchanThe Ethereum co-founder also highlighted quadratic financing, a democratic form of financing that is based on quadratic voting. It allows funds to be distributed taking into account the wishes of the cryptocurrency community at large. The Gitcoin Grants Program, a quarterly initiative run by Gitcoin, is one of the examples of initiatives that are based on the mathematically optimal form of funding. Buterin has also mentioned the concept of retroactive financing, which allows financing to be allocated to those projects that have already managed to demonstrate their value.
To top it all off, it has drawn attention to Zupass, a personal cryptocurrency manager that allows users to not reveal all of their identities, privacy-preserving ways to send Ethereum such as zero-knowledge proofs (ZKP), as well as zero-knowledge voting. .
Despite the meme coin frenzy, it appears the Ethereum community is still aligned with the original ideals of decentralization and privacy.
