Ethereum co-founder Vitalik Buterian announces on Twitter that we must make Ethereum ‘‘cypherpunk’’ again. Initially, the vision of the Ethereum blockchain was to bring decentralization to blockchain users, but since 2017, this vision has been dragged under the bus after cryptocurrency began to over-financialize the network. Vitalik Buterin says that initially, Ethereum was visualized as a public decentralized hard drive share. The hard drive would enhance peer-to-peer messaging and decentralized file storage.
“Unfortunately, since 2017 or so, these visions have faded somewhat into the background,” Vitalik added. The co-founder of Ethereum went ahead and stated that there is an ideological rift where the non-blockchain decentralized community envisions the crypto world as a distraction and not as a kindred spirit and a powerful ally. Vitalik added that the reason we must make Ethereum cipherpunk again is because, in many countries, individuals send and receive cryptocurrency, but often do it through centralized exchanges or internal transfers.
In a blog article posted yesterday, Vitalik Buterian added that individuals are to blame for the shift in transaction fees. “When the cost of writing to the chain is $0.001, or even $0.1, you could imagine people making all kinds of applications that use blockchains in various ways, including non-financial ways,” Vitalik added. However, when transactions rise to $100, ‘Degen Gamblers’ will still be willing to play.
Vitalik Ethereum Security Proposal
Although there are several issues within the Ethereum community, Vitalik pointed out several developments within Ethereum. He wrote that advancements in scaling solutions like rollups, second-generation privacy solutions, and the emergence of account abstraction and light clients could offer hope for a revival of the decentralized ethos. Unchecked awareness and over-financialization cannot be all about crypto; rather, zero-knowledge proof and account abstraction are finally coming to fruition, which together present us with an opportunity to take things in a different direction.
Vitalik Buterin, Ethereum co-founder, has simplified Ethereum proof-of-stake (PoS), which will simplify complexity and expand design possibilities within the system. The current PoS supports 900,000 validators to support decentralization; however, Buterin has another idea since this brings complexity and sacrifice. Additionally, it does not bring accessibility to small-scale stakes due to the 32 ETH minimum requirement. Vitalik Buiterin, however, suggests that the ecosystem should reduce the required signature per slot to as little as 8,192, away from the current plan of 1.7 million.