Vitalik Buterin shared his view on the future of the Ethereum ecosystem
Date: 2023-09-14 Author: Karina Ziganova Categories: IN WORLD
According to the expert, some projects are currently “not inventive enough.”
DeFi is “cool”, NFT is a new primitive that is a continuation of something with history. And the use of cryptocurrency for payments is common.” These are elements that are created to fit into the original ecosystem,” Buterin explained.
What's "causing excitement" is the decentralized social network Farcaster. This is similar to the Twitter protocol based on OP Mainnet paired with the companion mobile app Warpcast. At the moment, the project is presented in alpha version.
Also working with Lens from Aave on the network, Polygon, Farcaster and similar social services are using crypto tools to compete with centralized platforms.
“Let's see how far we can go in this direction. The designs may be connected to other elements of the space in the future. For example, the decision against the Sybil attack: 894 likes is not just eight thousand people (854 accounts), which are all controlled by the Kremlin,” Buterin explained.
According to the founder of Ethereum, protocols based on cryptography have every chance of being more decentralized and maintaining confidentiality while remaining secure compared to Web2.
According to the expert, in the future there will be an open technology stack that will be able to compete with Google and Twitter without going beyond centralized systems such as the integration of WeChat Alipay and CBDC in Vietnam or the integration of Beidou Xiaomi.
Buterin began a gradual process of onboarding new Web3 users by creating Ethereum addresses using the well-known Gmail service and then controlled by a familiar service.
The difference will be that the service actually uses the account abstraction. This will give users a chance to take ownership when they are ready to embrace more crypto-native approaches.
Give people a chance to climb down the decentralization ladder. And finally be in this completely independent stack that is actually able to function itself - all its diverse parts together,” he concluded.
Not long before this, Buterin mentioned Farcaster after he was the victim of an X account hack via SIM swapping.
One of the co-authors of the article about the Tornado Cash alternative was the Co-founder of Ethereum.
