Buterin shared his view on the future of the Ethereum ecosystem


Creating an independent open stack with blocks in the form of ENS, options Proof-of-Humanity And POAP to compete with Web2 giants – something that can inspire. Ethereum co-founder Vitalik Buterin stated this to BlockWorks.

The expert complained that many projects now are “not inventive enough.”

“DeFi is cool, NFT is a new primitive, but a continuation of something that has history, and the use of cryptocurrency for payments is familiar. These are individual elements that are designed to fit into the previous ecosystem.” — Buterin explained.

In contrast to the above, what is “causing excitement” is the decentralized social network Farcaster. It is a Twitter-like protocol based on the OP Mainnet with a companion mobile app called Warpcast. The project is currently in alpha version.

Along with Aave’s Lens on the Polygon network, 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. Future designs may be connected to other elements of the space. For example, creating a solution against Sibyl attacks: 894 likes are 894 people, not 894 accounts, which are all controlled by the Kremlin,” – Buterin explained.

According to the Ethereum co-founder, cryptography-based protocols have the potential to be more decentralized, privacy-preserving and secure compared to Web2.

The expert hopes that in the future there will be an open technology stack that will compete with Google and Twitter without going beyond centralized systems such as the integration of WeChat, Alipay and CBDC in China.

Buterin proposed a gradual process for onboarding new Web3 users through the creation of Ethereum addresses, initially controlled by a familiar service like Gmail.

The difference will be that the service uses an account abstraction. This will provide users with the opportunity to take ownership when they are ready to embrace more crypto-native approaches.

“Give people the opportunity to come down the decentralization ladder. Then to actually be in this completely independent stack that actually works together – all the different parts within it.” – he said.

Let’s remember that Buterin recently mentioned Farcaster after he became a victim of an account hack on X by swapping a SIM card.

Previously, the co-founder of Ethereum co-authored an article about the Tornado Cash alternative.

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