BasEx News | Vitalik Buterin's Proposal for Cryptopunk in Ethereum
Vitalik Buterin Suggests Reviving 'Crypto-Anarchism' in Ethereum
02.01.2023
Vitalik Buterin Suggests Reviving 'Crypto-Anarchism' in Ethereum

The Ethereum blockchain needs to revive the 'crypto-anarchism' revolution that was envisioned for the network at the dawn of its existence. This was stated by Vitalik Buterin, co-founder of the second-largest cryptocurrency by market capitalization.

According to him, Ethereum was originally conceived as a "public decentralized general hard drive," which could use peer-to-peer messaging and file storage. However, this vision began to fade in 2017 with the protocol's shift towards 'financialization.'

Decentralization, open participation, resistance to censorship, and trustworthy neutrality are among the 'crypto-anarchist' ideals Buterin wants to see in Ethereum's future.

He emphasized that rollups, zero-knowledge proofs, account abstraction, and second-generation privacy solutions have become more common and can support some of these values.

"It’s entirely possible to create things within the crypto ecosystem that don’t align with these goals," Buterin admitted, hinting at certain projects.

For example, creating a highly centralized layer protected by multisig without any plans for decentralization, or an NFT ecosystem where tokens are stored on a centralized website rather than on a decentralized data platform like IPFS.

"Resisting this pressure is challenging, but if we don’t, we risk losing the unique value of the crypto ecosystem and recreating a clone of the existing Web 2.0 ecosystem, with added inefficiencies and inconveniences," the developer emphasized.

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