Buterin Takes a Nostalgic Dive Into Ethereum’s Ear
Ethereum co-founder VitAlik Buterin reflects on the early days of cryptocurrency adoption in a blog post.
Tron founder Justin Sun responds, expressing admiration for Ethereum.
The blog explores the early concept of Web3, envisioning a decentralized internet stack aligned with open-source software movement ethos.
In a recent blog post, Ethereum co-founder Vitalik Buterin took a stroll down memory lane, reminiscing about the early days of cryptocurrency adoption. Titled “Make Ethereum Cypherpunk Again,” Tron founder Justin Sun also responded to Buterin’s tweet, expressing Tron’s admiration for Ethereum.
Ethereum’s Early Days
One cherished memory from the blog dates back ten years to a region in Berlin known as the Bitcoin Kiez, a hub in Kreuzberg where shops embraced Bitcoin payments. Room 77, a restaurant and bar run by Joerg Platzer, stood as the epicenter, not merely accepting Bitcoin but fostering a community of open-source developers and political activists.
Two months earlier, Buterin recalls attending Porcupine Freedom Festival, “PorcFest,” a libertarian gathering in New Hampshire. Pop-up restaurants with names like “Revolution Coffee” and “Seditious Soups, Salads, and Smoothies” not only accepted Bitcoin but also served as platforms for discussing the deeper political implications of cryptocurrency.
These memories, as Buterin notes, symbolize a broader vision underlying the crypto space. The blog post delves INTO the early concept of “Web3,” originally coined by Ethereum co-founder Gavin Wood. Web3 envisioned a decentralized internet stack, offering a shared hard drive for collaborative work.
However, Buterin acknowledges a shift in focus since 2017, citing rising transaction fees as a pivotal factor. The surge in fees, reaching over $100 during market peaks, led to a dominance of “degen gamblers” and a shift away from non-financial blockchain applications.
Fast forward to 2023, and Ethereum faces both challenges and opportunities. Positive developments include the emergence of rollups, second-gen privacy solutions, account abstraction, light clients, and user-friendly zero-knowledge proofs.
Buterin sees this as an opportunity to return to Ethereum’s roots, aligning with values such as open global participation, decentralization, censorship resistance, and credible neutrality.
The blog emphasizes the need to resist pressures that deviate from these values, highlighting the importance of maintaining Ethereum’s uniqueness and value in the crypto ecosystem.
Buterin concludes with a glimpse into Ethereum’s potential future, envisioning a “cypherpunk” world where privacy, security, and decentralization seamlessly intertwine.
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