Vitalik Buterin: Blockchain Upholds Democratic Values

Blockchain technology offers a unique perspective for re-evaluating the philosophy of democracy and freedom, particularly concerning the relationship between private and public ownership. This was stated by Ethereum co-founder Vitalik Buterin.

In a podcast in Taiwan, the programmer noted that following the emergence of Bitcoin as a decentralized payment system, people began exploring the technology’s potential beyond currency.

According to Buterin, the creation of Ethereum was largely inspired by these ideas.

“Blockchain technology not only protects private rights but also provides a secure space where ownership does not vanish due to changes in others’ opinions. It ensures that people can freely create, hold, and distribute value on the internet,” he believes.

As an example, Buterin mentioned his own blog, which was shut down as a traditional site Vitalik.ca after the service provider’s liquidation. However, in a decentralized data storage system like IPFS based on Ethereum’s ENS infrastructure, the information continues to exist.

The entrepreneur also emphasized that major decisions in the development of the blockchain ecosystem, such as the transition to the Proof-of-Stake algorithm, are made by the community through democratic procedures.

The advancement of technology and the emergence of second-layer solutions like Optimism have expanded the possibilities for funding public goods in a public manner, Buterin believes.

In his view, blockchain has already demonstrated its potential “in building a more equitable and decentralized society.”

Back in January, Buterin published an essay titled “The End of My Childhood,” marking his thirtieth birthday. In the article, the programmer shared his thoughts on the future of the industry.