Vitalik Buterin outlines a future for the Ethereum ecosystem

Building an independent open stack with blocks in the form of ENS, with options for Proof-of-Humanity and POAP to compete with Web 2.0-giants — something that could be inspirational. Buterin, co-founder of Ethereum, told BlockWorks.

The expert lamented that many projects today are “not inventive enough”.

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

Unlike the above, what excites him is the decentralized social network Farcaster. This is a Twitter-like protocol built on OP Mainnet with the companion mobile app Warpcast. The project is currently in alpha.

Alongside Lens by Aave in the Polygon network, Farcaster and similar social services use crypto tools to compete with centralized platforms.

“Let’s see how far we can push this. In the future, projects may be tied to other elements of the space. For example, creating a solution against Sybil attacks: 894 likes — that’s 894 people, not 894 accounts all controlled by the Kremlin,” — explained Buterin.

According to the Ethereum co-founder, cryptographic protocols could potentially be more decentralized, preserve privacy and be secure relative to Web 2.0.

The expert hopes that in the future an open technological stack will emerge that can compete with Google and Twitter without departing from centralized systems like the integration of WeChat, Alipay and CBDC in China.

Buterin proposed a gradual process of onboarding new Web3 users by creating Ethereum addresses initially controlled by a familiar service, such as Gmail.

The difference will be that the service uses account abstraction. This will give users the opportunity to become owners when they are ready to apply more crypto-native approaches.

“Give people the ability to descend the staircase of decentralization. Then truly end up in this fully independent stack that actually works together — all the different parts inside it,” — he said.

Earlier, Buterin mentioned Farcaster after becoming a victim of an X account hack via SIM swap.

Earlier, the Ethereum co-founder became a co-author of an article about an alternative Tornado Cash.