Vitalik Buterin recently pointed out a significant shift in the cryptocurrency market compared to the industry in 2018-2019. Although many practical aspects have evolved, some basic principles remain the same.
Buterin noted that the revolutionary and idealistic vision of blockchain still exists in light of Joe Weisenthal's observations of the shift in crypto culture. Weisenthal pointed out that, in the past, the crypto community has placed more emphasis on ideas like open internet governance, universal basic income (UBI), and blockchain democracy.
As of today, most cryptocurrency projects involve memes or community development for commercial gain. In response, Buterin pointed out that many of these concepts have made significant advances and come to life. He listed some projects:
💬 We're still here! And a lot of things on that ideal open internet have actually progressed quite a bit, for example. we have farcaster and lens, quadratic and retroactive funding, zupass, privacy preserving ways to send ETH voting implementation, ZK... — Vitalik.eth
Decentralized social networks like Farcaster and Lens are working to advance the idea of digital democracy by promoting a more accessible and user-controlled internet.
Funding Mechanisms: The principles of Universal Basic Income (UBI) and Collective Benefits align with these funding mechanisms, encouraging equitable distribution of resources and providing incentives for projects important.
Implementing zero-knowledge proof voting will enhance voting privacy and security while promoting trust in the democratic system using zero-knowledge proofs.
The fundamentals of blockchain technology – decentralized privacy and innovative funding models – still drive progress even as the market focuses on current financial aspects, as observed Buterin's emphasis.