Bankless: Ethereum and the future of encryption in 2023

原文标题：《 Bankless 149 - Ethereum in 2023 with Vitalik Buterin 》

The Reading Ape 

Deep Tide TechFlow

Preamble: As the year draws to a close, Vitalik Buterin returns to Bankless's podcast to reflect on the cryptocurrency industry in 2022 and his hopes for 2023. He also shared his thoughts on Ethereum's use cases, such as currency, DeFi DApp, identity, DAO, and hybrid applications.

Cryptocurrency in 2022

People will remember this year for all the terrible things that happened.

Positive events are also important (e.g., mergers).

Consolidation is the reduction of transaction inclusion time.

Have multiple ZK-EVMs that will start mainnet in 2023.

Logins using Ethereum have made huge strides in adoption.

Cryptocurrency payments came into play during the invasion of Ukraine.

Will 2022 be an unusual year?

Mt Gox in 2014 felt like an existential crisis for cryptocurrencies.

In 2022, we have a much thicker, more interconnected cryptocurrency landscape.

In both cases, there are vulnerabilities and contagiousness that cause crypto prices to plummet.

Cryptocurrencies are no longer at the stage of increasing adoption from 0.1% to 10%.

Cryptocurrencies are now at the stage of increasing adoption from 10% to 70%, which requires a different strategy.

People losing money is not the main message we want cryptocurrencies to send.

Will we become a niche market?

In 2011, Vitalik wrote an article comparing Bitcoin to Esperanto, Linux and the Internet.

Each of these comparisons began as an idealistic movement to replace the existing system with something better.

Esperanto

Esperanto is an artificial language that strives to become universal. But it never took off, remaining as a niche interest.

English wins because there are too many network effects.

Linux

Linux is an interesting intermediate case. It is an open source operating system that has had some successes and some failures:

On the desktop, it failed, and it didn't appeal to most people.

But Linux has become an important back end for Android, servers, and developers.

Internet

There is no doubt that the Internet has taken over.

bitcoin

The question Vitalik asked in 2011 was, will Bitcoin eventually evolve like Esperanto, Linux, or the Internet? The upshot is that bitcoin may end up somewhere in the middle:

In the developed world, it may be Linux on the desktop.

In the developing world, it could be everywhere, like the Internet.

Ideas and suggestions

The word ETH will be used more than the word cryptocurrency.

This doesn't mean being an Etherealist.

The problem is that the crypto space is an ungovernable public space with no barriers to entry.

Talking about Ethereum is not about not caring about the wonderful things that are happening in other ecosystems.

Lessons for the industry in 2022

The cryptocurrency space is at its most glorious when it takes its core principles seriously.

Open and decentralised projects survive, while centralised things are questioned.

A use case for Ethereum as a currency

In the Ethereum community, there is a tension because some people want Ethereum to be just a currency and others want it to be more than that. The two views seem compatible.

Stablecoins are part of DeFi. But they are so simple and straightforward that most people don't realize they are DeFi.

Most of the applications that came out in the OG era were those that really cared if it provided real utility.

Newer projects focus on providing liquidity and high yields, whether or not it is sustainable.

"Newer things tend to work more on short-term evidence. And that's a very bad cognitive-theory in DeFi because it's very easy to get short-term success at the expense of long-term performance." - Vitalik Buterin

Why do cryptocurrencies matter?

Has personally used cryptocurrencies to fund medium-sized investments and charitable donations.

Cryptocurrencies are by far the easiest way to send money to people's families.

Legal tender is unstable in many places.

These are places where cryptocurrencies have clear use cases and promise long-term success.

"In my country, there is actually hyperinflation. But I can actually protect my savings by putting my money in Bitcoin and ETH." - Vitalik Buterin

Thoughts on DeFi DApp

There are fewer easy successes for people to create.

There are also plenty of opportunities (e.g., making a wallet used by billions of people, a stablecoin that can survive dollar hyperinflation).

Identity authentication

Blockchain identity and identity platform.

The concept of authentication: Proving the identity you use to sign messages/transactions.

Over the past decade, Vitalik Buterin has noticed that some people are interested in creating identity platforms and identity blockchains.

These people think of identity as an abstract concept rather than a concrete use case that people care about.

Emergence of identity

The network effects have to work first.

In the Cypherpunk world, everyone has a PGP key. None of them really worked.

Now we have our Ethereum account - private key and public key pair.

How do different identity systems talk to each other?

POAP has been more successful in the Ethereum ecosystem than anything that calls itself a proof protocol.

A lot of people have dozens of Poaps.

There is plenty of room for entrepreneurship.

At some point, they have to talk to each other and agree to a unified encryption standard.

Why is identity important?

People want to have an identifier that they can use to talk to others.

DAOs

Vitalik is excited about DAO.

The DAO will replace a lot of things outside the company.

Consider corporate as one of the less likely forms of replacement for the DAO.

There are two architectures that make sense: the ability to launch multiple signatures quickly, and the creation of trusted products that can withstand takeover attacks and last for decades.

The DAO does not emphasize smart contract logic. They put more emphasis on open and spontaneous decentralized cooperation models.

Trying to be a VC fund DAO doesn't make much sense. It makes you slow in a competitive environment and people can use it against you.

The governance structure of the DAO

There needs to be de-financialized governance to create intentional friction/speed bumps to prevent hostile takeovers.

Hybrid application

Applications that are not entirely on the chain, but benefit from being connected to the chain.

Hybrid applications do not present scalability challenges.

Deployment is much simpler because it does not require users to change their workflow.

For example: solvency proof protocol makes CEX more secure, game server uses ZK proof to publish status on chain, vote.

Actively build space

More apps that promote space development and less apps that are flashy and meaningless.

Continued dialogue with regulators around the world.

Vitalik's role in 2023

Help projects that are building good applications succeed.

Interact and connect with the Ethereum community around the world.

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