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Vitalik Buterin explains the main difference between the cryptocurrencies of 5 years ago and the current ones
Arman Shirinyan
Vitalik Buterin highlighted the fundamental difference between today’s market and that of 5 years ago
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Vitalik Buterin recently highlighted a significant change in the cryptocurrency market compared to the industry in 2018-2019. While many practical aspects have evolved, some fundamental principles remain constant.
Buterin noted that the revolutionary and idealistic visions of blockchain are still alive in response to Joe Weisenthal’s observation regarding the change in crypto culture. Weisenthal pointed out that, in the past, the cryptocurrency community had placed more emphasis on ideas such as open internet governance, universal basic income (UBI), and blockchain democracy.
To date, most cryptocurrency the projects are related to memes or community developments for commercial profit. In response, Buterin pointed out that many of these concepts have made significant progress and come to life. He listed some projects:
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.
Financing mechanisms: The principles of universal basic income (UBI) and collective benefit are aligned with these financing mechanisms, which encourage equitable distribution of resources and provide incentives for meaningful projects.
Zero-knowledge voting implementations increase the privacy and security of voting while promoting trust in the democratic system using zero-knowledge proofs.
The fundamental principles of blockchain Technology – decentralization, privacy and creative financing models – remains capable of driving progress even in the face of the current market focus on financial aspects, as Buterin’s observations highlight.
The community’s commitment to using blockchain technology for broader social and technological benefits is demonstrated by continued development. The fundamental goal of building a decentralized, fair, and open Internet is still very much alive and getting closer to becoming a reality every day.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, cryptocurrency enthusiast and SMM expert with more than four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently he focuses on news, articles with in-depth analysis of crypto projects and technical analysis of cryptocurrency trading pairs.