Ethereum founder Vitalik Buterin provides his take on the current state of the memecoin market, opining how memecoins can be positive-sum and more than a tool for speculation. He argues for integrating memecoins with a specific initiative or charity but notes potential limitations with a simple partnership. His main point centers on memecoins tied to fun, engaging games that leave lower-income players better off while still being enjoyable for those playing without monetary incentives – “World of Warcraft on the blockchain.” Buterin concludes by expressing disdain for the racist or derogatory memecoins but hopes that the positive ones could have a significant societal impact.
Monday, April 1, 2024Vitalik Buterin advises on crypto security by suggesting that folks decentralize their security setup. Instead of using a cold wallet, he relies on a multisig Safe wallet for 90% of his crypto assets, with multiple trusted signatories and undisclosed identities to enhance security.
EIP-3074 is an upgrade for normal Ethereum wallets that adds some smart wallet functionality. It was slated for inclusion in the next Ethereum upgrade. After it was approved, Vitalik Buterin and other Ethereum researchers expressed concern about compatibility between 3074 and 4337 (standard smart contract wallet) wallets and the potential of 3074 to be broken by quantum computers. EIP-7702 fixes both of these issues.
Vitalik Buterin discusses how Ethereum has traditionally used gas to manage computational resources (computation, storage, data transmission, and cryptographic proof generation) and represent them as a cost metric. He argues that this approach has some limitations given it doesn't effectively describe the limits of each computational resource. By shifting towards a "multi-dimensional gas system", Ethereum will be able to better align costs with the actual demands and capacities of these computational resources.
Vitalik Buterin proposed the first block in preparation of Taiko's mainnet and expressed his excitement around Ethereum L2s taking different rollup approaches.
After two years and seven testnets, ZK rollup Taiko has launched its mainnet. Taiko is a based rollup, meaning Ethereum validators are responsible for sequencing transactions instead of foundation-controlled entities. Vitalik Buterin proposed the inaugural block.
Layer 2 solutions on Ethereum not only expand its technical capabilities but also foster a diverse and inclusive culture within the blockchain community, leading to unique technological advancements and cultural influences across different blockchains, ultimately driving innovation within the ecosystem.
Vitalik Buterin is unhappy with this cycle's celebrity entrants in the crypto space, criticizing their purely financial and speculative intentions. He cites Ashton Kutcher and Mila Kunis' Stoner Cats NFT project, which funded a cartoon based on the IP, as the best example of celebrity experimentation. In his view, a respectable project should have a public good goal, fun mechanics, and be long-lasting, with the token price being the last concern for its users.
Vitalik Buterin is urging the Ethereum network to implement automated responses to potential 51% attacks to reduce the reliance on social consensus and improve the network's resilience. He also highlighted the importance of adopting light clients, ensuring quantum resistance, and simplifying protocols for enhanced security and usability.
Vitalik Buterin shares thoughts on how too much investment is going into specific types of infrastructure that benefit from high-risk ventures, while other essential infrastructures are underfunded.
Airdrops serve as an ideal initial test case for evaluating blockchain-based identity and attestation frameworks as they allow for rewarding genuine community contributions and ignoring adversarial farming. Token issuance can be used to refine the frameworks with real-world scenarios. Discounted token sales can act as an alternative to airdrops, allowing for more “skin in the game” while still creating distribution.