Memecoin
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- Vitalik Buterin has asked Ethereum developers to guarantee decentralization
- Buterin thinks that developers are using the term “decentralization” as a catchphrase to attract users
- He noted that Ethereum is at risk of being centralized as corporations embrace blockchain technology
Ethereum co-founder Vitalik Buterin has asked developers to honor crypto ethos and create truly decentralized projects. Buterin said developers are using the term “decentralization” as a catchphrase to attract users to their projects. He also noted that the Ethereum blockchain is at risk of being centralized as more corporations embrace blockchain technology, adding that the crypto industry is currently at a turning point.
Memecoin Preventing Takeover by Politicians and Corporations
Speaking at the Ethereum Community Conference in France, Buterin urged developers to provide users with decentralization guarantees to prevent takeover by politicians and corporations and to prioritize users’ needs. He added that decentralization should move from being “shiny tech to concrete properties.”
Buterin provided developers with a test to ascertain whether their projects are truly decentralized. Among the tests, he asked developers to evaluate whether the project will exist or run as intended if its core team abandons it.
The second test is to evaluate how much control insiders have and the damage a front-end attack can cause. Another pointer to help gauge a project’s decentralization level is “whether it has a trusted computing base: How many lines of code must be trusted to protect users’ funds or data?”
According to the Ethereum co-founder, most DeFi projects and scaling layers have backdoors, upgrade options, and interfaces that can easily be compromised. Buterin added that blockchain-powered projects should take users’ privacy seriously to reduce loss of funds and data.
Memecoin Layer 2s Lack Decentralization Commitment
Buterin’s observation comes 10 months after he expressed concerns about how Ethereum layer 2s are casually handling decentralization. The Ethereum co-founder asked layer 2s to boost the decentralization aspect for him to recognize them.
Although Buterin is committed to pushing for a fully decentralized Ethereum ecosystem, it’s unlikely that all developers on the network will heed his call as they wish to maintain control of their projects.
