Ethereum Co-Founder Warns Against Crypto Centralization
Ethereum co-founder Vitalik buterin highlighted a worrying trend at the Ethereum Community Conference. He believes the crypto industry is moving away from its core principle of decentralization. This shift could undermine the technology’s promise of privacy, freedom, and transparency.
Buterin compared this to Web 1.0’s evolution. The early internet was about freedom and openness. But it later became more controlled by big companies. He fears crypto might follow a similar path. Centralization poses a security risk. Many decentralized apps (dApps) have centralized front ends. These are like “straw houses,” he said. They are easy for hackers to attack.
Buterin stressed that true decentralization means users can still use an app even if the original team disappears. He calls this the “walkaway test.” If a project fails this test, it’s not truly decentralized. Centralized parts make systems vulnerable. They can be easily attacked.
Buterin also discussed the “walkaway test.” This checks if an app can still work if its creators disappear. If not, it’s not truly decentralized. He believes this is crucial for user safety and freedom.
Buterin’s ideas are similar to the SEC’s howey Test. This test decides if a crypto token is a security. Both focus on user control and independence.
