This is a good post.
Not because I agree with it, directionally I disagree with a lot. But Vitalik is finally telling people what he actually believes, and an indication on how he intends to run the Ethereum Foundation. This creates transparency for those around him, and means those who disagree can now evaluate if this is the right place for them. Long overdue.
I think it is worth understanding what this strategy means for Ethereum, and I might write something about it in the future :)
In short: The only major asset that really benefits from this extreme version of self-sovereignty and trustlessness that he describes is Ether. I fear that the fully executed version of this strategy is going to result in Ethereum just becoming another version of Bitcoin "digital gold" (technically an improvement, but IMO tiny in terms of what crypto can actually do for the world).
I don't know if Vitalik actually cares that much about Ether, though -- I think he thinks more about other applications, e.g. social and identity systems. I am highly critical of basing Ethereum's strategy on those, because none of them have anything close to PMF and there are good reasons to believe that's going to be extremely hard.
(And yeah, I do have a suggestion for an alternative strategy for Ethereum: Get as much valuable economic activity on L1 as possible. I think that would be ultimately the better strategy for Ethereum being a core building block of a more transparent and inclusive financial system)
Not because I agree with it, directionally I disagree with a lot. But Vitalik is finally telling people what he actually believes, and an indication on how he intends to run the Ethereum Foundation. This creates transparency for those around him, and means those who disagree can now evaluate if this is the right place for them. Long overdue.
I think it is worth understanding what this strategy means for Ethereum, and I might write something about it in the future :)
In short: The only major asset that really benefits from this extreme version of self-sovereignty and trustlessness that he describes is Ether. I fear that the fully executed version of this strategy is going to result in Ethereum just becoming another version of Bitcoin "digital gold" (technically an improvement, but IMO tiny in terms of what crypto can actually do for the world).
I don't know if Vitalik actually cares that much about Ether, though -- I think he thinks more about other applications, e.g. social and identity systems. I am highly critical of basing Ethereum's strategy on those, because none of them have anything close to PMF and there are good reasons to believe that's going to be extremely hard.
(And yeah, I do have a suggestion for an alternative strategy for Ethereum: Get as much valuable economic activity on L1 as possible. I think that would be ultimately the better strategy for Ethereum being a core building block of a more transparent and inclusive financial system)
https://x.com/dankrad/status/2008174642066845778
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