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Home»Bitcoin»Ethereum Co-Founder Identifies Key Risks Facing the Technology Today
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Ethereum Co-Founder Identifies Key Risks Facing the Technology Today

August 26, 2024No Comments3 Mins Read
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Vitalik Buterin, one of the co-founders of Ethereum, has sounded the alarm on several emerging threats to technological freedoms and, by extension, to a number of core values ​​of the crypto community.

In a blog post, Buterin warned of political attacks on encrypted messaging, centralized identity systems and insecure operating systems, as well as the growing power of a few social media platforms and dominant countries to censor and deplatform people around the world.

Encrypted messaging attacked

Buterin’s first concern is that political attacks on encrypted messaging are growing. He believes that the right to private conversation is fundamental and is one of the tenets of the cypherpunk ethos that underpins the crypto movement. Governments around the world have stepped up threats against messaging services to weaken their encryption or add backdoors that could potentially compromise users’ privacy.

Another thing I would like to add is that we should all agree that finance *is not enough*. There are so many points of centralization that are rapidly growing and posing threats in today’s technological world:

* Continued political attacks on encrypted messages
* Centralized identity…

— vitalik.eth (@VitalikButerin) August 25, 2024

Centralized Identity and Credit Scores

He also warns that the rise of centralized identity systems with credit scores will prove largely destructive to individual autonomy. These systems are harmful because they concentrate power in the hands of a very small number of entities who can then use them to monitor, control and even discriminate against citizens based on their digital profiles.

Insecure Operating Systems and Backdoors

Buterin also pointed out that proprietary operating systems are riddled with bugs and backdoors. The reason, he said, is that closed-source software is less secure and easier for various actors, including governments, to exploit. Buterin believes that what is really needed is the mass adoption of open-source and verifiable operating systems to avoid these risks.

The total market capitalization of cryptocurrencies currently stands at $2.2 trillion. Chart: TradingView

Censorship and centralization of social networks

Buterin warns of the growing power of social networks, which can censor and unplatform at will, bending to the whims of governments. He criticizes the fact that social media algorithms are characterized by their opacity and centralization, which allows them to be used to shape information and public discourse.

Buterin notably expresses the idea that the Web has been dominated by strong nations, which have created geopolitical bottlenecks that can paralyze individuals or organizations around the world. He sees this trend as an attack on the decentralized and global aspect of the Internet; it is a question here of depriving individuals of freedoms by threatening freedom of expression and access to information.

Ethereum: Centralized AI and Mind-Reading Technology

Finally, Buterin warns that if centralized AI and BCIs fall into the wrong hands, they will be very dangerous. They will lead to unprecedented surveillance, deplatformization, and economic domination. That is why Buterin calls for the development of decentralized and privacy-preserving AI and BCI solutions so that the risks can at least be mitigated.

Buterin’s warnings underscore the importance of defending technological freedoms in the face of these emerging dangers. He believes the crypto community must take a proactive stance by emphasizing the values ​​that gave birth to Bitcoin and Ethereum: privacy, decentralization, and individual autonomy.

Featured image by FutureCIO, chart by TradingView





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Previous ArticleAre ETFs eligible for the Enterprise Investment Scheme (EIS)?
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