Vitalik Buterin, co-founder of Ethereum, expressed critical concerns regarding the state of decentralization within the crypto industry during his keynote address at the Ethereum Community Conference in Cannes. As the industry gains mainstream adoption, he warned that decentralization could become a hollow promise unless it evolves into a robust framework with clear user guarantees. Buterin outlined three essential tests for crypto projects: the walk-away test, the insider attack test, and the assessment of trusted computing bases. He emphasized that many projects suffer from vulnerabilities such as backdoors and insecure interfaces. Additionally, he highlighted the necessity for the crypto industry to mature and remain faithful to its fundamental ideals of decentralization and user-centric development. In related news, the mainnet of the Bitcoin layer-2 solution Botanix launched, significantly improving transaction speeds by reducing block times to five seconds. Meanwhile, Ripple's EVM sidechain on the XRP Ledger also went live, aiming to enhance interoperability for Ethereum-based applications within the XRP ecosystem.

Source 🔗