Jesse Walden foresees a decline in the early blockchain values that characterized the cypherpunk community.
Walden clarified in a Sept. 30 blog post that smart contract systems originally formed by values like open source and permissionlessness are now moving towards efficiency and meet regulatory requirements.
Cypherpunk Origins in 1980s
Many well-known use cases like stablecoins and decentralized network solutions (DePIN) do not now demand rigorous decentralization. The openness and settlement attributes of their supporting platforms drive their advantages.
In the 1980s emerged the concept of cypherpunks in reaction to escalating worries about state monitoring and suppression. The creator of Bitcoin Satoshi Nakamoto is regularly regarded as somebody who shares these values.
Walden points out that although the cypherpunk movement still exists blockchain is entering a new era centered on commercial opportunities. Walden analyzes the transformation of blockchain similar to how the music industry tends to trade intensity for mainstream appeal.
He stresses that adjustments are crucial for making blockchain technologies available to many users. According to him the effective use of blockchain technology in the future will depend on striking a harmony between core values and applying business strategies.
“So if you’re feeling like the values that got you into crypto are getting diluted by the mainstream market — I hear that but try to see it in a different light — because in terms of impact, the commercialization of crypto likely means the real opportunity is just getting started.”
