Vlad Zamfir, who pioneered proof-of-stake research at the Ethereum Foundation, is a co-founder of Smart Transactions (STXN), which builds verifiable time machines on Ethereum.
Blockchain technology has momentum. Bitcoin and Ethereum ETFs have catalyzed mainstream entry into the crypto investment space. Meanwhile, DeFi and other decentralized projects continue to grow their users and assets. Regulators in many jurisdictions appear to be looking for ways to work with the technology, rather than against it. This all boils down to an unprecedented moment of opportunity for those developing projects based on blockchain technology.
This perception is driven by the second obstacle, which is substantive: blockchain projects have focused too heavily on financialization. This has led not only to a vast underutilization of the capabilities of the tech, but also to an insider-first, semi-closed ecosystem in which small groups of people design, develop, and use these platforms.
Every transaction in blockchains carries within it the answer: who did what, when and why. It is something that is provably true and does not require a person to trust the bearer of the information. Time waits for no one. It does not ask for trust, and it goes on whether we trust it or not. Time is the ultimate trustless key to our lives, and so, as clocks, are blockchains.
If the government tried to ban e-commerce sites like Amazon, there would be an outcry. People from schoolchildren to grandparents would oppose such a move because it would make their lives materially worse. When governments attempt to block social media platforms like X and TikTok, they face severe backlash from the millions upon millions of people who use those services. Public support is strong for these platforms even when they arguably facilitate harmful activities.
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