Vitalik Buterin, one of the co-founders of Ethereum, has watched the world he created evolve with a mixture of pride and dread. “Crypto itself has a lot of dystopian potential if implemented wrong,” Vitalik acknowledges in an interview in Time
. Buterin hopes Ethereum will become the launchpad for all sorts of sociopolitical experimentation: fairer voting systems, urban planning, universal basic income, public-works projects. But he admits that his vision for the transformative power of Ethereum is at risk of being overtaken by greed.
Vitalik also sees that one of the significant challenges with making cryptocurrency and blockchain applications usable for average users is security. If you lose your wallet today, you lose all your money. His suggestion is what he calls social recovery wallets
, where you can appoint guardians that can change your password to a new one after your request – much like a bank. But the intriguing part about these guardians is that they can be friends or family members, institutions, or other devices you own yourself.