Vitalik Buterin:The Most Important Scarce Resource is Legitimacy

Vitalik Buterin:The Most Important Scarce Resource is Legitimacy

24/3/2021

On March 23, Vitalik Buterin published an article "The most important scarce resource is legitimacy."The article stated that legitimacy is a powerful social technology and we should use it. One of the main strengths of cryptocurrency is that it allows the community to raise large amounts of funds without the need for any individual to donate funds in person. However, this capital is limited by the concept of legitimacy: you cannot allocate cryptocurrency funds to a centralized team without compromising its value. Although Bitcoin and Ethereum have relied on the concept of legality to deal with 51% of attacks, it is much more difficult to use the concept of legality to guide the financing of public products within the agreement. But in the increasingly rich application layer where new protocols are constantly being created, we (Ethereum) have considerable flexibility in the flow of funds. The Ethereum ecosystem focuses on the design and innovation of mechanisms at the social level, and its own public product financing challenges are a good starting point.

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