10102

Amazon. BlackRock. Binance. Bloomberg. Anchorage. Base. Anduril. Keep scrolling — the list only gets better. 🌴 Miami, May 5–7.

Last year, Qubic went from under 2% of Monero’s hashrate to demonstrating 51%+ dominance in a live takeover event that made headlines across CoinDesk, The Block, and Decrypt. Along the way, the network earned $3.5M+ in total mining revenue, found over 26000 XMR blocks, and proved that a decentralized AI compute network could outcompete an established Proof of Work chain through better economic incentives. Now we're doing it again…this time with Dogecoin. But here’s what most people are missing. DOGE produces roughly 14.4 million coins per day. At current prices, that’s approximately $1.44M in daily emission, roughly 10x what Monero was producing. The same playbook. A much bigger target.

This is the new EF Mandate. For many of you, the contents should be no surprise, and a clarification along the lines that we have been going and thinking for the past few months. But the clarification is nevertheless worth making. Ethereum is a unique object and has a unique role in the world. Its role is to be a sanctuary technology, to preserve technological self-sovereignty, to enable cooperation without coercion, domination or rugpulling, and to provide an escape hatch, to ensure that no single person, organization or ideology's victory in cyberspace can be total. The Ethereum Foundation is a steward of Ethereum - the original steward, and today, the steward specifically dedicated to preserving and expanding the above aspects of Ethereum. This means a heavy emphasis on CROPS (censorship and capture resistance, open source, privacy, security), both at the protocol layer, and at the access layer, user-facing applications and tools that we create or contribute to. There are things that we do in Ethereum because we believe that they are valuable for the underlying goals that we have for Ethereum. There are things that we do not do because from the perspective of our values we find them uninteresting (or worse, harmful). But there are also things that we do not do because while they are useful, they are not our role. At the Ethereum protocol layer, we focus on decentralization, verifiability, inclusion guarantees, protocol liveness, security and privacy first and foremost. We also value capabilities (eg. L1 scale, account abstraction, perhaps some forms of in-protocol aggregation), particularly because improvements in these capabilities better enable users to properly benefit from Ethereum's CROPS properties and displace the need for higher-layer intermediaries that might weaken the extent to which Ethereum's properties carry over into the full stack. We also believe that the Ethereum protocol must strive to pass the walkaway test. "We do X to specialize to serve the use cases of today, if more use cases appear later, we will continue to keep adding more EIPs for them later" is logic fit for many other blockchains whose names you hear often on this forum, but we do not believe it is logic fit for a decentralization-first blockchain like Ethereum. At the application layer, we focus on making "the zero option" - user experience that goes hard on ensuring security and privacy, avoiding dependence on intermediaries, and respecting the user's agency - as high quality as possible. We see this as complementary to work in the Ethereum ecosystem that "goes broad", starting from the world that it exists, and brings it onchain and improves its properties over time. Such work has its natural home outside the EF. We intend to be supportive of such efforts. We believe that the two are complementary: tools that are developed within the EF can be adopted by anyone, including partially, and even partial adoption that improves people's security, privacy and agency is a good thing. But the form of user experience that is more heavily insistent on CROPS properties is where we want the EF to develop its center of expertise. This does not mean shrinking from the hard questions. We believe in a vision of self-sovereignty that protects users, and does not leave users in the cold to face environments where they lose their life savings if they make a mistake, and click "yes" on a confirmation screen by accident two seconds after. But such protection must be designed based on a philosophical baseline of empowering the user, not empowering centralized organizations that claim to act in the user's name. This quadrant of design space - caring about users' (including non-experts') well-being and safety, and yet insistent on doing this in a way compatible with their agency and freedom, is underserved (not just in crypto, but in the world). We wish to use Ethereum as a platform to build out and showcase this quadrant, and ideally work with others to expand its reach over time. This is also a new chapter in how we see our position in the world. We must see ourselves not just as the Ethereum community, but also as maintainers of the Ethereum tool within what you might call the CROPS community or the sanctuary tech community, or a dozen of other words that have for a long time been used by people with similar values to us but far outside Ethereum. This means open-mindedness to new conceptions of what things in the world are our natural allies. Ethereum is not the world. Ethereum is a specific object in the world that is here to have specific properties. The Ethereum Foundation is a specific organization within Ethereum - one steward, not the sole one. I encourage all to read the mandate in detail; it includes concrete examples of how we intend to deal with the challenges and nuances of these ideas. We are doubling down on Ethereum and are excited about its next chapter.

Today, the Foundation’s Board released the EF Mandate. This document, which was first intended for EF members, reaffirms the promise of Ethereum, and the role of EF within this ecosystem.