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 As the cryptocurrency wave sweeps the world, Ethereum co-founder Vitalik Buterin (known as “V God”) once again made waves in the industry with his keen insights. He not only publicly stated that decentralized finance (DeFi) has the potential to compete with the traditional banking system in terms of security, but also jointly released the "Trustless Manifesto" with the Ethereum Foundation to re-anchor the future development of Ethereum and firmly protect its underlying spirit of "decentralization" and "censorship resistance." This series of measures is not only an affirmation of the current achievements of DeFi, but also a forward-looking declaration of the next generation financial system. Enter the pie circle➡️How to enter the pie circle⬅️Click  For a long time, the traditional banking system has been regarded as a "safe haven" for financial security due to its scale, supervision and reputation. However, from the 2008 global financial crisis to the frequent bank failures in recent years, the fragility of the centralized trust model has been revealed - opaque operating mechanisms, counterparty risks and over-reliance on a single institution may all become the tipping point of systemic risks. Buterin pointed out that the security issues of DeFi are essentially different from traditional banks. The core risk of DeFi lies in "code risk", that is, smart contract vulnerabilities. Although this kind of risk is technical, the solution path is open and transparent: open source code, multi-party audit, and community governance. As the protocol continues to mature and be verified, its security will gradually improve. The risks of traditional finance stem more from "man-made risks" and "systemic risks." User assets are held in custody by banks, and the chain of trust is long and opaque. Once a bank suffers from mismanagement or speculative errors, depositors often suffer losses passively and even face difficulties in withdrawing funds. DeFi realizes the self-custody of assets through "code is law" and shifts the trust object from "people" to "verifiable code". This is a fundamental paradigm shift. As the protocol becomes more and more perfect, risks caused by code vulnerabilities are gradually controllable, and its transparent, open, and censorship-resistant characteristics have shown unique advantages in preventing human intervention and systemic risks. This is the key basis for Buterin’s belief that DeFi has the ability to compete with banks. Buterin’s confidence is not without a source. It is rooted in Ethereum’s continued adherence to the concept of “decentralization”. To further clarify the direction, he and Ethereum Foundation researchers jointly released the "Trustless Declaration", aiming to resist the industry trend of sliding towards centralization due to the pursuit of convenience. The manifesto emphasizes that the fundamental goal of Ethereum is to achieve “collaboration without trustful intermediaries.” However, in reality, many projects introduce centralized relays or nodes to improve user experience. Although this is convenient in the short term, it may form a "choke" in the long term, threatening the openness and censorship resistance of the network. The manifesto warns: “Every code written for convenience can become a single point of failure in the future. ”  The “No Trust Declaration” proposes four core principles: Credible neutrality: Protocol rules do not favor any particular group. Self-custody: Users always have full control over their assets. Verifiability: System status and operations can be publicly verified. Resist "convenience" centralization: Be wary of solutions that trade decentralization for short-term efficiency. The manifesto itself is published on the Ethereum main network and is publicly accessible through the ENS domain name trustlessmanifesto.eth, symbolizing its promise of immutability and permanent existence. The "No Trust Declaration" forms a logical closed loop with Buterin's confidence in DeFi: a strong DeFi ecosystem must be built on decentralized, censorship-resistant infrastructure. If the underlying network compromises for convenience, DeFi’s vision of “self-custody” and “open finance” will be out of the question. |
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