Connect with us

Published

on

This article was featured in One Story to Read Today, a newsletter in which our editors recommend a single must-read from The Atlantic, Monday through Friday. Sign up for it here.

For more than half a century, I have been studying the shifting relations between white and Black Americans. My first journal article, published in 1972, when I was a graduate student at the University of Chicago, was about Black political power in the industrial Midwest after the riots of the late 1960s. My own experience of race relations in America is even longer. I was born in the Mississippi Delta during World War II, in a cabin on what used to be a plantation, and then moved as a young boy to northern Indiana, where as a Black person in the early 1950s, I was constantly reminded of my place, and of the penalties for overstepping it. Seeing the image of Emmett Tills dead body in Jet magazine in 1955 brought home vividly for my generation of Black kids that the consequences of failing to navigate carefully among white people could even be lethal.Explore the November 2023 Issue

Check out more from this issue and find your next story to read.View More

For the past 16 years, I have been on the faculty of the sociology department at Yale, and in 2018 I was granted a Sterling Professorship, the highest academic rank the university bestows. I say this not to boast, but to illustrate that I have made my way from the bottom of American society to the top, from a sharecroppers cabin to the pinnacle of the ivory tower. One might think that, as a decorated professor at an Ivy League university, I would have escaped the various indignities that being Black in traditionally white spaces exposes you to. And to be sure, I enjoy many of the privileges my white professional-class peers do. But the Black ghettoa destitute and fearsome place in the popular imagination, though in reality it is home to legions of decent, hardworking familiesremains so powerful that it attaches to all Black Americans, no matter where and how they live. Regardless of their wealth or professional status or years of law-abiding bourgeois decency, Black people simply cannot escape what I call the iconic ghetto.

I know I havent. Some years ago, I spent two weeks in Wellfleet, Massachusetts, a pleasant Cape Cod town full of upper-middle-class white vacationers and working-class white year-rounders. On my daily jog one morning, a white man in a pickup truck stopped in the middle of the road, yelling and gesticulating. Go home! he shouted.

Who was this man? Did he assume, because of my Black skin, that I was from the ghetto? Is that where he wanted me to go home to?

From the May 1994 issue: Elijah Anderson on the code of the streets

This was not an isolated incident. When I jog through upscale white neighborhoods near my home in Connecticut, white people tense upunless I wear my Yale or University of Pennsylvania sweatshirts. When my jogging outfit associates me with an Ivy League university, it identifies me as a certain kind of Black person: a less scary one who has passed inspection under the white gaze. Strangers with dark skin are suspect until they can prove their trustworthiness, which is hard to do in fleeting public interactions. For this reason, Black students attending universities near inner cities know to wear college apparel, in hopes of avoiding racial profiling by the police or others.

I once accidentally ran a small social experiment about this. When I joined the Yale faculty in 2007, I bought about 20 university baseball caps to give to the young people at my family reunion that year. Later, my nieces and nephews reported to me that wearing the Yale insignia had transformed their casual interactions with white strangers: White people would now approach them to engage in friendly small talk.When I jog through upscale white neighborhoods near my home, white people tense upunless I wear my Yale or Penn sweatshirt.

But sometimes these signifiers of professional status and educated-class propriety are not enough. This can be true even in the most rarefied spaces. When I was hired at Yale, the chair of the sociology department invited me for dinner at the Yale Club of New York City. Clad in a blue blazer, I got to the club early and decided to go up to the fourth-floor library to read The New York Times. When the elevator arrived, a crush of people was waiting to get on it, so I entered and moved to the back to make room for others. Everyone except me was white.

As the car filled up, I politely asked a man of about 35, standing by the controls, to push the button for the library floor. He looked at me andemboldened, I have to imagine, by drinks in the bar downstairssaid, You can read? The car fell silent. After a few tense moments, another man, seeking to defuse the tension, blurted, Ive never met a Yalie who couldnt read. All eyes turned to me. The car reached the fourth floor. I stepped off, held the door open, and turned back to the people in the elevator. Im not a Yalie, I said. Im a new Yale professor. And I went into the library to read the paper.

I tell these stories and Ive told them beforenot to fault any particular institution (Ive treasured my time at Yale), but to illustrate my personal experience of a recurring cultural phenomenon: Throughout American history, every moment of significant Black advancement has been met by a white backlash. After the Civil War, under the aegis of Reconstruction, Black people for a time became professionals and congressmen. But when federal troops left the former Confederate states in 1877, white politicians in the South tried to reconstitute slavery with the long rule of Jim Crow. Even the Black people who migrated north to escape this new servitude found themselves relegated to shantytowns on the edges of cities, precursors to the modern Black ghetto.

All of this reinforced what slavery had originally established: the Black bodys place at the bottom of the social order. This racist positioning became institutionalized in innumerable ways, and it persists today.

I want to emphasize that across the decades, many white Americans have encouraged racial equality, albeit sometimes under duress. In response to the riots of the 1960s, the federal governmentled by the former segregationist Lyndon B. Johnsonpassed far-reaching legislation that finally extended the full rights of citizenship to Black people, while targeting segregation. These legislative reformsand, especially, affirmative action, which was implemented via LBJs executive order in 1965combined with years of economic expansion to produce a long period of what I call racial incorporation, which substantially elevated the income of many Black people and brought them into previously white spaces. Yes, a lot of affirmative-action efforts stopped at mere tokenism. Even so, many of these tokens managed to succeed, and the result is the largest Black middle class in American history.To survive in white workplaces, Black newcomers must perform an elaborate dance in which they demonstrate their distance from the ghetto.

Over the past 50 years, according to a study by the Pew Research Center, the proportion of Black people who are low-income (less than $52,000 a year for a household of three) has fallen seven points, from 48 to 41 percent. The proportion who are middle-income ($52,000 to $156,000 a year) has risen by one point, to 47 percent. The proportion who are high-income (more than $156,000 a year) has risen the most dramatically, from 5 to 12 percent. Overall, Black poverty remains egregiously disproportionate to that of white and Asian Americans. But fewer Black Americans are poor than 50 years ago, and more than twice as many are rich. Substantial numbers now attend the best schools, pursue professions of their choosing, and occupy positions of power and prestige. Affirmative action worked.

But that very success has inflamed the inevitable white backlash. Notably, the only racial group more likely to be low-income now than 50 years ago is whitesand the only group less likely to be low-income is Black.

Read: Five decades of white backlash

For some white people displaced from their jobs by globalization and deindustrialization, the successful Black person with a good job is the embodiment of whats wrong with America. The spectacle of Black doctors, CEOs, and college professors out of their place creates an uncomfortable dissonance, which white people deal with by mentally relegating successful Black people to the ghetto. That Black man who drives a new Lexus and sends his children to private schoolhe must be a drug kingpin, right?

In predominantly white professional spaces, this racial anxiety appears in subtler ways. Black people are all too familiar with a particular kind of interaction, in the guise of a casual watercooler conversation, the gist of which is a sort of interrogation: Where did you come from?; How did you get here?; and Are you qualified to be here? (The presumptive answer to the last question is clearly no; Black skin, evoking for white people the iconic ghetto, confers an automatic deficit of credibility.)

Black newcomers must signal quickly and clearly that they belong. Sometimes this requires something as simple as showing a company ID that white people are not asked for. Other times, a more elaborate dance is required, a performance in which the worker must demonstrate their propriety, their distance from the ghetto. This can involve dressing more formally than the job requires, speaking in a self-consciously educated way, and evincing a placid demeanor, especially in moments of disagreement.

From the November 2018 issue: The personal cost of Black success

As part of my ethnographic research, I once embedded in a major financial-services corporation in Philadelphia, where I spent six months observing and interviewing workers. One Black employee I spoke with, a senior vice president, said that people of color who wanted to climb the management ladder must wear the right uniform and work hard to perform respectability. Theyre never going to envision you as being a white male, he told me, but if you can dress the same and look a certain way and drive a conservative car and whatever else, theyll say, This guy has a similar attitude, similar values [to we white people]. Hes a team player. If you dont dress with the uniform, obviously youre on the wrong team.

This need to constantly perform respectability for white people is a psychological drain, leaving Black people spent and demoralized. They typically keep this demoralization hidden from their white co-workers because they feel that they need to show they are not whiners. Having to pay a Black tax as they move through white areas deepens this demoralization. This tax is levied on people of color in nice restaurants and other public places, or simply while driving, when the fear of a lethal encounter with the police must always be in mind. The existential danger this kind of encounter poses is what necessitates The Talk that Black parentsfearful every time their kids go out the door that they might not come back alivegive to their children. The psychological effects of all of this accumulate gradually, sapping the spirit and engendering cynicism.

Even the most exalted members of the Black elite must live in two worlds. They understand the white elites mores and values, and embody them to a substantial extentbut they typically remain keenly conscious of their Blackness. They socialize with both white and Black people of their own professional standing, but also members of the Black middle and working classes with whom they feel more kinship, meeting them at the barbershop, in church, or at gatherings of long-standing friendship groups. The two worlds seldom overlap. This calls to mind W. E. B. Du Bois double consciousnessa term he used for the first time in this publication, in 1897referring to the dual cultural mindsets that successful African Americans must simultaneously inhabit.

From the August 1897 issue: W. E. B. Du Bois Strivings of the Negro People

For middle-class Black people, a certain fluidityabetted by family connectionsenables them to feel a connection with those at the lower reaches of society. But that connection comes with a risk of contagion; they fear that, meritocratic status notwithstanding, they may be dragged down by their association with the hood.

When I worked at the University of Pennsylvania, some friends of mine and I mentored at-risk youth in West Philadelphia.

One of these kids, Kevin Robinson, who goes by KAYR (pronounced K.R.), grew up with six siblings in a single-parent household on public assistance. Two of his sisters got pregnant as teenagers, and for a while the whole family was homeless. But he did well in high school and was accepted to Bowdoin College, where he was one of five African Americans in a class of 440. He was then accepted to Dartmouths Tuck School of Business, where he was one of 10 or so African Americans in an M.B.A. class of roughly 180. He got into the analyst-training program at Goldman Sachs, where his cohort of 300 had five African Americans. And from there he ended up at a hedge fund, where he was the lone Black employee.

Whats striking about Robinsons accomplishments is not just the steepness of his rise or the scantness of Black peers as he climbed, but the extent of cultural assimilation he felt he needed to achieve in order to fit in. He trimmed his Afro. He did a pre-college program before starting Bowdoin, where he had sushi for the first time and learned how to play tennis and golf. Let me look at how these people live; let me see how they operate, he recalls saying to himself. He decided to start reading The New Yorker and Time magazine, as they did, and to watch 60 Minutes. I wanted people to see me more as their peer versus someone from the hood. I wanted them to see me as, like, Hey, look, hes just another middle-class Black kid.? When he was about to start at Goldman Sachs, a Latina woman who was mentoring him there told him not to wear a silver watch or prominent jewelry: ?KAYR, go get a Timex with a black leather band. Keep it very simple Fit in.? My friends and I had given him similar advice earlier on.

All of this worked; he thrived professionally. Yet even as he occupied elite precincts of wealth and achievement, he was continually getting pulled back to support family in the ghetto, where he felt the need to code-switch, speaking and eating the ways his family did so as not to insult them.

The year he entered Bowdoin, one of his younger brothers was sent to prison for attempted murder, and a sister who had four children was shot in the face and died. Over the years he would pay for school supplies for his nieces and nephews, and for multiple family funeralsall while keeping his family background a secret from his professional colleagues. Even so, he would get subjected to the standard indignitiesbeing asked to show ID when his white peers were not; enduring the (sometimes obliviously) racist comments from colleagues (You dont act like a regular Black). He would report egregious offenses to HR but would usually just let things go, for fear that developing a reputation as a race guy would restrict his professional advancement.

Robinsons is a remarkable success story. He is 40 now; he owns a property-management company and is a multimillionaire. But his experience makes clear that no matter what professional or financial heights you ascend to, if you are Black, you can never escape the iconic ghetto, and sometimes not even the actual one.

The most egregious intrusion of a Black person into white space was the election (and reelection) of Barack Obama as president. A Black man in the White House! For some white people, this was intolerable. Birthers, led by Donald Trump, said he was ineligible for the presidency, claiming falsely that he had been born in Kenya. The white backlash intensified; Republicans opposed Obama with more than the standard amount of partisan vigor. In 2013, at the beginning of Obamas second term, the Supreme Court gutted the Voting Rights Act, which ad protected the franchise for 50 years. Encouraged by this opening, Alabama, Mississippi, North Carolina, and Texas moved forward with voter-suppression laws, setting a course that other states are now following. And this year, the Supreme Court outlawed affirmative action in college admissions. I want to tell a story that illustrates the social gains this puts at risk.

Many years ago, when I was a professor at Penn, my father came to visit me. Walking around campus, we bumped into various colleagues and students of mine, most of them white, who greeted us warmly. He watched me interact with my secretary and other department administrators. Afterward, Dad and I went back to my house to drink beer and listen to Muddy Waters.

So youre teaching at that white school? he said.

Yeah.

You work with white people. And you teach white students.

Yeah, but they actually come in all colors, I responded. I got his point, though.

Well, let me ask you one thing, he said, furrowing his brow.

Whats that, Dad?

Do they respect you?

After thinking about his question a bit, I said, Well, some do. And some dont. But you know, Dad, it is hard to tell which is which sometimes.

Oh, I see, he said.

He didnt disbelieve me; it was just that what hed witnessed on campus was at odds with his experience of the typical Black-white interaction, where the subordinate status of the Black person was automatically assumed by the white one. Growing up in the South, my dad understood that white people simply did not respect Black people. Observing the respectful treatment I received from my students and colleagues, my father had a hard time believing his own eyes. Could race relations have changed so much, so fast?

Read: A 1999 interview with Elijah Anderson on his book Code of the Street

They hadin large part because of what affirmative action, and the general processes of racial incorporation and Black economic improvement, had wrought. In the 1960s, the only Black people at the financial-services firm I studied would have been janitors, night watchmen, elevator operators, or secretaries; 30 years later, affirmative action had helped populate the firm with Black executives. Each beneficiary of affirmative action, each member of the growing Black middle class, helped normalize the presence of Black people in professional and other historically white spaces. All of this diminished, in some incremental way, the power of the symbolic ghetto to hold back people of color.

Too many people forget, if ever they knew it, what a profound cultural shift affirmative action effected. And they overlook affirmative actions crucial role in forestalling social unrest.

Some years ago, I was invited to the College of the Atlantic, a small school in Maine, to give the commencement address. As I stood at the sink in the mens room before the event, checking the mirror to make sure all my academic regalia was properly arrayed, an older white man came up to me and said, with no preamble, What do you think of affirmative action?

I think its a form of reparations, I said.

Well, I think they need to be educated first, he said, and then walked out.

I was so provoked by this that I scrambled back to my hotel room and rewrote my speech. Id already been planning to talk about the benefits of affirmative action, but I sharpened and expanded my case, explaining that it not only had lifted many Black people out of the ghetto, but had been a weapon in the Cold War, when unaligned countries and former colonies were trying to decide which superpower to follow. Back then, Democrats and some Republicans were united in believing that affirmative action, by demonstrating the countrys commitment to racial justice and equality, helped project American greatness to the world.

Beyond that, I said to this almost entirely white audience, affirmative action had helped keep the racial unrest of the 60s from flaring up again. When the kinthe mothers, fathers, cousins, nephews, sons, daughters, baby mamas, uncles, auntsof ghetto residents secure middle-class livelihoods, those ghetto relatives hear about it. This gives the young people who live there a modicum of hope that they might do the same. Hope takes the edge off distress and desperation; it lessens the incentives for people to loot and burn. What opponents of affirmative action fail to understand is that without a ladder of upward mobility for Black Americans, and a general sense that justice will prevail, a powerful nurturer of social concord gets lost.

Yes, continuing to expand the Black professional and middle classes will lead to more instances of the dance, and the loaded interrogations, and the other awkward moments and indignities that people of color experience in white spaces. But the greater the number of affluent, successful Black people in such places, the faster this awkwardness will diminish, and the less power the recurrent waves of white reaction will have to set people of color back. I would like to believe that future generations of Black Americans will someday find themselves as pleasantly surprised as my dad once was by the new levels of racial respect and equality they discover.

This article appears in the November 2023 print edition with the headline Black Success, White Backlash.

Continue Reading

Environment

Ethereum turns 10: From scrappy experiment to Wall Street’s invisible backbone

Published

on

By

Ethereum turns 10: From scrappy experiment to Wall Street’s invisible backbone

Ethereum succeeded beyond anyone's expectations, says network co-founder Vitalik Buterin at EthCC

CANNES — Ten years ago, Vitalik Buterin and a small band of developers huddled in a drafty Berlin loft strung with dangling lightbulbs, laptops balanced on mismatched chairs and chipped tables. They weren’t corporate titans or venture-backed founders — just idealists working long nights to push a radical idea into reality.

From that sparse office, they launched “Frontier,” Ethereum‘s first live network. It was bare-bones — no interface, no polish, nothing user-friendly. But it could mine, execute smart contracts, and let developers test decentralized applications. It was the spark that transformed Ethereum from an abstract concept into a living, breathing system.

Bitcoin had captured headlines as “digital gold,” but what they built was something else entirely: programmable money, a financial operating system where code could move funds, enforce contracts, and create businesses without banks or brokers.

One year earlier and 520 miles away in Zurich, Paul Brody got a call from IBM security: A kid was wandering the lab unattended.

“That’s not a child,” Brody told them. “That’s Vitalik. He’s a grown-up — he just looks really young.”

Paul Brody and Vitalik Buterin with IBM and Samsung executives at CES 2015, where IBM unveiled its first blockchain prototype built on Ethereum’s early code.

Paul Brody

At the time, Buterin was building the bones of Ethereum. The blockchain was still in its alpha stage, an early version of what would become a $420 billion platform rewiring Wall Street and powering decentralized finance, NFTs, and tokenized markets across the globe.

Brody, then leading a research team at IBM, remembers how quickly the idea clicked.

“One of the guys on the research team came to me and said, ‘I’ve met this really interesting guy. He’s got a really cool idea…It’s like a version of bitcoin, but we’re going to make it much faster and programmable,'” he said. “And when he said that to me, I thought, ‘That’s it. That is what I want. That is what we need.'”

With Buterin’s help, IBM built its first blockchain prototype on Ethereum’s early code, unveiling it at CES in 2015 alongside Samsung. “That was how I ended up down this path,” Brody said. “I was done with all other technology and basically made the switch to blockchain.”

Even now, as EY’s global blockchain leader, Brody remembers feeling a pang of envy. “This is a kid, and it doesn’t matter,” he said. “I was jealous of Vitalik… to be able to do that.”

He added, “I don’t think opportunities like that could have been surfaced when I was that age.”

Now, a decade later, that experiment has quietly rewired global markets.

Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.

EthCC

“It’s very impressive, just how much the space has succeeded and grown into, beyond pretty much anyone’s expectations,” Buterin told CNBC in Cannes on the sidelines of the blockchain’s flagship event in Europe.

Buterin said the change over the past decade has been staggering. Ten years ago, he recalled, the crypto community was “just a very small space,” with only a handful of people working on bitcoin and a few other projects.

Since then, Ethereum has become “this big thing,” Buterin reflected, with major corporations now launching assets on both its base layer and layer-two networks. Parts of national economies are beginning to run on Ethereum infrastructure, a far cry from its cypherpunk origins.

But Buterin warned that mainstream adoption brings risks as well as benefits. One concern is that if too few issuers or intermediaries dominate, they could become “de facto controllers of the ecosystem.” He described a scenario where Ethereum might appear open, but, in practice, all the keys are managed by centralized providers.

“That’s the thing that we don’t want,” he said.

Prague to the Riviera

Two years earlier in Prague, CNBC met Buterin at Paralelní Polis, a sprawling industrial complex turned anarchist tech hub in the city’s Holešovice district. The building’s labyrinthine staircases and shadowed corridors felt like a physical map of the crypto world itself — part resistance movement, part experiment in reimagining power.

It was a place built on Václav Benda’s concept of a “parallel society,” where decentralized technologies offered refuge from state surveillance and control. It’s the kind of place where Buterin, a self-described nomad, found himself at home among cypherpunks and cryptographic idealists.

At the time, Buterin described crypto’s greatest utility not in speculative trading, but in helping people survive broken financial systems in emerging markets.

ETHPrague 2023 was held at Paralelní Polis in the Czech Republic.

Pavel Sinagl

“The stuff that we often find a bit basic and boring is exactly the stuff that brings lots of value,” he told CNBC at the time. “Just being able to plug into the international economy — these are things that they don’t have, and these are things that provide huge value for people there.”

Even in Prague, where coders worked to make payments fast and censorship-resistant, the technology felt like a resistance movement — privacy-preserving, anti-authoritarian, a lifeline in countries where banking collapses were common and money couldn’t be trusted.

This year, Buterin keynoted Ethereum’s flagship conference at the Palais des Festivals — the same red carpet venue that hosts movie stars each spring.

It was a fitting symbol of Ethereum’s journey: from underground hacker dens to a network that governments, banks, and brokerages are now racing to build upon.

Brody, who currently leads blockchain strategy at EY, says what matters most is how deeply Ethereum is integrating into traditional finance. “The global financial system is really nicely described as a whole network of pipes,” he said.

“What’s happening now is that Ethereum is getting plumbed into this infrastructure,” Brody continued, noting that until recently, crypto operated on entirely separate rails from traditional finance.

Now, he said, Ethereum is being wired directly into core transaction systems, setting the stage for massive financial flows — from investors to everyday savers — to migrate away from older mechanisms toward Ethereum-based platforms that can move money faster, at lower cost, and with more advanced functionality than legacy systems allow.

Ethereum Co-Founder Joe Lubin on Ethereum Treasurys as the cryptocurrency turns 10

Becoming the plumbing of Wall Street

Stablecoins — digital dollars that live on Ethereum — power trillions in payments, tokenized assets and funds are moving on-chain, and Robinhood recently rolled out tokenized U.S. equities via Arbitrum, an Ethereum-based layer two.

Circle’s USDC — the second-largest stablecoin — still settles around 65% of its volume on Ethereum’s rails. According to CoinGecko’s latest “State of Stablecoins” report, Ethereum accounts for nearly 50% of all stablecoin activity.

Between Circle’s IPO and the stablecoin-focused GENIUS Act, now signed into law by President Donald Trump, regulators have new reason to engage with, rather than fight, this transformation.

Data from Deutsche Bank shows stablecoin transactions hit $28 trillion last year — more than Mastercard and Visa combined. The bank itself has announced plans to build a tokenization platform on zkSync, a fast, cost-efficient Ethereum layer two designed to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.

Digital asset exchanges like Coinbase and Kraken are racing to capture this crossover between traditional securities and crypto.

Robinhood CEO Vlad Tenev explains 'dual purpose' behind trading platform's new crypto offerings

As part of its quarterly earnings release, Coinbase said this week it’s launching tokenized stocks and prediction markets for U.S. users in the coming months, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.

Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.

BlackRock‘s tokenized money market fund, BUIDL, launched on Ethereum last year, offering qualified investors on-chain access to yield with real-time redemptions settled in USDC.

Even as newer blockchains tout faster speeds and lower fees, Ethereum has proven its staying power as the trusted network for global finance. Buterin told CNBC in Cannes that there’s a misconception about what institutions actually want.

“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.

He added that firms frequently ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”

Institutions are choosing various layer twos to meet specific needs — Robinhood uses Arbitrum, Deutsche Bank zkSync, Coinbase and Kraken Optimism — but they all ultimately settle on Ethereum’s base layer.

“The value proposition of Ethereum is its global reach, its huge capital flows, its incredible programmability,” Brody said.

He added that the fact it isn’t the fastest blockchain or the one with the quickest settlement times “is secondary to the fact that it’s overall the most widely adopted and flexible system.”

Brody also believes history points toward consolidation. He said that in most technology standards wars, one platform ultimately dominates. In his view, Ethereum is likely to become that dominant programmability layer, while Bitcoin plays a complementary role as a risk-off, scarcity-driven asset.

Engineers, he said, “love to work on a standard… to scale on a standard,” and Ethereum has become precisely that.

Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, in Cannes for Europe’s largest annual gathering for the blockchain.

MacKenzie Sigalos

Tomasz Stańczak, the newly appointed co-executive director of the Ethereum Foundation, sees the same pattern from inside the ecosystem.

“Institutions choose Ethereum over and over again for its values,” Stańczak said. “Ten years without stopping for a moment. Ten years of upgrades with a huge dedication to security and censorship resistance.”

When institutions send an order to the market, they want to be sure that it’s treated fairly, that nobody has preference, and that the transaction is executed at the time when it’s delivered. “That’s what Ethereum guarantees,” added Stańczak.

Those assurances have become more valuable as traditional finance moves on-chain.

Scaling without losing its soul

Ethereum’s path hasn’t been smooth. The network has weathered spectacular booms and busts, rivals promising faster speeds, and criticism that it’s too slow or expensive for mass adoption. Yet it has outlasted nearly all early competitors.

In 2022, Ethereum replaced its old transaction validation method, proof-of-work — where armies of computers competed to solve puzzles — with proof-of-stake, where users lock up their ether as collateral to help secure the network. The shift cut Ethereum’s energy use by more than 99% and set the stage for upgrades aimed at making apps faster and cheaper to run on its base layer.

Ethereum co-founder Vitalik Buterin in Prague, where he finds refuge with like-minded programmers looking to change the world through cryptography-powered technology.

CNBC

The next decade will test whether Ethereum can scale without compromise.

Buterin said the first priority is getting Ethereum to “the finish line” in terms of its technical goals. That means improving scalability and speed without sacrificing its core principles of decentralization and security — and ideally making those properties even stronger.

Zero-knowledge proofs, for example, could dramatically increase transaction capacity while making it possible to verify that the chain is following the rules of the protocol on something as small as a smartwatch.

There are also algorithmic changes the team already knows are needed to protect Ethereum against large-scale computing attacks. Implementing those, Buterin said, is part of the path to making Ethereum “a really valuable part of global infrastructure that helps make the internet and the economy a more free and open place.”

Buterin believes the real change won’t come with fireworks. He said it may already be unfolding years before most people recognize it.

“This type of disruption doesn’t feel like overturning the existing system,” he said. “It feels like building a new thing that just keeps growing and growing until eventually more and more people realize you don’t even have to look at the old thing if you didn’t want to.”

Ethereum marks 10 years of development. Here's what's next for the network
Robinhood hits record high as OpenAI, SpaceX go on-chain

Continue Reading

Politics

China’s crypto liquidation plans reveal its grand strategy

Published

on

By

China’s crypto liquidation plans reveal its grand strategy

China’s crypto liquidation plans reveal its grand strategy

China’s plan to liquidate confiscated crypto through Hong Kong exchanges isn’t simply a policy — it’s to control global digital asset markets and outmaneuver the US.

Continue Reading

World

Hamas responds to disarmament reports as health officials say 18 killed in Israeli fire – including people trying to access food

Published

on

By

Hamas responds to disarmament reports as health officials say 18 killed in Israeli fire - including people trying to access food

Hamas has said it will not disarm unless an independent Palestinian state is established with Jerusalem as its capital.

The militant group said it was issuing a statement “in response to media reports quoting US envoy Steve Witkoff, claiming [Hamas] has shown willingness to disarm”.

It continued: “We reaffirm that resistance and its arms are a legitimate national and legal right as long as the occupation continues.

“This right is recognised by international laws and norms, and it cannot be relinquished except through the full restoration of our national rights – first and foremost, the establishment of an independent, fully sovereign Palestinian state with Jerusalem as its capital.”

Hamas also condemned Mr Witkoff’s visit to an aid distribution centre in Gaza on Friday as “nothing more than a premeditated staged show”.

Donald Trump’s Middle East envoy Mr Witkoff and Mike Huckabee, the US ambassador to Israel, visited a centre run by the controversial Gaza Humanitarian Foundation (GHF).

Please use Chrome browser for a more accessible video player

Trump envoy Witkoff visits Gaza

Hamas said the trip was “designed to mislead public opinion, polish the image of the occupation, and provide it with political cover for its starvation campaign and continued systematic killing of defenceless children and civilians in the Gaza Strip”.

Mr Witkoff said he spent “over five hours in Gaza”. In a post on X on Friday, he said: “The purpose of the visit was to give [President Trump] a clear understanding of the humanitarian situation and help craft a plan to deliver food and medical aid to the people of Gaza.”

Palestinians wait to receive food from a charity kitchen, amid a hunger crisis, in Gaza City, August 2, 2025. REUTERS/Mahmoud Issa
Image:
Palestinians wait to receive food from a charity kitchen in Gaza City. Pic: Reuters

Elidalis Burges, a critical care nurse in Gaza, told Sky News she saw the US visit as a “PR stunt” and that the American officials were “just being shown a small portion of what is actually happening”.

“I think the visit to the GHF site was just a controlled visit dictated by the Israeli military,” she said. “If they really wanted people to see what is happening here, they would allow international journalists from around the world to enter.

“They would allow the leaders of the world to come here and see.”

Hamas releases hostage video

It comes as Hamas released a video showing Israeli man, Evyatar David, being held hostage in what appears to be a tunnel.

Please use Chrome browser for a more accessible video player

Video released of Israeli hostage

Mr David was taken from the Nova Music Festival on 7 October 2023.

His family have given permission for media outlets to show the video.

More than a dozen killed by Israeli fire

Gaza health officials have said 18 people, including eight who were trying to access food, were killed by Israeli fire on Saturday.

Witness Yahia Youssef told Reuters news agency he helped carry three people wounded by gunshots and saw others lying on the ground near a food distribution centre.

In response to questions about several eyewitness accounts of violence at one of its facilities, GHF said “nothing [happened] at or near our sites”.

Read more:
Doctor says colleague ‘followed and killed by drone’
‘Little confidence’ in US officials seeing full picture

Follow The World
Follow The World

Listen to The World with Richard Engel and Yalda Hakim every Wednesday

Tap to follow

The US and Israel-backed GHF has been marred by controversy and fatal shootings ever since it was set up earlier this year.

According to the United Nations’ human rights office, at least 859 people have been killed “in the vicinity” of GHF aid sites since late May.

Dr Tom Adamkiewicz, who is working at a hospital in Gaza, has said Palestinian children, women and men are “being shot at, basically like rabbits”.

It is a “level of barbarity I don’t think the world has seen”, he told Sky News.

The Israel Defence Forces has repeatedly said it “categorically rejects the claims of intentional harm to civilians” and has blamed Hamas militants for fomenting chaos and endangering civilians.

Please use Chrome browser for a more accessible video player

Gaza deaths increase when aid sites open

The war in Gaza began when Hamas-led militants killed around 1,200 people, mostly civilians, in an attack on Israel on 7 October 2023 and abducted 251 others. Of those, they still hold around 50, with 20 believed to be alive, after most of the others were released in ceasefires or other deals.

Israel’s retaliatory offensive has killed more than 60,000 Palestinians, according to Gaza’s Hamas-run health ministry, which does not differentiate between militants and civilians in its count.

Continue Reading

Trending